SSR Mining (NASDAQ:SSRM) Trading Up 7.6% - Here's Why

SSR Mining Inc. (NASDAQ:SSRM - Get Free Report) TSE: SSO was up 7.6% during trading on Friday . The company traded as high as $6.26 and last traded at $6.26. Approximately 1,300,549 shares traded hands during mid-day trading, a decline of 63% from the average daily volume of 3,561,484 shares. The stock had previously closed at $5.82.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on SSRM shares. CIBC upped their price target on SSR Mining from $5.50 to $5.75 and gave the company a "neutral" rating in a research report on Wednesday, July 10th. UBS Group upped their price target on SSR Mining from $6.30 to $6.80 and gave the company a "buy" rating in a research report on Tuesday. Two research analysts have rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $7.01.

SSR Mining Trading Up 7.2 %

The company has a market capitalization of $1.26 billion, a P/E ratio of -2.63, a price-to-earnings-growth ratio of 0.60 and a beta of 0.73. 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 firm has a fifty day moving average price of $5.49 and a 200-day moving average price of $5.23.

SSR Mining (NASDAQ:SSRM - Get Free Report) TSE: SSO last announced its quarterly earnings data 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. 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 during the quarter. On average, equities research analysts anticipate that SSR Mining Inc. will post 0.54 earnings per share for the current year.

Hedge Funds Weigh In On SSR Mining

Large investors have recently made changes to their positions in the stock. CWM LLC boosted its holdings in shares of SSR Mining by 178.5% in the first quarter. CWM LLC now owns 6,126 shares of the basic materials company's stock worth $27,000 after acquiring an additional 3,926 shares during the period. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of SSR Mining in the second quarter worth $32,000. Abich Financial Wealth Management LLC purchased a new stake in shares of SSR Mining in the first quarter worth $41,000. Quarry LP raised its position in shares of SSR Mining by 119.7% in the second quarter. Quarry LP now owns 10,368 shares of the basic materials company's stock worth $47,000 after buying an additional 5,649 shares in the last quarter. Finally, HB Wealth Management LLC purchased a new stake in shares of SSR Mining in the second quarter worth $56,000. 68.30% of the stock is owned by institutional investors.

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.