Zacks Investment Research downgraded shares of Pershing Gold Corporation (NASDAQ:PGLC) from a buy rating to a hold rating in a report published on Tuesday.

According to Zacks, “Pershing Gold Corporation is engaged in the exploration and development of gold and precious metal properties primarily in Nevada. The Company focuses on the exploration of Relief Canyon properties located in Pershing County in northwestern Nevada. Pershing Gold Corporation is based in Lakewood, Colorado. “

Other equities analysts have also issued research reports about the stock. Roth Capital set a $6.00 price target on shares of Pershing Gold Corporation and gave the company a buy rating in a report on Monday, June 12th. Noble Financial reiterated a buy rating on shares of Pershing Gold Corporation in a report on Thursday, June 8th.

Pershing Gold Corporation (PGLC) opened at 3.02 on Tuesday. Pershing Gold Corporation has a 1-year low of $2.60 and a 1-year high of $4.90. The firm’s 50-day moving average price is $2.92 and its 200-day moving average price is $2.93. The firm’s market capitalization is $85.77 million.

ILLEGAL ACTIVITY WARNING: This story was first reported by The Cerbat Gem and is owned by of The Cerbat Gem. If you are accessing this story on another domain, it was illegally stolen and republished in violation of United States & international trademark & copyright laws. The original version of this story can be accessed at https://www.thecerbatgem.com/2017/08/19/pershing-gold-corporation-pglc-downgraded-to-hold-at-zacks-investment-research.html.

In related news, Director Barry C. Honig purchased 10,000 shares of the firm’s stock in a transaction on Wednesday, July 5th. The shares were bought at an average price of $2.76 per share, for a total transaction of $27,600.00. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In the last quarter, insiders acquired 25,911 shares of company stock worth $72,078. 39.84% of the stock is owned by company insiders.

Institutional investors have recently made changes to their positions in the stock. Spark Investment Management LLC raised its position in Pershing Gold Corporation by 100.0% in the first quarter. Spark Investment Management LLC now owns 110,000 shares of the basic materials company’s stock valued at $312,000 after buying an additional 55,000 shares during the last quarter. Aegis Financial Corp raised its position in Pershing Gold Corporation by 78.6% in the first quarter. Aegis Financial Corp now owns 219,652 shares of the basic materials company’s stock valued at $624,000 after buying an additional 96,683 shares during the last quarter. Cambridge Investment Research Advisors Inc. raised its position in Pershing Gold Corporation by 5.3% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 316,984 shares of the basic materials company’s stock valued at $900,000 after buying an additional 15,919 shares during the last quarter. Ruffer LLP raised its position in Pershing Gold Corporation by 213.5% in the first quarter. Ruffer LLP now owns 455,826 shares of the basic materials company’s stock valued at $1,347,000 after buying an additional 310,405 shares during the last quarter. Finally, Vanguard Group Inc. raised its position in Pershing Gold Corporation by 5.0% in the second quarter. Vanguard Group Inc. now owns 614,718 shares of the basic materials company’s stock valued at $1,715,000 after buying an additional 29,018 shares during the last quarter. Institutional investors own 19.28% of the company’s stock.

About Pershing Gold Corporation

Pershing Gold Corporation is a gold and precious metals exploration company. The Company focuses on exploration, development and mining opportunities in Nevada. The Company is focused on exploration at its Relief Canyon properties in Pershing County in northwestern Nevada. The Company operates its business directly and also through its subsidiary, Gold Acquisition Corp.

Get a free copy of the Zacks research report on Pershing Gold Corporation (PGLC)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Stock Ratings for Pershing Gold Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Pershing Gold Corporation and related stocks with our FREE daily email newsletter.