StockNews.com Initiates Coverage on PEDEVCO (NYSE:PED)

Stock analysts at StockNews.com started coverage on shares of PEDEVCO (NYSE:PED) in a report issued on Tuesday. The firm set a “sell” rating on the stock.

Separately, D. Boral Capital dropped their target price on shares of PEDEVCO from $2.25 to $1.50 and set a “buy” rating on the stock in a research report on Wednesday, November 20th.

PEDEVCO Stock Up 0.1 %

NYSE:PED opened at $0.71 on Tuesday. The stock has a fifty day simple moving average of $0.79 and a 200 day simple moving average of $0.85. The firm has a market capitalization of $63.54 million, a price-to-earnings ratio of 35.52 and a beta of 0.35. PEDEVCO has a 1-year low of $0.69 and a 1-year high of $1.10.

Insider Activity

In other PEDEVCO news, VP Moore Clark sold 125,000 shares of the company’s stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $0.76, for a total value of $95,000.00. Following the transaction, the vice president now owns 1,080,334 shares in the company, valued at approximately $821,053.84. This represents a 10.37 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Paul Anthony Pinkston sold 35,000 shares of PEDEVCO stock in a transaction on Friday, December 27th. The shares were sold at an average price of $0.74, for a total transaction of $25,900.00. Following the sale, the chief accounting officer now directly owns 714,700 shares of the company’s stock, valued at $528,878. This trade represents a 4.67 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 476,334 shares of company stock worth $374,217. 70.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On PEDEVCO

Hedge funds have recently modified their holdings of the stock. Virtu Financial LLC boosted its position in PEDEVCO by 129.9% during the fourth quarter. Virtu Financial LLC now owns 38,045 shares of the company’s stock valued at $30,000 after purchasing an additional 21,499 shares during the last quarter. Citadel Advisors LLC increased its stake in shares of PEDEVCO by 232.5% during the 4th quarter. Citadel Advisors LLC now owns 186,415 shares of the company’s stock worth $145,000 after purchasing an additional 130,349 shares during the last quarter. Finally, Renaissance Technologies LLC increased its position in PEDEVCO by 19.7% during the fourth quarter. Renaissance Technologies LLC now owns 292,736 shares of the company’s stock worth $228,000 after buying an additional 48,132 shares during the last quarter. 3.26% of the stock is owned by institutional investors and hedge funds.

PEDEVCO Company Profile

PEDEVCO Corp., an oil and gas company, focuses on the acquisition, development, and production of oil and natural gas assets in the United States. It holds interests in the Permian Basin asset covering an area of approximately 22,721 net acres located in New Mexico; and D-J Basin asset covering an area of approximately 19,214 net acres located in Wyoming.