Western Copper and Gold Co. (NYSEAMERICAN:WRN – Get Rating) (TSE:WRN) was the recipient of a large drop in short interest during the month of April. As of April 15th, there was short interest totalling 350,400 shares, a drop of 26.3% from the March 31st total of 475,600 shares. Based on an average daily trading volume, of 329,600 shares, the days-to-cover ratio is presently 1.1 days. Currently, 0.3% of the company’s shares are sold short.
Shares of WRN stock traded down $0.06 during midday trading on Monday, reaching $1.85. 6,124 shares of the stock were exchanged, compared to its average volume of 312,555. Western Copper and Gold has a 1 year low of $1.26 and a 1 year high of $2.83. The company has a market capitalization of $280.25 million, a price-to-earnings ratio of -63.67 and a beta of 2.47.
Separately, HC Wainwright reiterated a “buy” rating and issued a $4.25 price target (up previously from $4.00) on shares of Western Copper and Gold in a report on Friday, March 25th.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. increased its stake in shares of Western Copper and Gold by 1.7% in the third quarter. Russell Investments Group Ltd. now owns 489,919 shares of the company’s stock worth $730,000 after purchasing an additional 8,102 shares in the last quarter. Citadel Advisors LLC purchased a new stake in Western Copper and Gold in the 3rd quarter worth $115,000. Goldman Sachs Group Inc. increased its stake in Western Copper and Gold by 208.2% in the 4th quarter. Goldman Sachs Group Inc. now owns 64,100 shares of the company’s stock worth $100,000 after buying an additional 43,300 shares in the last quarter. Millennium Management LLC raised its holdings in Western Copper and Gold by 29.5% during the second quarter. Millennium Management LLC now owns 37,736 shares of the company’s stock valued at $75,000 after acquiring an additional 8,598 shares during the period. Finally, Wells Fargo & Company MN lifted its position in shares of Western Copper and Gold by 340.5% in the second quarter. Wells Fargo & Company MN now owns 21,993 shares of the company’s stock valued at $44,000 after acquiring an additional 17,000 shares in the last quarter. Institutional investors own 11.54% of the company’s stock.
About Western Copper and Gold
Western Copper and Gold Corporation, an exploration stage company, engages in the exploration and development of mineral properties in Canada. The company explores for gold, copper, silver, and molybdenum deposits. Its principal property is the Casino mineral property that comprise 1,136 full and partial quartz claims, and 55 placer claims located in Yukon, Canada.