Short Interest in MAG Silver Corp. (NYSEAMERICAN:MAG) Drops By 22.0%

MAG Silver Corp. (NYSEAMERICAN:MAG) saw a significant drop in short interest in the month of November. As of November 30th, there was short interest totalling 2,370,000 shares, a drop of 22.0% from the November 15th total of 3,040,000 shares. Based on an average trading volume of 700,800 shares, the days-to-cover ratio is presently 3.4 days. Currently, 2.6% of the shares of the stock are sold short.

MAG Silver Price Performance

MAG Silver stock traded down $0.11 during mid-day trading on Monday, hitting $14.83. 507,827 shares of the company traded hands, compared to its average volume of 712,939. MAG Silver has a one year low of $8.19 and a one year high of $18.27. The firm has a market cap of $1.53 billion, a PE ratio of 20.89 and a beta of 1.07.

MAG Silver (NYSEAMERICAN:MAG) last announced its earnings results on Tuesday, November 12th. The company reported $0.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.02. As a group, research analysts anticipate that MAG Silver will post 0.75 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on MAG. Scotiabank raised their price objective on shares of MAG Silver from $14.50 to $15.50 and gave the company a “sector outperform” rating in a research report on Monday, August 19th. Roth Capital lowered shares of MAG Silver from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 24th. Roth Mkm lowered shares of MAG Silver from a “buy” rating to a “neutral” rating and raised their price objective for the company from $17.00 to $17.50 in a research report on Thursday, October 24th. HC Wainwright lifted their target price on shares of MAG Silver from $18.00 to $20.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Finally, StockNews.com upgraded shares of MAG Silver from a “sell” rating to a “hold” rating in a research report on Thursday, October 24th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $18.38.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Capital Performance Advisors LLP purchased a new position in shares of MAG Silver during the third quarter worth approximately $28,000. Quantbot Technologies LP purchased a new position in shares of MAG Silver during the third quarter worth approximately $52,000. Pekin Hardy Strauss Inc. purchased a new position in shares of MAG Silver in the third quarter worth $140,000. DF Dent & Co. Inc. purchased a new position in shares of MAG Silver in the third quarter worth $140,000. Finally, International Assets Investment Management LLC purchased a new position in shares of MAG Silver in the third quarter worth $148,000. 52.50% of the stock is owned by hedge funds and other institutional investors.

About MAG Silver

MAG Silver Corp. develops and explores for precious metal properties in Canada. It explores for silver, gold, lead, copper, and zinc deposits. The company's flagship property is the 44% owned Juanicipio property located in the Fresnillo District, Zacatecas State, Mexico. MAG Silver Corp. is headquartered in Vancouver, Canada.