Richmont Mines Inc. (RIC) Sees Significant Growth in Short Interest
Richmont Mines Inc. (NYSE:RIC) was the target of a large growth in short interest in the month of September. As of September 30th, there was short interest totalling 3,001,515 shares, a growth of 1,196.4% from the September 15th total of 231,532 shares. Based on an average daily volume of 2,273,143 shares, the days-to-cover ratio is currently 1.3 days. Approximately 5.2% of the shares of the company are sold short.
Shares of Richmont Mines (NYSE:RIC) opened at 8.76 on Friday. The firm has a market cap of $549.16 million and a PE ratio of 65.86. The company has a 50-day moving average of $9.60 and a 200-day moving average of $8.78. Richmont Mines has a 1-year low of $2.79 and a 1-year high of $11.66.
Richmont Mines (NYSE:RIC) last posted its earnings results on Monday, August 8th. The company reported $0.15 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.09. The business had revenue of $40.62 million for the quarter, compared to analysts’ expectations of $40.55 million. Analysts predict that Richmont Mines will post $0.28 earnings per share for the current fiscal year.
A number of equities research analysts have recently commented on the stock. Zacks Investment Research raised shares of Richmont Mines from a “sell” rating to a “hold” rating in a research note on Tuesday. BMO Capital Markets cut shares of Richmont Mines from a “market perform” rating to an “underperform” rating in a research note on Thursday, September 29th. TheStreet cut shares of Richmont Mines from a “buy” rating to a “hold” rating in a research note on Friday, August 12th. TD Securities reaffirmed a “buy” rating and set a $16.50 price objective (up previously from $15.00) on shares of Richmont Mines in a research note on Thursday, August 11th. Finally, Scotiabank reaffirmed a “sector perform” rating and set a $14.75 price objective on shares of Richmont Mines in a research note on Thursday, August 11th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $14.16.
A number of large investors have recently modified their holdings of the stock. Royal Bank of Canada boosted its stake in shares of Richmont Mines by 7.5% in the second quarter. Royal Bank of Canada now owns 3,122,602 shares of the company’s stock worth $28,760,000 after buying an additional 218,066 shares in the last quarter. Fiera Capital Corp boosted its stake in shares of Richmont Mines by 18.5% in the second quarter. Fiera Capital Corp now owns 594,400 shares of the company’s stock worth $5,491,000 after buying an additional 93,000 shares in the last quarter. Toronto Dominion Bank boosted its stake in shares of Richmont Mines by 68,511.1% in the second quarter. Toronto Dominion Bank now owns 24,700 shares of the company’s stock worth $229,000 after buying an additional 24,664 shares in the last quarter. Highbridge Capital Management LLC purchased a new stake in shares of Richmont Mines during the second quarter worth $569,000. Finally, A.R.T. Advisors LLC purchased a new stake in shares of Richmont Mines during the second quarter worth $486,000.
Receive News & Stock Ratings for Richmont Mines Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Richmont Mines Inc. and related stocks with our FREE daily email newsletter.