General Moly, Inc. (NYSEMKT:GMO) (TSE:GMO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Friday. The firm currently has a $0.50 target price on the basic materials company’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 8.93% from the stock’s current price.

According to Zacks, “General Moly is a U.S.-based molybdenum mineral exploration and development company listed on the American Stock Exchange and the Toronto Stock Exchange under the symbol GMO. Their primary asset, their interest in the Mt. Hope project located in central Nevada, is considered one of the world’s largest and highest grade molybdenum deposits. Combined with their second molybdenum property, the Hall-Tonopah project which is also located in central Nevada. Their goal is to become the largest primary molybdenum producer by the middle of the next decade. “

Several other research analysts have also weighed in on GMO. ValuEngine raised General Moly from a “sell” rating to a “hold” rating in a research report on Wednesday, July 19th. HC Wainwright reissued a “buy” rating on shares of General Moly in a research report on Wednesday, August 16th.

General Moly (GMO) opened at 0.459 on Friday. The firm’s market cap is $51.03 million. General Moly has a 12 month low of $0.21 and a 12 month high of $0.72. The stock’s 50 day moving average is $0.42 and its 200 day moving average is $0.42.

General Moly (NYSEMKT:GMO) (TSE:GMO) last posted its quarterly earnings results on Monday, August 14th. The basic materials company reported ($0.02) earnings per share for the quarter. On average, equities analysts forecast that General Moly will post ($0.08) earnings per share for the current year.

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A hedge fund recently raised its stake in General Moly stock. Bank of America Corp DE raised its stake in shares of General Moly, Inc. (NYSEMKT:GMO) (TSE:GMO) by 7,900.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 280,029 shares of the basic materials company’s stock after buying an additional 276,529 shares during the period. Bank of America Corp DE owned about 0.25% of General Moly worth $140,000 as of its most recent SEC filing.

About General Moly

General Moly, Inc is engaged in the business of the exploration, development and mining of properties containing molybdenum. The Company, through its subsidiary, Eureka Moly, LLC, holds interest in the Mt. Hope Project, a molybdenum property, located in Eureka County, Nevada. The Mt. Hope Project contains molybdenum reserves totaling approximately 1.4 billion pounds of which 1.2 billion pounds are estimated to be recoverable.

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