Short Interest in First Majestic Silver Corp. (NYSE:AG) Grows By 7.0%

First Majestic Silver Corp. (NYSE:AG - Get Free Report) TSE: FR was the target of a large growth in short interest in the month of October. As of October 15th, there was short interest totalling 30,410,000 shares, a growth of 7.0% from the September 30th total of 28,420,000 shares. Based on an average daily trading volume, of 9,260,000 shares, the days-to-cover ratio is presently 3.3 days.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on AG shares. Cormark raised shares of First Majestic Silver from a "hold" rating to a "moderate buy" rating in a research report on Friday, September 6th. HC Wainwright restated a "buy" rating and issued a $8.50 price target on shares of First Majestic Silver in a research note on Friday, October 18th.

Institutional Trading of First Majestic Silver

Several institutional investors and hedge funds have recently made changes to their positions in AG. Blue Trust Inc. lifted its holdings in shares of First Majestic Silver by 77.3% during the third quarter. Blue Trust Inc. now owns 5,166 shares of the mining company's stock worth $31,000 after purchasing an additional 2,253 shares during the period. B. Riley Wealth Advisors Inc. acquired a new position in First Majestic Silver during the 1st quarter worth approximately $62,000. Dark Forest Capital Management LP purchased a new position in shares of First Majestic Silver during the 2nd quarter worth approximately $70,000. Corundum Trust Company INC acquired a new stake in shares of First Majestic Silver in the 3rd quarter valued at approximately $72,000. Finally, Creative Planning purchased a new stake in shares of First Majestic Silver in the third quarter valued at approximately $72,000. 27.16% of the stock is owned by hedge funds and other institutional investors.

First Majestic Silver Stock Down 2.7 %

AG stock traded down $0.20 during midday trading on Friday, reaching $7.18. 9,305,121 shares of the company were exchanged, compared to its average volume of 8,252,960. The stock's 50-day simple moving average is $6.28 and its 200 day simple moving average is $6.37. First Majestic Silver has a 1-year low of $4.17 and a 1-year high of $8.44. The company has a quick ratio of 2.44, a current ratio of 3.05 and a debt-to-equity ratio of 0.17.

First Majestic Silver (NYSE:AG - Get Free Report) TSE: FR last announced its quarterly earnings results on Thursday, August 1st. The mining company reported ($0.07) earnings per share for the quarter, missing analysts' consensus estimates of ($0.02) by ($0.05). The company had revenue of $136.20 million during the quarter, compared to analysts' expectations of $129.74 million. First Majestic Silver had a negative net margin of 15.37% and a negative return on equity of 4.39%. First Majestic Silver's revenue was down 7.2% on a year-over-year basis. During the same period last year, the firm earned ($0.02) earnings per share. Analysts forecast that First Majestic Silver will post -0.13 EPS for the current fiscal year.

First Majestic Silver Company Profile

First Majestic Silver Corp. engages in the acquisition, exploration, development, and production of mineral properties with a focus on silver and gold production in North America. Its projects include the San Dimas mine covering an area of approximately 71,867 hectares located in Durango State, Mexico; the Santa Elena that covers an area of approximately 102,244 hectares located in Sonora State, México; and the La Encantada covering an area of approximately 4,076 hectares located in Coahuila State, México.