Silver X Mining (CVE:AGX) Stock Price Down 7.3% – Here’s What Happened

Silver X Mining Corp. (CVE:AGX)’s share price was down 7.3% during trading on Thursday. The stock traded as low as C$0.67 and last traded at C$0.69. Approximately 610,420 shares changed hands during trading, a decline of 43% from the average daily volume of 1,065,726 shares. The stock had previously closed at C$0.75.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on AGX. Maxim Group upgraded Silver X Mining to a “strong-buy” rating in a research note on Tuesday, July 21st. Ventum Financial upped their target price on Silver X Mining from C$1.60 to C$2.50 in a report on Wednesday, September 23rd. Ventum Capital set a C$1.60 price target on Silver X Mining and gave the company a “buy” rating in a research report on Thursday, September 17th. Finally, Fundamental Research set a C$1.65 price target on Silver X Mining and gave the stock a “buy” rating in a report on Tuesday, August 18th. One analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the company’s stock. Based on data from MarketBeat.com, Silver X Mining has a consensus rating of “Buy” and a consensus target price of C$1.92.

Silver X Mining Trading Down 7.3%

The stock has a market capitalization of C$201.39 million, a PE ratio of 69.50 and a beta of 2.97. The company has a current ratio of 1.97, a quick ratio of 1.12 and a debt-to-equity ratio of 94.11. The firm has a 50-day moving average price of C$0.84 and a 200-day moving average price of C$0.84.

Insiders Place Their Bets

In related news, Director Jose Maria Garcia Jimenez sold 65,000 shares of the stock in a transaction dated Friday, September 4th. The shares were sold at an average price of C$0.92, for a total transaction of C$59,800.00. Following the completion of the transaction, the director owned 17,163,401 shares in the company, valued at approximately C$15,790,328.92. This represents a 0.38% decrease in their ownership of the stock. Insiders have sold a total of 222,500 shares of company stock worth $204,050 in the last three months. 21.57% of the stock is currently owned by corporate insiders.

About Silver X Mining

Silver X Mining Corp. engages in the exploration, acquisition, and development of mineral properties in the Americas. The company explores for silver, gold, lead, and zinc. It primarily holds interest in the Nueva Recuperada project located in Huancavelica, Peru. It also holds interest in the Coriorcco gold project located in Peru. The company was formerly known as Oro X Mining Corp. and changed its name to Silver X Mining Corp. in June 2021. Silver X Mining Corp. was incorporated in 2009 and is based in Vancouver, Canada.