What’s in Pershing Gold Corporation (PGLC) After Forming Bearish Multiple Bottom Pattern?

June 21, 2018 - By Clifton Ray

Pershing Gold Corporation (NASDAQ:PGLC) Logo

The stock of Pershing Gold Corporation (PGLC) shows a multiple bottoms pattern with $1.77 target or 5.00 % below today’s $1.86 share price. The 8 months chart pattern indicates high risk for the $62.55 million company. It was reported on Jun, 21 by Finviz.com. If the $1.77 price target is reached, the company will be worth $3.13M less.
Multiple bottoms are very good trading chart patterns. These patterns have a low break even failure rate and decent average rise in a bull market, giving them a solid performance rank. Back-tests of such patterns show that the break even failure rate is 4%, the average rise: 37%, the throwback rate: 64% and the percentage of stocks meeting their price targets: 64%.

The stock increased 1.09% or $0.02 during the last trading session, reaching $1.86. About 36,059 shares traded. Pershing Gold Corporation (NASDAQ:PGLC) has declined 32.62% since June 21, 2017 and is downtrending. It has underperformed by 45.19% the S&P500.

Analysts await Pershing Gold Corporation (NASDAQ:PGLC) to report earnings on August, 10. They expect $-0.10 earnings per share, up 16.67 % or $0.02 from last year’s $-0.12 per share. After $-0.12 actual earnings per share reported by Pershing Gold Corporation for the previous quarter, Wall Street now forecasts -16.67 % EPS growth.

More news for Pershing Gold Corporation (NASDAQ:PGLC) were recently published by: Prnewswire.com, which released: “Pershing Gold Announces Positive Feasibility Study for Relief Canyon” on May 30, 2018. Prnewswire.com‘s article titled: “Pershing Gold Files Plan of Operations for Future Expansion of Relief Canyon Mine” and published on June 20, 2018 is yet another important article.

Pershing Gold Corporation engages in the exploration, development, and mining of gold and precious metals primarily in Nevada. The company has market cap of $62.55 million. It focuses on the exploration of Relief Canyon properties covering an area of approximately 25,000 acres in Pershing County in northwestern Nevada. It currently has negative earnings. The Relief Canyon properties comprise approximately 948 owned unpatented mining claims, 120 owned millsite claims, 172 leased unpatented mining claims, and 2,235 acres of leased and 2,770 acres of subleased private lands.

Pershing Gold Corporation (NASDAQ:PGLC) Ratings Chart

Receive News & Ratings Via Email - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings with our FREE daily email newsletter.

Free Email Newsletter

Enter your email address below to get the latest news and analysts' ratings for your stocks with our free daily email newsletter: