SSR Mining (NASDAQ:SSRM) Trading Up 3.6% - Here's Why

SSR Mining Inc. (NASDAQ:SSRM - Get Free Report) TSE: SSO rose 3.6% during mid-day trading on Tuesday . The stock traded as high as $6.60 and last traded at $6.58. Approximately 276,938 shares traded hands during mid-day trading, a decline of 92% from the average daily volume of 3,515,715 shares. The stock had previously closed at $6.35.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on SSRM. UBS Group upped their price target on SSR Mining from $6.30 to $6.80 and gave the stock a "buy" rating in a research report on Tuesday, October 15th. CIBC upped their target price on SSR Mining from $5.50 to $5.75 and gave the company a "neutral" rating in a research report on Wednesday, July 10th. Two 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 MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $7.01.

SSR Mining Price Performance

The firm has a market cap of $1.29 billion, a PE ratio of -2.68, a price-to-earnings-growth ratio of 0.91 and a beta of 0.73. The stock has a 50 day simple moving average of $5.68 and a two-hundred day simple moving average of $5.30. 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 (NASDAQ:SSRM - Get Free Report) TSE: SSO last announced its quarterly 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. SSR Mining had a positive return on equity of 5.01% and a negative net margin of 39.15%. The company had revenue of $184.84 million during the quarter. Sell-side analysts expect that SSR Mining Inc. will post 0.38 earnings per share for the current year.

Hedge Funds Weigh In On SSR Mining

Several large investors have recently made changes to their positions in the company. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of SSR Mining during the 2nd quarter worth about $32,000. Abich Financial Wealth Management LLC acquired a new position in shares of SSR Mining during the 1st quarter worth approximately $41,000. Quarry LP lifted its position in shares of SSR Mining by 119.7% during 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. HB Wealth Management LLC acquired a new stake in SSR Mining in the 2nd quarter valued at $56,000. Finally, SeaCrest Wealth Management LLC purchased a new stake in SSR Mining in the 3rd quarter worth $57,000. 68.30% of the stock is currently owned by institutional investors and hedge funds.

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.