Pershing Gold Corporation (NASDAQ:PGLC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Wednesday. The brokerage presently has a $3.25 price objective on the basic materials company’s stock. Zacks Investment Research‘s price objective points to a potential upside of 12.85% from the company’s current price.

According to Zacks, “Pershing Gold Corporation is engaged in the exploration and development of gold and precious metal properties primarily in Nevada. The Company focuses on the exploration of Relief Canyon properties located in Pershing County in northwestern Nevada. Pershing Gold Corporation is based in Lakewood, Colorado. “

Several other research firms have also issued reports on PGLC. Noble Financial reissued a “buy” rating on shares of Pershing Gold Corporation in a research note on Thursday, June 8th. Roth Capital set a $6.00 target price on Pershing Gold Corporation and gave the stock a “buy” rating in a research note on Monday, June 12th.

Shares of Pershing Gold Corporation (PGLC) opened at 2.88 on Wednesday. The firm has a 50-day moving average price of $2.89 and a 200-day moving average price of $2.95. The stock’s market cap is $81.80 million. Pershing Gold Corporation has a 1-year low of $2.60 and a 1-year high of $4.90.

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In related news, Director Barry C. Honig purchased 10,000 shares of the business’s stock in a transaction on Wednesday, July 5th. The shares were bought at an average price of $2.76 per share, for a total transaction of $27,600.00. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. In the last three months, insiders have purchased 25,911 shares of company stock worth $72,078. 39.84% of the stock is owned by corporate insiders.

Large investors have recently modified their holdings of the company. Cambridge Investment Research Advisors Inc. increased its stake in shares of Pershing Gold Corporation by 42.2% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 450,624 shares of the basic materials company’s stock valued at $1,257,000 after buying an additional 133,640 shares during the period. Aegis Financial Corp increased its stake in shares of Pershing Gold Corporation by 78.6% in the first quarter. Aegis Financial Corp now owns 219,652 shares of the basic materials company’s stock valued at $624,000 after buying an additional 96,683 shares during the period. Ruffer LLP increased its stake in shares of Pershing Gold Corporation by 213.5% in the first quarter. Ruffer LLP now owns 455,826 shares of the basic materials company’s stock valued at $1,347,000 after buying an additional 310,405 shares during the period. Finally, Spark Investment Management LLC increased its stake in shares of Pershing Gold Corporation by 100.0% in the first quarter. Spark Investment Management LLC now owns 110,000 shares of the basic materials company’s stock valued at $312,000 after buying an additional 55,000 shares during the period. Institutional investors own 19.03% of the company’s stock.

Pershing Gold Corporation Company Profile

Pershing Gold Corporation is a gold and precious metals exploration company. The Company focuses on exploration, development and mining opportunities in Nevada. The Company is focused on exploration at its Relief Canyon properties in Pershing County in northwestern Nevada. The Company operates its business directly and also through its subsidiary, Gold Acquisition Corp.

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