SSR Mining Inc. (NASDAQ:SSRM) Given Consensus Recommendation of “Reduce” by Brokerages

Shares of SSR Mining Inc. (NASDAQ:SSRM) (TSE:SSO) have earned an average recommendation of “Reduce” from the seven brokerages that are presently covering the stock, Marketbeat reports. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $6.89.

A number of research firms have recently commented on SSRM. CIBC lifted 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. UBS Group cut their target price on SSR Mining from $6.50 to $6.30 and set a “buy” rating on the stock in a research report on Thursday, August 8th. Finally, StockNews.com upgraded SSR Mining from a “sell” rating to a “hold” rating in a research report on Friday, May 24th.

Hedge Funds Weigh In On SSR Mining

Institutional investors have recently added to or reduced their stakes in the stock. Truist Financial Corp purchased a new stake in SSR Mining in the 2nd quarter valued at approximately $374,000. Quarry LP boosted its holdings in 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 purchasing an additional 5,649 shares in the last quarter. Mackenzie Financial Corp boosted its holdings in SSR Mining by 25.5% in the 2nd quarter. Mackenzie Financial Corp now owns 883,581 shares of the basic materials company’s stock valued at $3,992,000 after purchasing an additional 179,601 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings in SSR Mining by 45.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 242,046 shares of the basic materials company’s stock valued at $1,092,000 after purchasing an additional 75,473 shares in the last quarter. Finally, D. E. Shaw & Co. Inc. boosted its holdings in SSR Mining by 45.9% in the 2nd 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 purchasing an additional 2,587,212 shares in the last quarter. Institutional investors and hedge funds own 68.30% of the company’s stock.

SSR Mining Stock Up 5.7 %

SSRM opened at $5.60 on Monday. The business’s 50-day simple moving average is $4.95 and its 200-day simple moving average is $5.01. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.78 and a current ratio of 3.54. SSR Mining has a one year low of $3.76 and a one year high of $15.27. The stock has a market capitalization of $1.13 billion, a P/E ratio of -2.71, a price-to-earnings-growth ratio of 0.51 and a beta of 0.71.

SSR Mining (NASDAQ:SSRM) (TSE:SSO) last posted its earnings results on Wednesday, July 31st. The basic materials company reported $0.04 EPS for the quarter, topping analysts’ consensus estimates of $0.02 by $0.02. SSR Mining had a positive return on equity of 5.01% and a negative net margin of 39.15%. The business had revenue of $184.84 million for the quarter. Analysts anticipate that SSR Mining will post 0.58 EPS for the current year.

SSR Mining Company Profile

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.