Zacks Investment Research downgraded shares of General Moly, Inc. (NYSEMKT:GMO) (TSE:GMO) from a buy rating to a hold rating in a research note issued to investors on Thursday morning.
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. “
Other equities research analysts have also issued research reports about the stock. HC Wainwright reaffirmed a buy rating on shares of General Moly in a report on Wednesday, August 16th. ValuEngine raised shares of General Moly from a sell rating to a hold rating in a report on Wednesday, July 19th.
Shares of General Moly (GMO) traded down 1.7193% during midday trading on Thursday, hitting $0.4516. 48,745 shares of the stock were exchanged. The company’s market cap is $50.20 million. The firm has a 50-day moving average price of $0.41 and a 200-day moving average price of $0.42. General Moly has a 12-month low of $0.21 and a 12-month high of $0.72.
General Moly (NYSEMKT:GMO) (TSE:GMO) last posted its earnings results on Monday, August 14th. The basic materials company reported ($0.02) earnings per share for the quarter. On average, equities analysts predict that General Moly will post ($0.08) EPS for the current year.
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An institutional investor recently raised its position in General Moly stock. Bank of America Corp DE boosted its stake in General Moly, Inc. (NYSEMKT:GMO) (TSE:GMO) by 7,900.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm 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 at the end of the most recent quarter.
General Moly Company Profile
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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