Zacks Investment Research Downgrades General Moly (GMO) to Sell
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. “
Separately, HC Wainwright set a $1.00 target price on General Moly and gave the stock a “buy” rating in a research report on Friday, March 22nd.
General Moly (NYSEAMERICAN:GMO) (TSE:GMO) last released its earnings results on Friday, March 22nd. The basic materials company reported ($0.02) earnings per share for the quarter.
A hedge fund recently raised its stake in General Moly stock. Renaissance Technologies LLC increased its position in shares of General Moly, Inc. (NYSEAMERICAN:GMO) (TSE:GMO) by 60.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 321,841 shares of the basic materials company’s stock after buying an additional 120,800 shares during the quarter. Renaissance Technologies LLC owned 0.23% of General Moly worth $70,000 at the end of the most recent quarter.
About General Moly
General Moly, Inc, together with its subsidiary, Eureka Moly, LLC, engages in the exploration, development, and mining of mineral properties in the United States. The company explores for molybdenum and copper deposits. It primarily has an 80% interests in the Mt. Hope project consisting of 13 patented lode claims and 1 mill site claim with proven and probable molybdenum reserves totaling approximately 1.4 billion pounds located in Eureka County, Nevada.
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