On December 16, 2023, insider Forbes Gemmell of Discovery Silver Corp. (TSE:DSV) sold 300,000 shares of the company’s stock, generating a total of C$2,670,000.00. The shares were sold at an average price of C$8.90 each, leading to a significant reduction in Gemmell’s holdings, which now stand at 566,157 shares valued at approximately C$5,038,797.30. This transaction represents a 34.64% decrease in his position within the company.
Following this development, Discovery Silver’s stock experienced a modest increase of 3.1%, opening at C$8.96 on the same day. Over the past year, the stock has fluctuated significantly, with a low of C$0.88 and a high of C$9.54. The company currently boasts a market capitalization of C$7.23 billion, a price-to-earnings (P/E) ratio of 198.40, and a beta of 2.38. Its fifty-day simple moving average is C$7.62, while the 200-day simple moving average stands at C$5.44.
Recent Earnings and Company Overview
Discovery Silver last reported its quarterly earnings on November 13, 2023, disclosing earnings per share (EPS) of C$0.08 for the quarter. The firm recorded a revenue of C$329.95 million during the same period.
The company is focused on the exploration and development of large-scale, high-margin silver assets in Mexico. Its flagship project, the Cordero project, is notable for being one of the few silver projects globally that offers considerable margin, size, and scalability. Located in the prolific mining belt of Chihuahua State, Mexico, the Cordero project positions Discovery Silver as a key player in the industry.
Investors and analysts continue to monitor the company’s performance closely, particularly in light of this recent insider sale and the overall market conditions affecting the mining sector.
