General Moly (GMO) Cut to “Hold” at Zacks Investment Research

General Moly (NYSEAMERICAN:GMO) (TSE:GMO) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Friday, reports.

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 price objective on shares of General Moly and gave the company a “buy” rating in a report on Friday, March 22nd.

GMO stock traded up $0.06 during mid-day trading on Friday, hitting $0.42. 2,861,000 shares of the company were exchanged, compared to its average volume of 215,676. General Moly has a 1-year low of $0.16 and a 1-year high of $0.46.

General Moly (NYSEAMERICAN:GMO) (TSE:GMO) last posted its quarterly earnings data on Friday, March 22nd. The basic materials company reported ($0.02) earnings per share (EPS) for the quarter.

An institutional investor recently raised its position in General Moly stock. Renaissance Technologies LLC lifted its position in General Moly, Inc. (NYSEAMERICAN:GMO) (TSE:GMO) by 60.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and 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 about 0.23% of General Moly worth $70,000 as of its most recent SEC filing.

General Moly Company Profile

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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