Pershing Gold Corporation (NASDAQ:PGLC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Tuesday.

According to Zacks, “Pershing Gold Corporation is engaged in the exploration and development of gold and precious metal properties primarily in Nevada. The Company focuses on the exploration of Relief Canyon properties located in Pershing County in northwestern Nevada. Pershing Gold Corporation is based in Lakewood, Colorado. “

Several other equities research analysts have also weighed in on PGLC. Roth Capital set a $6.00 price target on Pershing Gold Corporation and gave the company a “buy” rating in a research report on Wednesday, May 24th. Noble Financial restated a “buy” rating on shares of Pershing Gold Corporation in a research report on Thursday, June 8th.

Pershing Gold Corporation (NASDAQ:PGLC) opened at 2.96 on Tuesday. Pershing Gold Corporation has a 12 month low of $2.60 and a 12 month high of $4.90. The stock’s 50 day moving average price is $2.91 and its 200-day moving average price is $2.93. The firm’s market capitalization is $84.07 million.

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In other news, Director Barry C. Honig purchased 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 5th. The shares were bought at an average cost of $2.76 per share, for a total transaction of $27,600.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders have purchased 25,911 shares of company stock worth $72,078 over the last 90 days. 39.84% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in PGLC. Spark Investment Management LLC boosted its position in shares of Pershing Gold Corporation by 100.0% in the first quarter. Spark Investment Management LLC now owns 110,000 shares of the basic materials company’s stock worth $312,000 after buying an additional 55,000 shares during the last quarter. Aegis Financial Corp boosted its position in shares of Pershing Gold Corporation by 78.6% in the first quarter. Aegis Financial Corp now owns 219,652 shares of the basic materials company’s stock worth $624,000 after buying an additional 96,683 shares during the last quarter. Cambridge Investment Research Advisors Inc. boosted its position in shares of Pershing Gold Corporation by 5.3% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 316,984 shares of the basic materials company’s stock worth $900,000 after buying an additional 15,919 shares during the last quarter. Ruffer LLP boosted its position in shares of Pershing Gold Corporation by 213.5% in the first quarter. Ruffer LLP now owns 455,826 shares of the basic materials company’s stock worth $1,347,000 after buying an additional 310,405 shares during the last quarter. Finally, Vanguard Group Inc. boosted its position in shares of Pershing Gold Corporation by 5.0% in the second quarter. Vanguard Group Inc. now owns 614,718 shares of the basic materials company’s stock worth $1,715,000 after buying an additional 29,018 shares during the last quarter. Institutional investors and hedge funds own 19.28% of the company’s stock.

Pershing Gold Corporation Company Profile

Pershing Gold Corporation is a gold and precious metals exploration company. The Company focuses on exploration, development and mining opportunities in Nevada. The Company is focused on exploration at its Relief Canyon properties in Pershing County in northwestern Nevada. The Company operates its business directly and also through its subsidiary, Gold Acquisition Corp.

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