Steppe Gold Ltd. (OTCMKTS:STPGF) saw a large increase in short interest in August. As of August 31st, there was short interest totalling 80,700 shares, an increase of 211.6% from the August 15th total of 25,900 shares. Based on an average daily trading volume, of 7,800 shares, the days-to-cover ratio is currently 10.3 days.
Separately, Stifel Nicolaus upped their target price on Steppe Gold from C$3.90 to C$4.00 and gave the company a “buy” rating in a report on Tuesday, May 18th.
Shares of OTCMKTS STPGF traded down $0.17 during mid-day trading on Wednesday, reaching $1.14. 4,175 shares of the company’s stock were exchanged, compared to its average volume of 8,430. The company’s 50-day moving average is $1.28 and its 200-day moving average is $1.58. Steppe Gold has a 52-week low of $1.05 and a 52-week high of $2.41.
Steppe Gold Ltd. acquires, explores for, develops, and operates precious metals in Mongolia. Its principal project is the Altan Tsagaan Ovoo gold and silver project comprising one mining license covering an area of approximately 5,492.63 hectares located in the territory of Tsagaan Ovoo soum, Dornod province of Eastern Mongolia; and Uudam Khundii property that covers an area of 14,397 hectares located in Ulaanbaatar, Bayankhongor Province.
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