First Majestic Silver (NYSE:AG) Shares Gap Down to $7.90

First Majestic Silver Corp. (NYSE:AG) (TSE:FR) shares gapped down before the market opened on Wednesday . The stock had previously closed at $8.14, but opened at $7.90. First Majestic Silver shares last traded at $7.83, with a volume of 4,529,022 shares changing hands.

AG has been the topic of several recent analyst reports. HC Wainwright set a $8.00 price objective on shares of First Majestic Silver and gave the company a “buy” rating in a report on Tuesday, February 26th. B. Riley began coverage on shares of First Majestic Silver in a report on Friday, March 1st. They issued a “neutral” rating and a $6.00 price target on the stock. ValuEngine downgraded shares of First Majestic Silver from a “strong-buy” rating to a “buy” rating in a report on Sunday, March 3rd. Zacks Investment Research upgraded shares of First Majestic Silver from a “hold” rating to a “buy” rating and set a $7.50 price target on the stock in a report on Tuesday, March 19th. Finally, BMO Capital Markets reiterated a “hold” rating on shares of First Majestic Silver in a report on Tuesday, April 2nd. Four research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $7.31.

The stock has a fifty day moving average of $6.31. The company has a current ratio of 3.24, a quick ratio of 2.78 and a debt-to-equity ratio of 0.24. The firm has a market cap of $1.60 billion, a P/E ratio of -37.29 and a beta of -0.11.

First Majestic Silver (NYSE:AG) (TSE:FR) last issued its quarterly earnings results on Thursday, May 9th. The mining company reported ($0.01) earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.01). The company had revenue of $86.80 million for the quarter, compared to the consensus estimate of $124.73 million. First Majestic Silver had a negative net margin of 59.46% and a negative return on equity of 4.63%. First Majestic Silver’s quarterly revenue was up 48.1% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.03) EPS. Analysts expect that First Majestic Silver Corp. will post 0.01 EPS for the current fiscal year.

In other news, major shareholder Vinita Lee Piper acquired 22,055 shares of the company’s stock in a transaction dated Tuesday, May 14th. The shares were acquired at an average price of $5.93 per share, with a total value of $130,786.15. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. 0.85% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently modified their holdings of AG. Nordea Investment Management AB acquired a new stake in shares of First Majestic Silver during the 1st quarter worth approximately $27,000. IHT Wealth Management LLC purchased a new position in shares of First Majestic Silver during the 4th quarter valued at approximately $70,000. Cambridge Investment Research Advisors Inc. purchased a new position in shares of First Majestic Silver during the 4th quarter valued at approximately $109,000. QCM Cayman Ltd. purchased a new position in shares of First Majestic Silver during the 1st quarter valued at approximately $168,000. Finally, Teza Capital Management LLC purchased a new position in shares of First Majestic Silver during the 1st quarter valued at approximately $192,000. 26.03% of the stock is currently owned by institutional investors and hedge funds.

About First Majestic Silver (NYSE:AG)

First Majestic Silver Corp. engages in the acquisition, exploration, development, and production of mineral properties with a focus on silver production in Mexico. It owns and operates six silver producing mines, including the Santa Elena Silver/Gold Mine covering an area of 101,837 hectares located in Sonora; La Encantada Silver Mine covering an area of 4,076 hectares situated in Coahuila; La Parrilla Silver Mine covering an area of 69,478 hectares located in Durango; Del Toro Silver Mine covering an area of 2,159 hectares situated in Zacatecas; San Martin Silver Mine covering an area of 38,512 hectares located in Jalisco; and La Guitarra Silver Mine that consists of 39,714 hectares situated in México State.

Further Reading: Gap Down Stocks

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