CIBC Forecasts Strong Price Appreciation for SSR Mining (NASDAQ:SSRM) Stock

SSR Mining (NASDAQ:SSRM) (TSE:SSO) had its price objective raised by equities research analysts at CIBC from $8.25 to $9.75 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has a “neutral” rating on the basic materials company’s stock. CIBC’s target price suggests a potential downside of 7.14% from the stock’s previous close.

A number of other research analysts have also weighed in on the company. StockNews.com raised SSR Mining from a “sell” rating to a “hold” rating in a report on Friday, January 17th. UBS Group lifted their target price on SSR Mining from $7.15 to $12.05 and gave the company a “buy” rating in a report on Tuesday. Finally, Royal Bank of Canada raised SSR Mining from an “underperform” rating to a “sector perform” rating and lifted their target price for the company from $5.50 to $8.00 in a report on Wednesday, February 5th. Four equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $9.93.

SSR Mining Trading Down 0.2 %

Shares of SSR Mining stock opened at $10.50 on Wednesday. SSR Mining has a 52-week low of $3.90 and a 52-week high of $10.91. The stock’s 50-day simple moving average is $7.89 and its 200 day simple moving average is $6.47. The stock has a market capitalization of $2.12 billion, a P/E ratio of -8.14 and a beta of 0.62. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.97 and a current ratio of 3.91.

SSR Mining (NASDAQ:SSRM) (TSE:SSO) last announced its quarterly earnings data on Tuesday, February 18th. The basic materials company reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.08). The firm had revenue of $323.19 million during the quarter, compared to the consensus estimate of $262.20 million. SSR Mining had a negative net margin of 26.24% and a positive return on equity of 1.46%. As a group, research analysts anticipate that SSR Mining will post 0.73 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Mackenzie Financial Corp grew its holdings in shares of SSR Mining by 2.4% during the fourth quarter. Mackenzie Financial Corp now owns 119,071 shares of the basic materials company’s stock worth $831,000 after purchasing an additional 2,755 shares in the last quarter. Vanguard Capital Wealth Advisors bought a new stake in SSR Mining in the 4th quarter worth approximately $154,000. Voloridge Investment Management LLC lifted its position in SSR Mining by 22.2% in the 4th quarter. Voloridge Investment Management LLC now owns 2,203,900 shares of the basic materials company’s stock worth $15,339,000 after buying an additional 399,806 shares during the last quarter. Vident Advisory LLC lifted its position in SSR Mining by 38.6% in the 4th quarter. Vident Advisory LLC now owns 49,875 shares of the basic materials company’s stock worth $347,000 after buying an additional 13,895 shares during the last quarter. Finally, Tidal Investments LLC lifted its position in SSR Mining by 14.7% in the 4th quarter. Tidal Investments LLC now owns 3,174,367 shares of the basic materials company’s stock worth $22,094,000 after buying an additional 407,920 shares during the last quarter. Hedge funds and other institutional investors own 68.30% of the company’s stock.

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.