Integra Resources (NYSEAMERICAN:ITRG) Shares Gap Up – Here’s Why

Integra Resources Corp. (NYSEAMERICAN:ITRG)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $2.72, but opened at $2.89. Integra Resources shares last traded at $2.8550, with a volume of 1,358,838 shares trading hands.

Analysts Set New Price Targets

ITRG has been the topic of several analyst reports. Roth Mkm set a $7.00 price objective on Integra Resources in a research report on Tuesday, January 27th. Canaccord Genuity Group initiated coverage on shares of Integra Resources in a report on Monday, January 12th. They set a “moderate buy” rating and a $9.25 price target on the stock. Finally, HC Wainwright reduced their price target on shares of Integra Resources from $7.25 to $7.00 and set a “buy” rating for the company in a research note on Tuesday, February 24th. Three analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $7.75.

Integra Resources Price Performance

The firm has a 50-day simple moving average of $3.76 and a 200-day simple moving average of $3.49. The firm has a market capitalization of $560.58 million, a PE ratio of 31.06 and a beta of 0.68. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.58 and a quick ratio of 1.05.

Institutional Trading of Integra Resources

Several large investors have recently added to or reduced their stakes in ITRG. Bank of America Corp DE raised its position in Integra Resources by 336.4% in the fourth quarter. Bank of America Corp DE now owns 46,697 shares of the company’s stock worth $41,000 after acquiring an additional 35,997 shares during the period. Goldman Sachs Group Inc. raised its holdings in Integra Resources by 26.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 316,549 shares of the company’s stock worth $393,000 after purchasing an additional 66,002 shares during the period. JPMorgan Chase & Co. purchased a new position in Integra Resources during the second quarter valued at $53,000. Franklin Resources Inc. grew its holdings in Integra Resources by 0.8% during the second quarter. Franklin Resources Inc. now owns 11,865,543 shares of the company’s stock valued at $17,945,000 after purchasing an additional 100,000 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in Integra Resources in the second quarter worth about $7,106,000. 26.67% of the stock is currently owned by institutional investors.

About Integra Resources

Integra Resources Corp. is a mineral exploration and development company focused on the acquisition, characterization and advancement of precious metals projects in North America. The company’s flagship asset is the DeLamar Gold-Silver Project in southwestern Idaho, a historic mining district that produced both gold and silver from the late 19th century through the mid-20th century. Integra’s business model emphasizes resource delineation, metallurgical optimization and progression through permitting and engineering phases toward potential production.

Since its incorporation in 2017, Integra Resources has undertaken multiple drilling campaigns and metallurgical studies aimed at upgrading and expanding the known mineral inventory at DeLamar.