StockNews.com Initiates Coverage on PEDEVCO (NYSE:PED)

StockNews.com initiated coverage on shares of PEDEVCO (NYSE:PED) in a report released on Sunday. The firm issued a sell rating on the stock.

Separately, D. Boral Capital reduced their price target on PEDEVCO from $2.25 to $1.50 and set a “buy” rating on the stock in a report on Wednesday, November 20th.

PEDEVCO Price Performance

PED stock opened at $0.74 on Friday. PEDEVCO has a 1 year low of $0.65 and a 1 year high of $1.10. The firm has a market capitalization of $65.96 million, a PE ratio of 36.87 and a beta of 0.52. The business has a 50 day simple moving average of $0.80 and a 200-day simple moving average of $0.86.

Insiders Place Their Bets

In related news, CEO John Douglas Schick sold 120,000 shares of the stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $0.76, for a total transaction of $91,200.00. Following the completion of the transaction, the chief executive officer now owns 1,577,133 shares of the company’s stock, valued at approximately $1,198,621.08. This trade represents a 7.07 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Paul Anthony Pinkston sold 35,000 shares of the business’s stock in a transaction that occurred on Friday, December 27th. The shares were sold at an average price of $0.74, for a total value of $25,900.00. Following the completion of the sale, the chief accounting officer now directly owns 714,700 shares in the company, valued at approximately $528,878. The trade was a 4.67 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 476,334 shares of company stock valued at $374,217 over the last quarter. 70.60% of the stock is owned by insiders.

Hedge Funds Weigh In On PEDEVCO

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Citadel Advisors LLC lifted its position in shares of PEDEVCO by 232.5% during the fourth quarter. Citadel Advisors LLC now owns 186,415 shares of the company’s stock worth $145,000 after purchasing an additional 130,349 shares in the last quarter. Renaissance Technologies LLC grew its stake in shares of PEDEVCO by 19.7% in the fourth quarter. Renaissance Technologies LLC now owns 292,736 shares of the company’s stock worth $228,000 after acquiring an additional 48,132 shares in the last quarter. Finally, Virtu Financial LLC raised its stake in shares of PEDEVCO by 129.9% in the fourth quarter. Virtu Financial LLC now owns 38,045 shares of the company’s stock valued at $30,000 after acquiring an additional 21,499 shares in the last quarter. 3.26% of the stock is currently owned by hedge funds and other institutional investors.

PEDEVCO Company Profile

PEDEVCO Corp., an oil and gas company, focuses on the acquisition, development, and production of oil and natural gas assets in the United States. It holds interests in the Permian Basin asset covering an area of approximately 22,721 net acres located in New Mexico; and D-J Basin asset covering an area of approximately 19,214 net acres located in Wyoming.