Traders Buy Large Volume of Comstock Call Options (NYSEAMERICAN:LODE)

Key Points

• Comstock call-option activity surged: Investors purchased 8,300 call options, 451% above the average daily volume of 1,505. Shares rose $0.12 to $3.58 on Monday.
• Insiders have been buying shares: Company insiders acquired 652,092 shares worth approximately $2.64 million over the past 90 days, while institutional investors own 7.96% of the stock.
• Analyst sentiment remains cautious: UBS reaffirmed a “Reduce” rating, and the consensus rating is “Reduce,” with a $4.00 price target. Comstock also reported a quarterly loss of $0.34 per share on $0.27 million in revenue.

Comstock Inc. (NYSEAMERICAN:LODE - Get Free Report) was the target of unusually large options trading on Monday. Stock investors purchased 8,300 call options on the company. This is an increase of 451% compared to the average daily volume of 1,505 call options.

Comstock Price Performance

Shares of LODE traded up $0.12 on Monday, hitting $3.58. The company's stock had a trading volume of 554,977 shares, compared to its average volume of 1,608,432. The company has a market capitalization of $272.42 million, a PE ratio of -3.48 and a beta of 1.42. The company has a debt-to-equity ratio of 0.08, a current ratio of 3.20 and a quick ratio of 3.20. Comstock has a fifty-two week low of $2.24 and a fifty-two week high of $4.98. The company has a 50 day moving average price of $3.82 and a 200 day moving average price of $3.45.

Comstock (NYSEAMERICAN:LODE - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The company reported ($0.34) EPS for the quarter. Comstock had a negative return on equity of 30.98% and a negative net margin of 6,016.37%.The business had revenue of $0.27 million for the quarter. On average, research analysts anticipate that Comstock will post -0.33 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Robert Spence acquired 24,410 shares of the company's stock in a transaction on Wednesday, June 3rd. The stock was purchased at an average cost of $3.97 per share, for a total transaction of $96,907.70. Following the completion of the purchase, the director directly owned 32,403 shares of the company's stock, valued at $128,639.91. The trade was a 305.39% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Leo M. Drozdoff acquired 7,000 shares of the business's stock in a transaction on Wednesday, June 3rd. The shares were bought at an average cost of $4.11 per share, with a total value of $28,770.00. Following the completion of the acquisition, the director owned 193,474 shares of the company's stock, valued at approximately $795,178.14. This trade represents a 3.75% increase in their position. The SEC filing for this purchase provides additional information. Insiders have acquired 652,092 shares of company stock worth $2,638,639 over the last 90 days. Corporate insiders own 2.70% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in LODE. Geode Capital Management LLC increased its position in Comstock by 23.7% in the 2nd quarter. Geode Capital Management LLC now owns 277,099 shares of the company's stock valued at $1,050,000 after acquiring an additional 53,111 shares in the last quarter. XTX Topco Ltd acquired a new position in shares of Comstock during the second quarter worth approximately $163,000. Vanguard Group Inc. lifted its position in shares of Comstock by 90.0% during the third quarter. Vanguard Group Inc. now owns 2,131,469 shares of the company's stock worth $7,290,000 after purchasing an additional 1,009,539 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Comstock by 86.2% during the third quarter. Dimensional Fund Advisors LP now owns 87,482 shares of the company's stock valued at $300,000 after purchasing an additional 40,502 shares during the last quarter. Finally, Sei Investments Co. bought a new stake in shares of Comstock during the third quarter valued at approximately $1,306,000. Institutional investors and hedge funds own 7.96% of the company's stock.

Analyst Upgrades and Downgrades

Separately, UBS Group reaffirmed a "reduce" rating on shares of Comstock in a report on Monday, June 22nd. Two analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Comstock currently has a consensus rating of "Reduce" and a consensus price target of $4.00.

Comstock Company Profile

Comstock Mining, Inc NYSE: LODE is a growth-oriented mineral exploration and production company focused on the historic Comstock Lode in Virginia City, Nevada. The company’s primary business activities include the development, extraction and sale of gold and silver from its flagship Lucerne project. Comstock leverages modern mining techniques and infrastructure to access high-grade ore bodies in one of North America’s most renowned silver-gold districts.

In addition to its core precious metals operations, Comstock Mining maintains a commercial real estate division centered in Virginia City’s historic district.

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