First Majestic Silver (NYSE: AG) stock slumped 13.5% in the month of March, according to data provided by S&P Global Market Intelligence. That’s a sharp reversal for a stock that gained 34% in the first two months of the year through February.
First Majestic Silver’s saga began in January when members of a Reddit discussion board started to pump the idea of investing in the stock and fueled a silver short squeeze rally. The frenzy even compelled a statement from First Majestic by the end of the month, stating that it wasn’t “aware of any material, undisclosed information related to the Company that would account for the recent increase in the market price and level of trading volume of its ordinary shares.”
The euphoria was short-lived though, as nervousness soon set in after the price of silver hit multi-year highs in February. Prices of silver, and silver stocks, started to cool off, with the trajectory continuing well into March.