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

Integra Resources Corp. (NYSEAMERICAN:ITRG) gapped down prior to trading on Thursday . The stock had previously closed at $3.69, but opened at $3.40. Integra Resources shares last traded at $3.3650, with a volume of 3,002,462 shares trading hands.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on ITRG shares. Canaccord Genuity Group began coverage on Integra Resources in a report on Monday, January 12th. They issued a “moderate buy” rating and a $9.25 price target for the company. Roth Mkm set a $7.00 target price on Integra Resources in a research note on Tuesday, January 27th. Finally, HC Wainwright boosted their price objective on shares of Integra Resources from $5.00 to $7.25 and gave the stock a “buy” rating in a report on Wednesday, January 28th. Three research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $7.83.

Integra Resources Stock Down 8.5%

The firm’s fifty day moving average is $4.06 and its two-hundred day moving average is $3.06. The firm has a market cap of $618.33 million, a price-to-earnings ratio of 37.39 and a beta of 0.72. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.58 and a quick ratio of 1.05.

Hedge Funds Weigh In On Integra Resources

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Franklin Resources Inc. boosted its position in Integra Resources by 0.8% during the second quarter. Franklin Resources Inc. now owns 11,865,543 shares of the company’s stock worth $17,945,000 after purchasing an additional 100,000 shares during the period. U S Global Investors Inc. acquired a new stake in shares of Integra Resources in the 2nd quarter valued at approximately $225,000. Rathbones Group PLC increased its holdings in Integra Resources by 33.9% during the 2nd quarter. Rathbones Group PLC now owns 48,400 shares of the company’s stock worth $73,000 after purchasing an additional 12,250 shares in the last quarter. Navellier & Associates Inc. bought a new position in shares of Integra Resources during the 4th quarter worth approximately $817,000. Finally, Pinion Investment Advisors LLC bought a new stake in Integra Resources during the fourth quarter worth about $55,000. 26.67% of the stock is currently owned by hedge funds and other institutional investors.

Integra Resources Company Profile

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.