Western Copper and Gold Corporation (NYSEAMERICAN:WRN) Sees Large Increase in Short Interest

Key Points

• Short interest surged 47.6% to 2,174,777 shares as of March 31 (about 1.0% of float), producing a short-interest ratio of 1.3 days based on average daily volume.
• Analysts and institutions remain constructive: HC Wainwright reaffirmed a Buy with a $5.75 target and the consensus rating is "Strong Buy," while multiple hedge funds (e.g., Franklin, Tidal, Euro Pacific, BofA, Mackenzie) have recently increased their stakes, with institutions owning 21.96% of the stock.
• Stock traded up 3.5% to $2.95 intraday, with a market cap of about $665.6 million and a 52-week range of $1.02–$4.26.

Western Copper and Gold Corporation (NYSEAMERICAN:WRN - Get Free Report) TSE: WRN was the target of a large increase in short interest in the month of March. As of March 31st, there was short interest totaling 2,174,777 shares, an increase of 47.6% from the March 15th total of 1,472,975 shares. Approximately 1.0% of the shares of the company are short sold. Based on an average daily trading volume, of 1,651,738 shares, the short-interest ratio is presently 1.3 days.

Analyst Ratings Changes

Separately, HC Wainwright reaffirmed a "buy" rating and set a $5.75 price objective on shares of Western Copper and Gold in a report on Wednesday, March 25th. One analyst has rated the stock with a Strong Buy rating and one has issued a Buy rating to the stock. Based on data from MarketBeat.com, Western Copper and Gold has an average rating of "Strong Buy" and an average price target of $5.75.

Hedge Funds Weigh In On Western Copper and Gold

A number of hedge funds have recently made changes to their positions in the business. Franklin Resources Inc. raised its stake in shares of Western Copper and Gold by 6.1% in the 4th quarter. Franklin Resources Inc. now owns 4,860,000 shares of the company's stock valued at $12,995,000 after buying an additional 280,000 shares in the last quarter. Tidal Investments LLC raised its stake in shares of Western Copper and Gold by 33.0% in the 3rd quarter. Tidal Investments LLC now owns 3,358,509 shares of the company's stock valued at $6,616,000 after buying an additional 833,348 shares in the last quarter. Euro Pacific Asset Management LLC raised its stake in shares of Western Copper and Gold by 164.6% in the 4th quarter. Euro Pacific Asset Management LLC now owns 1,035,506 shares of the company's stock valued at $2,763,000 after buying an additional 644,198 shares in the last quarter. Bank of America Corp DE raised its stake in shares of Western Copper and Gold by 696.3% in the 3rd quarter. Bank of America Corp DE now owns 989,615 shares of the company's stock valued at $1,950,000 after buying an additional 865,339 shares in the last quarter. Finally, Mackenzie Financial Corp raised its stake in shares of Western Copper and Gold by 110.8% in the 3rd quarter. Mackenzie Financial Corp now owns 970,084 shares of the company's stock valued at $1,923,000 after buying an additional 510,000 shares in the last quarter. Institutional investors and hedge funds own 21.96% of the company's stock.

Western Copper and Gold Stock Up 3.5%

Western Copper and Gold stock traded up $0.10 during mid-day trading on Tuesday, reaching $2.95. The company had a trading volume of 1,664,612 shares, compared to its average volume of 2,111,222. Western Copper and Gold has a 52 week low of $1.02 and a 52 week high of $4.26. The company has a 50 day moving average of $2.91 and a 200-day moving average of $2.69. The firm has a market cap of $665.58 million, a price-to-earnings ratio of -98.33 and a beta of 1.21.

About Western Copper and Gold

Western Copper and Gold Corporation is a Canada-based mineral exploration and development company focused on advancing one of the world's largest undeveloped copper-gold deposits. Listed on the NYSE American under the symbol WRN, the company's primary asset is the Casino Project, located in the Yukon Territory of northern Canada. Western Copper and Gold's activities are centered on resource definition, engineering studies, environmental assessment and community engagement to prepare the deposit for eventual production.

The Casino Project comprises multiple porphyry-style mineralized zones containing copper, gold, molybdenum and silver.

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