Sandstorm Gold Ltd (NYSEAMERICAN:SAND) Sees Large Growth in Short Interest
Sandstorm Gold Ltd (NYSEAMERICAN:SAND) saw a large growth in short interest during the month of August. As of August 31st, there was short interest totalling 735,300 shares, a growth of 42.9% from the July 31st total of 514,600 shares. Currently, 0.4% of the company’s stock are sold short. Based on an average daily volume of 1,820,000 shares, the days-to-cover ratio is presently 0.4 days.
Several institutional investors and hedge funds have recently modified their holdings of SAND. Waratah Capital Advisors Ltd. bought a new position in Sandstorm Gold during the first quarter worth $9,970,000. Jennison Associates LLC acquired a new position in Sandstorm Gold in the first quarter worth $8,817,000. Morgan Stanley boosted its holdings in Sandstorm Gold by 28.6% in the second quarter. Morgan Stanley now owns 4,713,412 shares of the mining company’s stock worth $26,113,000 after purchasing an additional 1,048,301 shares during the period. Marshall Wace LLP increased its stake in Sandstorm Gold by 320.6% during the second quarter. Marshall Wace LLP now owns 870,623 shares of the mining company’s stock valued at $4,827,000 after purchasing an additional 663,627 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. increased its stake in Sandstorm Gold by 271.7% during the second quarter. D. E. Shaw & Co. Inc. now owns 741,421 shares of the mining company’s stock valued at $4,115,000 after purchasing an additional 541,954 shares during the last quarter.
A number of analysts recently issued reports on SAND shares. CIBC restated a “hold” rating on shares of Sandstorm Gold in a research note on Monday, July 15th. TheStreet upgraded shares of Sandstorm Gold from a “c+” rating to a “b” rating in a research note on Wednesday, August 21st. Zacks Investment Research downgraded shares of Sandstorm Gold from a “buy” rating to a “hold” rating in a research note on Saturday, August 10th. Finally, Canaccord Genuity reissued a “buy” rating on shares of Sandstorm Gold in a report on Friday, August 23rd. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Sandstorm Gold currently has an average rating of “Buy” and an average target price of $6.63.
Sandstorm Gold (NYSEAMERICAN:SAND) last announced its quarterly earnings data on Monday, August 12th. The mining company reported $0.01 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.02 by ($0.01). The business had revenue of $21.49 million during the quarter, compared to analysts’ expectations of $23.00 million.
Sandstorm Gold Company Profile
Sandstorm Gold Ltd. operates as a gold royalty company. It focuses on acquiring gold and other metal purchase agreements and royalties from companies that have advanced stage development projects or operating mines. The company offers upfront payments for companies to acquire a gold stream or royalty and receives the right to purchase a percentage of a mine's production for the life of the mine at a fixed price per unit or at a fixed percentage of the spot price.
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