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AG is caught in a broader silver miner sell-off, down 18% over the past month to CAD 23.75, with short sellers quietly reducing exposure and the lending market remaining among the loosest in the sector.
The price weakness has been broad across the peer group, which makes it hard to pin the decline on company-specific concerns. PAAS fell 2.3% on the week, EDR dropped 2.8%, and HL lost 3.8%. FVI was the hardest hit, down 9.75% over the same period. AG's 5.7% weekly decline sits in the middle of that range, suggesting the move is driven by silver spot rather than anything unique to First Majestic. The day's 4.8% drop reinforces that picture.
Despite the falling price, short positioning does not tell a story of increasing conviction on the downside. Short interest dropped 11% over the past week to 1.4% of the free float, a low absolute level that continues trending lower. Borrowing costs are negligible at 0.45% and have fallen 18% over the week. Availability is exceptionally loose at 1,535%, meaning roughly fifteen shares remain available to borrow for every one already out on loan. The 52-week tightest point was 269%, so the lending market is far more relaxed now than at any point over the past year. Whatever is driving the stock lower, it is not a crowded short position building pressure from the borrow market.
The Street's most recent picture is mixed, though the available analyst data predates the current pullback by several months and should be read with that caveat in mind. Valuation multiples have moved with the stock: the price-to-book ratio has compressed by roughly 0.48 points over the past month to 2.2x, and the PE has fallen about 3.3 points to 17.3x. EV/EBITDA holds near 7.8x. The ORTEX short score has eased to 29.7 from around 30.3 a week ago, a low reading that is consistent with the thin short positioning. The factor scoring gives the dividend a 98th-percentile rank, a function of the company linking dividends to silver prices, and EV/EBIT scores at the 64th percentile. EPS momentum scores, at 20 for both the 30-day and 90-day windows, point to estimate cuts rather than upgrades.
On the ownership side, Van Eck Associates remains the largest institutional holder at 7.2% of shares, though its latest 13G/A filing from August shows the stake trimmed from a prior 8.84%. Electrum Silver has effectively exited, falling from 5.3% to 0.2% in its most recent filing from November 2025. That departure removes a previously meaningful anchor holder from the register. CEO Keith Neumeyer exercised options in late August but trimmed his net position by around 35,800 shares over the 90-day window, predominantly through compensation-related exercises rather than discretionary open-market sales, limiting the signal from those trades.
Earnings are due on 2 November. The two most recent prints produced a 5.9% one-day gain and a 1.7% one-day decline respectively, with strong five-day follow-through on both occasions, up 16.9% and 13.3% after five sessions. That pattern of muted day-one reactions followed by extended moves in either direction makes the weeks surrounding the release the key window to watch, particularly given how much the stock has already moved ahead of it.
See the live data behind this article on ORTEX.
Open AG on ORTEX →ORTEX Market Intelligence content is generated by AI from a snapshot of ORTEX's proprietary data and reviewed by the ORTEX team. Content is informational only and does not constitute investment advice.
