MAG Silver (NYSEAMERICAN:MAG) Shares Gap Down – Here’s Why

MAG Silver Corp. (NYSEAMERICAN:MAG) gapped down prior to trading on Monday . The stock had previously closed at $16.05, but opened at $15.42. MAG Silver shares last traded at $15.05, with a volume of 210,526 shares.

Analyst Upgrades and Downgrades

MAG has been the subject of a number of analyst reports. HC Wainwright upped their price target on MAG Silver from $18.00 to $20.00 and gave the stock a “buy” rating in a report on Wednesday. Roth Mkm cut MAG Silver from a “buy” rating to a “neutral” rating and upped their price target for the stock from $17.00 to $17.50 in a report on Thursday, October 24th. Scotiabank increased their target price on MAG Silver from $14.50 to $15.50 and gave the company a “sector outperform” rating in a report on Monday, August 19th. StockNews.com raised MAG Silver from a “sell” rating to a “hold” rating in a report on Thursday, October 24th. Finally, Roth Capital cut MAG Silver from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 24th. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $18.38.

MAG Silver Stock Up 0.4 %

The stock has a market capitalization of $1.58 billion, a price-to-earnings ratio of 26.29 and a beta of 1.12.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. Janus Henderson Group PLC acquired a new stake in shares of MAG Silver in the first quarter valued at $3,925,000. Jupiter Asset Management Ltd. raised its stake in shares of MAG Silver by 6.5% in the first quarter. Jupiter Asset Management Ltd. now owns 2,517,445 shares of the company’s stock valued at $26,584,000 after acquiring an additional 153,274 shares in the last quarter. Mackenzie Financial Corp raised its stake in shares of MAG Silver by 310.5% in the second quarter. Mackenzie Financial Corp now owns 190,385 shares of the company’s stock valued at $2,224,000 after acquiring an additional 144,007 shares in the last quarter. Van ECK Associates Corp raised its stake in MAG Silver by 4.8% in the third quarter. Van ECK Associates Corp now owns 10,231,410 shares of the company’s stock valued at $143,649,000 after buying an additional 467,817 shares in the last quarter. Finally, Cubist Systematic Strategies LLC raised its stake in MAG Silver by 304.8% in the second quarter. Cubist Systematic Strategies LLC now owns 25,569 shares of the company’s stock valued at $299,000 after buying an additional 19,253 shares in the last quarter. 52.50% of the stock is currently owned by hedge funds and other institutional investors.

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.