MAG Silver (NYSEAMERICAN:MAG) Shares Gap Up - Here's What Happened

MAG Silver Corp. (NYSEAMERICAN:MAG - Get Free Report)'s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $14.74, but opened at $15.09. MAG Silver shares last traded at $14.43, with a volume of 96,403 shares traded.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright reiterated a "buy" rating and issued a $21.00 price target on shares of MAG Silver in a research report on Tuesday, February 25th. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $18.63.

MAG Silver Stock Down 0.6 %

The business has a 50-day moving average price of $15.10. The firm has a market cap of $1.55 billion, a price-to-earnings ratio of 21.06 and a beta of 1.09.

Hedge Funds Weigh In On MAG Silver

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Integrated Advisors Network LLC grew its position in MAG Silver by 38.7% during the fourth quarter. Integrated Advisors Network LLC now owns 61,250 shares of the company's stock worth $833,000 after buying an additional 17,100 shares in the last quarter. Two Sigma Investments LP bought a new stake in MAG Silver during the fourth quarter worth about $401,000. Millennium Management LLC lifted its stake in MAG Silver by 3,324.7% during the fourth quarter. Millennium Management LLC now owns 886,203 shares of the company's stock worth $12,052,000 after purchasing an additional 860,326 shares during the last quarter. Eschler Asset Management LLP lifted its stake in MAG Silver by 83.3% during the fourth quarter. Eschler Asset Management LLP now owns 55,000 shares of the company's stock worth $748,000 after purchasing an additional 25,000 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. bought a new stake in MAG Silver during the fourth quarter worth about $156,000. 52.50% of the stock is currently owned by hedge funds and other institutional investors.

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About MAG Silver

MAG Silver Corp. develops and explores for precious metal properties in Canada. It explores for silver, gold, lead, copper, and zinc deposits. The company's flagship property is the 44% owned Juanicipio property located in the Fresnillo District, Zacatecas State, Mexico. MAG Silver Corp. is headquartered in Vancouver, Canada.