Western Copper and Gold (NYSEAMERICAN:WRN) Stock Price Passes Below 200-Day Moving Average - Here's Why

Key Points

• Technical breach: Western Copper and Gold's stock fell below its 200-day moving average of $2.75, trading as low as $2.60 and last at $2.61 on roughly 1.98M shares, down about 4.7% intraday.
• Analyst support: HC Wainwright reaffirmed a "buy" rating with a $5.75 price target, and MarketBeat's consensus rating is "Strong Buy" with an average target of $5.75.
• Institutional interest: Several funds (Virtu, XTX Topco, Quadrature, Millennium, Marshall Wace) recently initiated or increased positions, leaving institutions/hedge funds with about 21.96% ownership.

Western Copper and Gold Corporation (NYSEAMERICAN:WRN - Get Free Report) TSE: WRN's stock price passed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $2.75 and traded as low as $2.60. Western Copper and Gold shares last traded at $2.61, with a volume of 1,983,439 shares changing hands.

Wall Street Analyst Weigh In

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

Western Copper and Gold Trading Down 4.7%

The firm has a market cap of $588.89 million, a PE ratio of -87.00 and a beta of 1.21. The business has a fifty day moving average price of $2.81 and a 200 day moving average price of $2.75.

Institutional Trading of Western Copper and Gold

Several institutional investors have recently modified their holdings of the stock. Virtu Financial LLC purchased a new position in shares of Western Copper and Gold in the 4th quarter valued at $112,000. XTX Topco Ltd purchased a new stake in Western Copper and Gold in the fourth quarter valued at $179,000. Quadrature Capital Ltd lifted its position in Western Copper and Gold by 172.2% in the fourth quarter. Quadrature Capital Ltd now owns 518,789 shares of the company's stock valued at $1,388,000 after acquiring an additional 328,189 shares during the last quarter. Millennium Management LLC boosted its stake in Western Copper and Gold by 171.3% in the fourth quarter. Millennium Management LLC now owns 686,447 shares of the company's stock valued at $1,834,000 after acquiring an additional 433,420 shares in the last quarter. Finally, Marshall Wace LLP boosted its stake in Western Copper and Gold by 196.9% in the fourth quarter. Marshall Wace LLP now owns 857,181 shares of the company's stock valued at $2,289,000 after acquiring an additional 568,468 shares in the last quarter. Hedge funds and other institutional investors own 21.96% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.