Endeavour Silver (NYSE:EXK) Shares Gap Down – Here’s Why

Endeavour Silver Corporation (NYSE:EXK) (TSE:EDR)’s stock price gapped down prior to trading on Thursday . The stock had previously closed at $9.47, but opened at $8.33. Endeavour Silver shares last traded at $8.5250, with a volume of 7,060,891 shares trading hands.

Analyst Ratings Changes

Several analysts have issued reports on the company. Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of Endeavour Silver in a report on Wednesday, February 4th. BMO Capital Markets reissued an “outperform” rating on shares of Endeavour Silver in a research report on Monday, January 19th. Zacks Research lowered shares of Endeavour Silver from a “hold” rating to a “strong sell” rating in a report on Monday, March 16th. National Bank Financial upgraded shares of Endeavour Silver to a “strong-buy” rating in a research report on Tuesday, December 9th. Finally, B. Riley Financial raised their price objective on shares of Endeavour Silver from $11.00 to $14.00 and gave the stock a “buy” rating in a research note on Tuesday, January 13th. Two investment analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and two have issued a Sell rating to the company. Based on data from MarketBeat, Endeavour Silver currently has an average rating of “Moderate Buy” and an average target price of $14.50.

Endeavour Silver Price Performance

The stock has a market capitalization of $2.43 billion, a price-to-earnings ratio of -19.58 and a beta of 1.16. The company has a current ratio of 1.53, a quick ratio of 1.30 and a debt-to-equity ratio of 0.41. The stock has a 50-day simple moving average of $11.82 and a 200 day simple moving average of $9.46.

Endeavour Silver (NYSE:EXK) (TSE:EDR) last posted its quarterly earnings results on Friday, February 27th. The mining company reported $0.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.01). The company had revenue of $172.60 million during the quarter, compared to analysts’ expectations of $227.99 million. Endeavour Silver had a negative return on equity of 1.29% and a negative net margin of 27.52%. On average, equities research analysts forecast that Endeavour Silver Corporation will post -0.07 EPS for the current fiscal year.

Hedge Funds Weigh In On Endeavour Silver

A number of hedge funds have recently added to or reduced their stakes in the company. Total Investment Management Inc. bought a new position in Endeavour Silver during the second quarter valued at about $41,000. Caitong International Asset Management Co. Ltd boosted its stake in shares of Endeavour Silver by 389.6% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 4,583 shares of the mining company’s stock worth $43,000 after acquiring an additional 3,647 shares in the last quarter. Signaturefd LLC acquired a new position in shares of Endeavour Silver during the 4th quarter valued at about $47,000. Centric Wealth Management bought a new position in shares of Endeavour Silver in the 2nd quarter valued at approximately $60,000. Finally, Andina Capital Management LLC bought a new position in shares of Endeavour Silver in the 3rd quarter valued at approximately $89,000. Institutional investors and hedge funds own 20.06% of the company’s stock.

About Endeavour Silver

Endeavour Silver Corp. is a Vancouver-based precious metals mining company focused on the acquisition, development and operation of silver and gold properties in Mexico. Publicly listed on the New York Stock Exchange under the ticker EXK, the company has positioned itself as a mid-tier producer with a portfolio of high-grade, operating mines and exploration assets in key mineral belts.

Endeavour Silver’s core business activities revolve around four principal underground mines located in the states of Durango, Zacatecas, Guanajuato and Jalisco.