SSR Mining (NASDAQ:SSRM) Trading Down 3.5%

SSR Mining Inc. (NASDAQ:SSRM) (TSE:SSO)’s share price dropped 3.5% during trading on Wednesday . The stock traded as low as $5.26 and last traded at $5.27. Approximately 159,882 shares traded hands during mid-day trading, a decline of 96% from the average daily volume of 4,011,682 shares. The stock had previously closed at $5.46.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on SSRM. UBS Group cut their target price on shares of SSR Mining from $6.50 to $6.30 and set a “buy” rating for the company in a research note on Thursday, August 8th. StockNews.com upgraded SSR Mining from a “sell” rating to a “hold” rating in a research report on Friday, May 24th. Finally, CIBC boosted their target price on SSR Mining from $5.50 to $5.75 and gave the stock a “neutral” rating in a research report on Wednesday, July 10th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $6.89.

SSR Mining Trading Down 2.9 %

The company has a quick ratio of 1.78, a current ratio of 3.54 and a debt-to-equity ratio of 0.08. The firm has a market cap of $1.07 billion, a price-to-earnings ratio of -2.56, a PEG ratio of 0.51 and a beta of 0.71. The company has a 50-day moving average price of $4.93 and a 200 day moving average price of $5.10.

SSR Mining (NASDAQ:SSRM) (TSE:SSO) last released its earnings results on Wednesday, July 31st. The basic materials company reported $0.04 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.02. The company had revenue of $184.84 million for the quarter. SSR Mining had a positive return on equity of 5.01% and a negative net margin of 39.15%. As a group, research analysts anticipate that SSR Mining Inc. will post 0.58 earnings per share for the current fiscal year.

Hedge Funds Weigh In On SSR Mining

Several institutional investors and hedge funds have recently modified their holdings of SSRM. Truist Financial Corp acquired a new stake in SSR Mining during the second quarter valued at $374,000. Quarry LP grew its stake in shares of SSR Mining by 119.7% in the 2nd quarter. Quarry LP now owns 10,368 shares of the basic materials company’s stock valued at $47,000 after buying an additional 5,649 shares in the last quarter. Mackenzie Financial Corp increased its holdings in SSR Mining by 25.5% in the second quarter. Mackenzie Financial Corp now owns 883,581 shares of the basic materials company’s stock worth $3,992,000 after buying an additional 179,601 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in SSR Mining by 45.3% during the second quarter. The Manufacturers Life Insurance Company now owns 242,046 shares of the basic materials company’s stock valued at $1,092,000 after acquiring an additional 75,473 shares in the last quarter. Finally, D. E. Shaw & Co. Inc. lifted its stake in SSR Mining by 45.9% in the second quarter. D. E. Shaw & Co. Inc. now owns 8,228,572 shares of the basic materials company’s stock valued at $37,124,000 after acquiring an additional 2,587,212 shares during the last quarter. 68.30% of the stock is currently owned by hedge funds and other institutional investors.

About SSR Mining

SSR Mining Inc, together with its subsidiaries, engages in the operation, acquisition, exploration, and development of precious metal resource properties in the United States, Türkiye, Canada, and Argentina. The company explores for gold doré, copper, silver, lead, and zinc deposits. Its mines include the Çöpler, located in Erzincan province, Turkey; the Marigold, located in Nevada, the United States; the Seabee, located in Saskatchewan, Canada; and the Puna, located in Jujuy province, Argentina.