First Majestic Silver (TSE:AG) Shares Down 11.1% – Time to Sell?

First Majestic Silver Corp. (TSE:AG) fell 11.1% during mid-day trading on Wednesday . The stock traded as low as C$14.42 and last traded at C$14.47. 1,006,612 shares traded hands during trading, a decline of 39% from the average session volume of 1,644,530 shares. The stock had previously closed at C$16.28.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on AG. Cormark cut shares of First Majestic Silver from a “moderate buy” rating to a “hold” rating in a research report on Wednesday, October 29th. ATB Capital upgraded shares of First Majestic Silver from a “sector perform” rating to an “outperform” rating and upped their price objective for the stock from C$47.00 to C$52.00 in a report on Wednesday, August 6th. National Bank Financial upgraded shares of First Majestic Silver from a “hold” rating to a “strong-buy” rating in a report on Sunday, October 5th. BMO Capital Markets upped their price objective on shares of First Majestic Silver from C$18.50 to C$21.00 in a report on Thursday, October 9th. Finally, National Bankshares upgraded shares of First Majestic Silver from a “sector perform” rating to an “outperform” rating and upped their price objective for the stock from C$20.00 to C$22.00 in a report on Monday, October 6th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of C$27.80.

First Majestic Silver Price Performance

The company has a market cap of C$7.32 billion, a P/E ratio of -1,494.00 and a beta of 1.61. The stock’s 50-day moving average is C$16.32 and its two-hundred day moving average is C$12.55.

First Majestic Silver Company Profile

First Majestic is a publicly traded mining company focused on silver and gold production in Mexico and the United States. The Company presently owns and operates the San Dimas Silver/Gold Mine, the Santa Elena Silver/Gold Mine and the La Encantada Silver Mine.