International Tower Hill Mines (NYSE:THM) Shares Down 8.9% – What’s Next?

International Tower Hill Mines Ltd. (NYSE:THM)’s share price dropped 8.9% during mid-day trading on Tuesday . The stock traded as low as $2.18 and last traded at $2.1950. 402,425 shares changed hands during trading, a decline of 74% from the average session volume of 1,529,015 shares. The stock had previously closed at $2.41.

International Tower Hill Mines Stock Performance

The firm has a market cap of $563.83 million, a P/E ratio of -108.25 and a beta of 0.94. The company’s 50 day moving average is $2.35 and its 200 day moving average is $2.42.

Insiders Place Their Bets

In other news, major shareholder Paulson & Co. Inc. bought 4,913,665 shares of the stock in a transaction on Thursday, April 16th. The stock was acquired at an average price of $2.56 per share, with a total value of $12,578,982.40. Following the acquisition, the insider directly owned 104,486,703 shares in the company, valued at approximately $267,485,959.68. This trade represents a 4.93% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.10% of the stock is owned by corporate insiders.

Institutional Trading of International Tower Hill Mines

Several hedge funds and other institutional investors have recently made changes to their positions in THM. Bank of America Corp DE raised its holdings in International Tower Hill Mines by 57,043.0% in the 1st quarter. Bank of America Corp DE now owns 285,715 shares of the company’s stock valued at $657,000 after buying an additional 285,215 shares during the last quarter. Empyrean Capital Partners LP bought a new stake in International Tower Hill Mines during the 1st quarter worth approximately $207,000. Paulson & CO. Inc. increased its position in International Tower Hill Mines by 41.8% in the 1st quarter. Paulson & CO. Inc. now owns 99,573,038 shares of the company’s stock valued at $229,018,000 after acquiring an additional 29,333,650 shares during the period. Renaissance Technologies LLC acquired a new position in International Tower Hill Mines in the 1st quarter valued at approximately $298,000. Finally, Kopernik Global Investors LLC raised its stake in shares of International Tower Hill Mines by 22.2% during the first quarter. Kopernik Global Investors LLC now owns 17,650,432 shares of the company’s stock valued at $40,596,000 after acquiring an additional 3,202,014 shares during the last quarter. 54.63% of the stock is currently owned by institutional investors.

About International Tower Hill Mines

International Tower Hill Mines Ltd. (NYSE American: THM) is a mineral exploration and development company focused on advancing its flagship Livengood gold project in Alaska, United States. Headquartered in Vancouver, Canada, the company’s primary business activity is the exploration, permitting and feasibility study of the Livengood deposit, which hosts a large-scale, low‐sulfidation gold system. Through systematic drilling programs and resource modeling, International Tower Hill Mines aims to define and expand gold resources while advancing environmental and engineering studies toward a potential mining operation.

The Livengood project, situated approximately 70 miles northwest of Fairbanks, Alaska, has been the focal point of International Tower Hill Mines’ efforts since acquiring the property in 2011.