PEDEVCO (NYSE:PED) Coverage Initiated at StockNews.com

Investment analysts at StockNews.com assumed coverage on shares of PEDEVCO (NYSE:PED) in a research report issued to clients and investors on Thursday. The brokerage set a “sell” rating on the stock.

Separately, D. Boral Capital reissued a “buy” rating and issued a $1.50 target price on shares of PEDEVCO in a research note on Thursday, March 13th.

PEDEVCO Trading Down 2.8 %

PED opened at $0.70 on Thursday. The stock has a market capitalization of $62.65 million, a P/E ratio of 35.02 and a beta of 0.35. The stock has a 50-day moving average price of $0.76 and a 200-day moving average price of $0.84. PEDEVCO has a 12-month low of $0.69 and a 12-month high of $1.10.

Insiders Place Their Bets

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 stock was sold at an average price of $0.76, for a total transaction 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 legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Paul Anthony Pinkston sold 65,000 shares of the company’s stock in a transaction on Monday, January 27th. The stock was sold at an average price of $0.76, for a total value of $49,400.00. Following the completion of the sale, the chief accounting officer now directly owns 816,700 shares in the company, valued at approximately $620,692. The trade was a 7.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 441,334 shares of company stock worth $348,317. 70.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On PEDEVCO

Several large investors have recently made changes to their positions in PED. Virtu Financial LLC boosted its holdings in PEDEVCO by 129.9% in the fourth quarter. Virtu Financial LLC now owns 38,045 shares of the company’s stock worth $30,000 after acquiring an additional 21,499 shares in the last quarter. Citadel Advisors LLC raised its position in shares of PEDEVCO by 232.5% in 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 boosted its stake in PEDEVCO by 19.7% in the 4th quarter. Renaissance Technologies LLC now owns 292,736 shares of the company’s stock worth $228,000 after purchasing an additional 48,132 shares in the last quarter. 3.26% of the stock is currently owned by hedge funds and other institutional investors.

About PEDEVCO

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.