First Majestic Silver Corp. [AG] fell -10.79% so far this year. What now?

First Majestic Silver Corp. [NYSE: AG] price surged by 1.64 percent to reach at $0.12. The company report on March 20, 2023 that First Majestic Temporarily Suspends Mining Activities at Jerritt Canyon.

Vancouver, British Columbia–(Newsfile Corp. – March 20, 2023) – FIRST MAJESTIC SILVER CORP. (NYSE: AG) (TSX: FR) (the “Company” or “First Majestic”) announces today it is taking action to reduce overall costs by reducing investments, temporarily suspending all mining activities and reducing its workforce at Jerritt Canyon effective immediately.

Over the past 22 months since the acquisition of the Jerritt Canyon Gold Mine in Nevada, the Company has been focused on increasing underground mining rates in order to sustainably feed the processing plant at a minimum of 3,000 tpd in order to generate free cash flow as our plans suggested. Despite these efforts, mining rates have remained below this threshold and cash costs per ounce have remained higher than anticipated primarily due to ongoing challenges such as contractor inefficiencies and high costs, inflationary cost pressures, lower than expected head grades and multiple extreme weather events affecting northern Nevada, which have compounded conditions and caused material headwinds for the operation.

A sum of 7505525 shares traded at recent session while its average daily volume was at 6.45M shares. First Majestic Silver Corp. shares reached a high of $7.50 and dropped to a low of $7.245 until finishing in the latest session at $7.44.

The one-year AG stock forecast points to a potential upside of 28.87. The average equity rating for AG stock is currently 2.30, trading closer to a bullish pattern in the stock market.

Guru’s Opinion on First Majestic Silver Corp. [AG]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for AG shares is $10.46 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on AG stock is a recommendation set at 2.30. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

TD Securities have made an estimate for First Majestic Silver Corp. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on December 07, 2021. The new note on the price target was released on October 20, 2020, representing the official price target for First Majestic Silver Corp. stock.

The Average True Range (ATR) for First Majestic Silver Corp. is set at 0.34, with the Price to Sales ratio for AG stock in the period of the last 12 months amounting to 3.25. The Price to Book ratio for the last quarter was 1.44.

AG Stock Performance Analysis:

First Majestic Silver Corp. [AG] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 9.57. With this latest performance, AG shares gained by 3.62% in over the last four-week period, additionally sinking by -3.00% over the last 6 months – not to mention a drop of -46.67% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for AG stock in for the last two-week period is set at 61.25, with the RSI for the last a single of trading hit 70.97, and the three-weeks RSI is set at 55.00 for First Majestic Silver Corp. [AG]. The present Moving Average for the last 50 days of trading for this stock 7.41, while it was recorded at 7.12 for the last single week of trading, and 7.94 for the last 200 days.

Insight into First Majestic Silver Corp. Fundamentals:

Operating Margin for any stock indicates how profitable investing would be, and First Majestic Silver Corp. [AG] shares currently have an operating margin of -8.27 and a Gross Margin at +1.45. First Majestic Silver Corp.’s Net Margin is presently recorded at -18.31.

Return on Equity for this stock declined to -8.05, with Return on Assets sitting at -5.37.

AG Stock EPS

The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for AG. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for First Majestic Silver Corp. go to 46.80%.

First Majestic Silver Corp. [AG] Insider Position Details

There are presently around $623 million, or 35.75% of AG stock, in the hands of institutional investors. The top three institutional holders of AG stocks are: VAN ECK ASSOCIATES CORP with ownership of 26,311,164, which is approximately 1.274% of the company’s market cap and around 2.38% of the total institutional ownership; ETF MANAGERS GROUP, LLC, holding 9,986,328 shares of the stock with an approximate value of $74.3 million in AG stocks shares; and VANGUARD GROUP INC, currently with $58.97 million in AG stock with ownership of nearly 2.379% of the company’s market capitalization.

Positions in First Majestic Silver Corp. stocks held by institutional investors increased at the end of Friday and at the time of the Friday reporting period, where 112 institutional holders increased their position in First Majestic Silver Corp. [NYSE:AG] by around 9,884,501 shares. Additionally, 83 investors decreased positions by around 8,873,140 shares, while 46 investors held positions by with 64,980,640 shares. The mentioned changes placed institutional holdings at 83,738,281 shares, according to the latest SEC report filing. AG stock had 39 new institutional investments in for a total of 1,509,919 shares, while 25 institutional investors sold positions of 2,823,397 shares during the same period.