Canaccord Genuity Group Initiates Coverage on Integra Resources (NYSEAMERICAN:ITRG)

Stock analysts at Canaccord Genuity Group assumed coverage on shares of Integra Resources (NYSEAMERICAN:ITRG) in a research note issued on Monday,Benzinga reports. The brokerage set a “speculative buy” rating and a $9.25 price target on the stock. Canaccord Genuity Group’s price objective indicates a potential upside of 117.39% from the stock’s previous close.

ITRG has been the subject of a number of other reports. HC Wainwright reaffirmed a “buy” rating and issued a $5.00 price objective (up from $4.75) on shares of Integra Resources in a research note on Friday, December 19th. Roth Capital restated a “buy” rating and set a $6.00 target price on shares of Integra Resources in a report on Thursday, December 18th. Three research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $6.75.

Integra Resources Trading Up 8.5%

Integra Resources stock traded up $0.34 during trading on Monday, hitting $4.26. The company had a trading volume of 2,682,937 shares, compared to its average volume of 2,173,632. The stock has a market cap of $720.37 million, a price-to-earnings ratio of 47.28 and a beta of 0.75. The company has a current ratio of 1.58, a quick ratio of 1.05 and a debt-to-equity ratio of 0.02. Integra Resources has a 1-year low of $0.79 and a 1-year high of $4.69. The company’s 50 day simple moving average is $3.62 and its 200-day simple moving average is $2.73.

Institutional Investors Weigh In On Integra Resources

A number of hedge funds have recently bought and sold shares of the stock. Rathbones Group PLC boosted its stake in Integra Resources by 33.9% in the second quarter. Rathbones Group PLC now owns 48,400 shares of the company’s stock valued at $73,000 after acquiring an additional 12,250 shares in the last quarter. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Integra Resources in the 3rd quarter valued at about $42,000. Raymond James Financial Inc. grew its stake in Integra Resources by 48.7% during the 2nd quarter. Raymond James Financial Inc. now owns 50,751 shares of the company’s stock worth $76,000 after buying an additional 16,611 shares during the last quarter. Virtu Financial LLC grew its stake in Integra Resources by 108.9% during the 3rd quarter. Virtu Financial LLC now owns 31,889 shares of the company’s stock worth $94,000 after buying an additional 16,627 shares during the last quarter. Finally, Prime Capital Investment Advisors LLC acquired a new position in Integra Resources during the third quarter worth approximately $58,000. Institutional investors and hedge funds own 26.67% of the company’s stock.

About Integra Resources

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.