Integra Resources (NYSEAMERICAN:ITRG) Trading Up 11% – Here’s Why

Integra Resources Corp. (NYSEAMERICAN:ITRG)’s stock price traded up 11% during mid-day trading on Wednesday . The company traded as high as $2.81 and last traded at $2.8750. 1,005,326 shares were traded during mid-day trading, a decline of 66% from the average daily volume of 2,964,581 shares. The stock had previously closed at $2.59.

Analysts Set New Price Targets

A number of brokerages have weighed in on ITRG. HC Wainwright reaffirmed a “buy” rating and issued a $6.75 target price on shares of Integra Resources in a report on Wednesday, August 12th. Zacks Research cut Integra Resources from a “hold” rating to a “strong sell” rating in a report on Thursday, July 16th. Finally, Roth Capital set a $5.00 price objective on Integra Resources in a research report on Monday, July 27th. Three analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Integra Resources presently has a consensus rating of “Moderate Buy” and a consensus target price of $7.00.

Integra Resources Stock Performance

The firm has a market capitalization of $562.96 million, a price-to-earnings ratio of 69.39 and a beta of 0.86. The company has a current ratio of 5.31, a quick ratio of 3.42 and a debt-to-equity ratio of 0.08. The stock’s 50-day moving average is $2.36 and its 200-day moving average is $2.85.

Integra Resources (NYSEAMERICAN:ITRG) last issued its earnings results on Tuesday, August 11th. The company reported $0.06 earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.01). The company had revenue of $69.42 million during the quarter, compared to analyst estimates of $82.69 million. Integra Resources had a net margin of 4.14% and a return on equity of 26.86%. On average, analysts predict that Integra Resources Corp. will post 0.29 EPS for the current fiscal year.

Hedge Funds Weigh In On Integra Resources

Institutional investors and hedge funds have recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in Integra Resources in the second quarter valued at about $7,106,000. Montrusco Bolton Investments Inc. acquired a new position in shares of Integra Resources in the first quarter valued at approximately $7,195,000. BlackRock Inc. acquired a new position in shares of Integra Resources in the second quarter valued at approximately $3,939,000. Renaissance Technologies LLC raised its holdings in Integra Resources by 287.8% in the 1st quarter. Renaissance Technologies LLC now owns 2,096,899 shares of the company’s stock valued at $5,725,000 after buying an additional 1,556,199 shares during the last quarter. Finally, Bank of America Corp DE boosted its position in Integra Resources by 60.9% during the 3rd quarter. Bank of America Corp DE now owns 3,806,494 shares of the company’s stock worth $11,229,000 after buying an additional 1,440,789 shares during the period. Institutional investors and hedge funds own 26.67% of the company’s stock.

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.