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On Thursday, H.C. Wainwright adjusted its financial outlook for Avino Silver & Gold (NYSE:ASM), increasing the price target to $2.80 from the previous $2.20. The firm maintained a Buy rating on the stock. The upgrade follows Avino’s reported financial results for the quarter, which showcased significant year-over-year growth. The company recorded $18.8 million in revenue, a substantial increase from the $12.4 million reported in the same quarter of the previous year. This growth in revenue, amounting to 52%, was primarily attributed to stronger commodity prices and consistent production levels.
Avino Silver & Gold also reported a net income of $5.6 million, or $0.04 per share, for the quarter. This represents a marked improvement over the net income of $0.6 million, or $0.00 per share, achieved in the first quarter of 2024. The company’s financial performance was further bolstered by an 18% year-over-year decrease in the cost of sales, which was influenced by unit cost reductions and favorable currency exchange movements between the US Dollar and Mexican Peso.
The company’s operational achievements included the efficient replacement of its primary jaw crusher, which was accomplished with minimal downtime. This strategic move is expected to support the company’s ongoing production capabilities. The quarter’s success translated into $10.6 million in mine operating earnings, positioning Avino Silver & Gold favorably for future financial periods.
Looking forward, H.C. Wainwright anticipates that Avino Silver & Gold will continue to generate strong cash flow and advance its La Preciosa project. The firm’s outlook is based on robust margins that are currently being supported by the prevailing metal price environment. The reiterated Buy rating and the increased price target reflect the firm’s confidence in Avino’s ability to sustain its financial and operational momentum.
In other recent news, Avino Silver & Gold Mines Ltd. reported record revenues of $24.4 million for the fourth quarter of 2024, surpassing the forecasted $16.7 million. The company also exceeded earnings expectations, reporting an earnings per share (EPS) of $0.03, which was above the projected $0.02. This strong financial performance was driven by a 32% increase in silver equivalent production and a 76% rise in gold production. Avino maintained a robust cash position of $27.3 million, marking a significant 916% increase from the previous year. The company outlined a five-year growth plan, with the La Preciosa project expected to contribute to production in late 2024 or early 2025. Analysts from H.C. Wainwright and Alliance Global Partners (NYSE:GLP) engaged in discussions about the company’s cost management and future production capabilities. Avino’s management highlighted ongoing efforts to improve operational efficiencies and manage costs, aiming to maintain or reduce current levels. These developments reflect the company’s strategic focus and commitment to growth in the mining sector.
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