Noble Financial Thinks Pershing Gold Corp’s Stock is Going to Recover

By Carrie Williams

Noble Financial analyst Mark Reichman maintained a Buy rating on Pershing Gold Corp (NASDAQ: PGLC) yesterday. The company’s shares closed yesterday at $1.87, close to its 52-week low of $1.83.

According to TipRanks.com, Reichman is a 1-star analyst with an average return of -4.3% and a 0.0% success rate. Reichman covers the Basic Materials sector, focusing on stocks such as Endeavour Silver Corp, Great Panther Silver, and Avino Silver & Gold.

Currently, the analyst consensus on Pershing Gold Corp is Moderate Buy and the average price target is $8.75, representing a 367.9% upside.

In a report issued on May 8, H.C. Wainwright also reiterated a Buy rating on the stock with a $8.75 price target.

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Based on Pershing Gold Corp’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $4.03 million. In comparison, last year the company had a GAAP net loss of $3.33 million.

Based on the recent corporate insider activity of 55 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of PGLC in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Pershing Gold Corp. is a gold and precious metals exploration company, which engages in exploration, development and mining opportunities in Nevada. It focuses on exploration at Relief Canyon properties in Pershing County in northwestern Nevada. The company was founded on August 2, 2007 and is headquartered in Lakewood, CO.