Alliance Global Partners Begins Gold Resource Coverage (NYSEAMERICAN:GORO)


Stock analysts from Alliance Global Partners have initiated a hedge on the shares of Gold Resource (NYSEAMERICAN:GORO – Get Grade) in a report released Thursday, reports The Fly. The company has set a “buy” rating on the shares of the basic materials company.

Separately, HC Wainwright reiterated a “buy” rating and issued a $5.75 price target on Gold Resource shares in a research report on Thursday, July 14.

Stock of gold resources down 0.6%

GORO shares opened at $1.56 on Thursday. Gold Resource has a 12-month low of $1.50 and a 12-month high of $2.63. The company has a market capitalization of $137.81 million, a price/earnings ratio of 15.60 and a beta of 1.62.

Gold Resource (NYSEAMERICAN:GORO – Get Rating) last reported quarterly earnings data on Monday, May 9. The basic materials company reported EPS of $0.05 for the quarter. Gold Resource had a return on equity of 8.02% and a net margin of 6.41%. The company had revenue of $45.42 million in the quarter. On average, equity research analysts expect the gold resource to post an EPS of 0.08 for the current year.

Hedge funds weigh on the gold resource

A number of hedge funds have recently changed their stock holdings. Van ECK Associates Corp increased its equity stake in Gold Resource by 16.9% in Q1. Van ECK Associates Corp now owns 4,799,640 shares of the basic materials company worth $10,751,000 after buying an additional 692,245 shares last quarter. Vanguard Group Inc. increased its holdings in Gold Resource by 22.6% during the 1st quarter. Vanguard Group Inc. now owns 4,054,741 shares of the basic materials company valued at $9,083,000 after buying an additional 746,896 shares last quarter. Ruffer LLP acquired a new stake in Gold Resource during the 4th quarter valued at $2,700,000. Mirae Asset Global Investments Co. Ltd. increased its holdings in Gold Resource by 5.4% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,615,446 shares of the basic materials company valued at $3,619,000 after purchasing an additional 83,459 shares last quarter. Finally, Bank of Montreal Can increased its holdings in Gold Resource by 1,625.3% during the 4th quarter. Bank of Montreal Can now owns 1,542,134 shares of the basic materials company valued at $2,483,000 after buying an additional 1,452,749 shares last quarter. 32.93% of the shares are held by institutional investors and hedge funds.

About Gold Resource

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Gold Resource Corporation engages in the exploration, development and production of gold and silver projects in Mexico and the United States. The company is also exploring copper, lead and zinc deposits. Its principal asset is the 100% owned Back Forty Project covering approximately 1,304 hectares located in Menominee County, Michigan.

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