Zacks Investment Research upgraded shares of General Moly, Inc. (NYSEMKT:GMO) (TSE:GMO) from a hold rating to a buy rating in a research note released on Friday morning. They currently have $0.50 target price on the basic materials company’s stock.

According to Zacks, “General Moly is a U.S.-based molybdenum mineral exploration and development company listed on the American Stock Exchange and the Toronto Stock Exchange under the symbol GMO. Their primary asset, their interest in the Mt. Hope project located in central Nevada, is considered one of the world’s largest and highest grade molybdenum deposits. Combined with their second molybdenum property, the Hall-Tonopah project which is also located in central Nevada. Their goal is to become the largest primary molybdenum producer by the middle of the next decade. “

Other equities analysts have also issued reports about the stock. HC Wainwright restated a buy rating on shares of General Moly in a research report on Wednesday, August 16th. ValuEngine upgraded shares of General Moly from a sell rating to a hold rating in a research report on Wednesday, July 19th.

Shares of General Moly (NYSEMKT GMO) opened at 0.459 on Friday. The company’s market cap is $51.03 million. The firm’s 50-day moving average price is $0.42 and its 200 day moving average price is $0.42. General Moly has a 52 week low of $0.21 and a 52 week high of $0.72.

General Moly (NYSEMKT:GMO) (TSE:GMO) last posted its quarterly earnings results on Monday, August 14th. The basic materials company reported ($0.02) earnings per share for the quarter. On average, equities research analysts forecast that General Moly will post ($0.08) EPS for the current year.

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A hedge fund recently raised its stake in General Moly stock. Bank of America Corp DE boosted its stake in shares of General Moly, Inc. (NYSEMKT:GMO) (TSE:GMO) by 7,900.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 280,029 shares of the basic materials company’s stock after buying an additional 276,529 shares during the period. Bank of America Corp DE owned about 0.25% of General Moly worth $140,000 at the end of the most recent quarter.

About General Moly

General Moly, Inc is engaged in the business of the exploration, development and mining of properties containing molybdenum. The Company, through its subsidiary, Eureka Moly, LLC, holds interest in the Mt. Hope Project, a molybdenum property, located in Eureka County, Nevada. The Mt. Hope Project contains molybdenum reserves totaling approximately 1.4 billion pounds of which 1.2 billion pounds are estimated to be recoverable.

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