Mountain Province Diamonds Inc. (MPVD) Lifted to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Mountain Province Diamonds Inc. (NASDAQ:MPVD) from a hold rating to a buy rating in a report released on Tuesday. Zacks Investment Research currently has $3.75 target price on the stock.

According to Zacks, “Mountain Province Diamonds Inc. Diamonds is a diamond exploration and development company. It has properties located in Canada’s Northwest Territories. Mountain Province Diamonds Inc., formerly known as Mountain Province Mining Inc., is headquartered in Toronto, Ontario. “

Shares of Mountain Province Diamonds (NASDAQ MPVD) remained flat at $3.30 during trading on Tuesday. The company had a trading volume of 2,152 shares. The firm’s market cap is $528.77 million. The company has a 50 day moving average of $3.57 and a 200 day moving average of $3.33. Mountain Province Diamonds has a 1-year low of $2.55 and a 1-year high of $5.52.

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Several hedge funds have recently bought and sold shares of the stock. Royal Bank of Canada bought a new position in shares of Mountain Province Diamonds in the second quarter worth approximately $29,599,000. JPMorgan Chase & Co. bought a new position in shares of Mountain Province Diamonds in the second quarter worth approximately $16,448,000. Capital Research Global Investors bought a new position in shares of Mountain Province Diamonds in the second quarter worth approximately $14,853,000. Prudential PLC bought a new position in shares of Mountain Province Diamonds in the second quarter worth approximately $14,806,000. Finally, Commonwealth Bank of Australia bought a new position in shares of Mountain Province Diamonds in the second quarter worth approximately $14,614,000. Institutional investors own 26.33% of the company’s stock.

About Mountain Province Diamonds

Mountain Province Diamonds Inc is a resource company. The Company is focused on the mining and marketing of rough diamonds to the global market. The Company holds interests in the GK Diamond Mine. The GK Diamond Mine is located in the Northwest Territories (NWT) of Canada, in the District of Mackenzie, 300 kilometers east-northeast of Yellowknife and 80 kilometers east-southeast of the Snap Lake Mine.

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