General Moly, Inc. (NYSEMKT:GMO) (TSE:GMO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Thursday. The firm presently has a $0.50 price target on the basic materials company’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 27.06% from the company’s previous close.
According to Zacks, “General Moly is a U.S.-based molybdenum mineral exploration and development company listed on the American Stock Exchange and the Toronto Stock Exchange under the symbol GMO. Their primary asset, their interest in the Mt. Hope project located in central Nevada, is considered one of the world’s largest and highest grade molybdenum deposits. Combined with their second molybdenum property, the Hall-Tonopah project which is also located in central Nevada. Their goal is to become the largest primary molybdenum producer by the middle of the next decade. “
Separately, ValuEngine cut shares of General Moly from a “hold” rating to a “sell” rating in a research report on Friday, August 11th.
General Moly (GMO) opened at 0.3935 on Thursday. General Moly has a 52-week low of $0.21 and a 52-week high of $0.72. The company’s market capitalization is $43.74 million. The stock has a 50 day moving average price of $0.41 and a 200 day moving average price of $0.42.
General Moly (NYSEMKT:GMO) (TSE:GMO) last issued its quarterly earnings data on Monday, August 14th. The basic materials company reported ($0.02) earnings per share for the quarter. Analysts anticipate that General Moly will post ($0.08) EPS for the current fiscal year.
A hedge fund recently raised its stake in General Moly stock. Bank of America Corp DE boosted its position in shares of General Moly, Inc. (NYSEMKT:GMO) (TSE:GMO) by 7,900.8% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 280,029 shares of the basic materials company’s stock after buying an additional 276,529 shares during the period. Bank of America Corp DE owned approximately 0.25% of General Moly worth $140,000 as of its most recent SEC filing.
About General Moly
General Moly, Inc is engaged in the business of the exploration, development and mining of properties containing molybdenum. The Company, through its subsidiary, Eureka Moly, LLC, holds interest in the Mt. Hope Project, a molybdenum property, located in Eureka County, Nevada. The Mt. Hope Project contains molybdenum reserves totaling approximately 1.4 billion pounds of which 1.2 billion pounds are estimated to be recoverable.
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