SSR Mining (NASDAQ:SSRM) Shares Down 13.7% on Disappointing Earnings

SSR Mining Inc. (NASDAQ:SSRM) (TSE:SSO)’s stock price was down 13.7% during mid-day trading on Thursday after the company announced weaker than expected quarterly earnings. The company traded as low as $5.06 and last traded at $5.30. Approximately 1,604,616 shares were traded during mid-day trading, a decline of 54% from the average daily volume of 3,475,186 shares. The stock had previously closed at $6.14.

The basic materials company reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.12). The business had revenue of $257.36 million during the quarter. SSR Mining had a positive return on equity of 4.02% and a negative net margin of 44.13%.

Analyst Upgrades and Downgrades

Separately, UBS Group upped their price target on SSR Mining from $6.30 to $6.80 and gave the stock a “buy” rating in a report on Tuesday, October 15th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $7.01.

Hedge Funds Weigh In On SSR Mining

Hedge funds have recently made changes to their positions in the company. Hsbc Holdings PLC acquired a new position in shares of SSR Mining during the second quarter valued at approximately $3,289,000. Quadrature Capital Ltd increased its holdings in shares of SSR Mining by 1,318.9% in the first quarter. Quadrature Capital Ltd now owns 668,300 shares of the basic materials company’s stock valued at $2,976,000 after purchasing an additional 621,200 shares during the last quarter. National Bank of Canada FI increased its holdings in shares of SSR Mining by 73.7% in the second quarter. National Bank of Canada FI now owns 2,636,902 shares of the basic materials company’s stock valued at $11,815,000 after purchasing an additional 1,118,417 shares during the last quarter. Duality Advisers LP increased its holdings in shares of SSR Mining by 239.1% in the first quarter. Duality Advisers LP now owns 264,975 shares of the basic materials company’s stock valued at $1,182,000 after purchasing an additional 186,829 shares during the last quarter. Finally, Mackenzie Financial Corp increased its holdings in shares of SSR Mining by 25.5% in the second 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 during the last quarter. Institutional investors and hedge funds own 68.30% of the company’s stock.

SSR Mining Stock Performance

The company has a debt-to-equity ratio of 0.08, a current ratio of 3.54 and a quick ratio of 1.78. The stock has a market cap of $1.15 billion, a price-to-earnings ratio of -2.38, a PEG ratio of 0.91 and a beta of 0.72. The firm has a fifty day moving average of $5.80 and a 200 day moving average of $5.35.

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.