First Majestic Silver ( (TSE:AG) ) is experiencing volatility. Read on for a possible explanation for the stock’s unusual movement.
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First Majestic Silver shares are sliding as silver prices retreat sharply from recent geopolitical-driven highs, dragging down the broader mining sector and souring sentiment ahead of an upcoming Federal Reserve interest rate decision. The selloff is being amplified by profit-taking and renewed worries that the stock had run too far after hitting an all-time high earlier this quarter.
The stock has now logged a five-day losing streak that has wiped out a significant chunk of its recent gains and erased 19% of its market value. While no new analyst price targets were announced in this release, the rapid reversal from record levels is likely to prompt Wall Street to revisit valuation assumptions and future expectations for the company and the silver market.
More about First Majestic Silver
YTD Price Performance: 30.49%
Average Trading Volume: 25,381,062
Technical Sentiment Signal: Strong Buy
Current Market Cap: $10.7B
For further insights into AG stock on TipRanks’ Stock Analysis page.
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