MAG Silver (NYSEAMERICAN:MAG) Stock Price Up 6.1% – Time to Buy?

MAG Silver Corp. (NYSEAMERICAN:MAG) shares rose 6.1% during trading on Tuesday . The stock traded as high as $15.05 and last traded at $15.05. Approximately 60,379 shares were traded during trading, a decline of 89% from the average daily volume of 570,871 shares. The stock had previously closed at $14.18.

Analyst Upgrades and Downgrades

Separately, HC Wainwright reissued a “buy” rating and issued a $21.00 price target on shares of MAG Silver in a research report on Tuesday, February 25th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $18.63.

MAG Silver Stock Performance

The firm has a market capitalization of $1.54 billion, a price-to-earnings ratio of 20.94 and a beta of 1.09. The company’s 50 day simple moving average is $15.09.

Hedge Funds Weigh In On MAG Silver

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MAG. Barclays PLC grew its position in shares of MAG Silver by 211.5% during the third quarter. Barclays PLC now owns 30,780 shares of the company’s stock worth $432,000 after buying an additional 20,899 shares in the last quarter. Strategic Financial Concepts LLC bought a new position in MAG Silver during the 4th quarter valued at $240,000. JPMorgan Chase & Co. lifted its position in shares of MAG Silver by 69.1% during the third quarter. JPMorgan Chase & Co. now owns 456,335 shares of the company’s stock worth $6,407,000 after purchasing an additional 186,445 shares during the last quarter. PCJ Investment Counsel Ltd. grew its stake in MAG Silver by 38.1% in the third quarter. PCJ Investment Counsel Ltd. now owns 369,290 shares of the company’s stock worth $5,196,000 after purchasing an additional 101,870 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC increased its holdings in MAG Silver by 56.6% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 278,000 shares of the company’s stock valued at $3,781,000 after buying an additional 100,500 shares during the last quarter. 52.50% of the stock is owned by hedge funds and other institutional investors.

MAG Silver Company Profile

MAG Silver Corp. develops and explores for precious metal properties in Canada. It explores for silver, gold, lead, copper, and zinc deposits. The company's flagship property is the 44% owned Juanicipio property located in the Fresnillo District, Zacatecas State, Mexico. MAG Silver Corp. is headquartered in Vancouver, Canada.