SSR Mining (NASDAQ:SSRM) Hits New 12-Month High on Analyst Upgrade

SSR Mining Inc. (NASDAQ:SSRM - Get Free Report) TSE: SSO's share price hit a new 52-week high during mid-day trading on Wednesday after CIBC raised their price target on the stock from $8.25 to $9.75. CIBC currently has a neutral rating on the stock. SSR Mining traded as high as $9.80 and last traded at $9.97, with a volume of 654128 shares changing hands. The stock had previously closed at $9.33.

Several other analysts also recently commented on SSRM. Royal Bank of Canada upgraded shares of SSR Mining from an "underperform" rating to a "sector perform" rating and upped their price target for the company from $5.50 to $8.00 in a research report on Wednesday, February 5th. StockNews.com upgraded shares of SSR Mining from a "sell" rating to a "hold" rating in a research report on Friday, January 17th. Finally, UBS Group upped their price objective on shares of SSR Mining from $7.15 to $12.05 and gave the stock a "buy" rating in a research report on Tuesday. Four 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 company has an average rating of "Hold" and a consensus price target of $9.93.

Institutional Trading of SSR Mining

A number of hedge funds have recently made changes to their positions in SSRM. JPMorgan Chase & Co. raised its position in SSR Mining by 16.6% in the third quarter. JPMorgan Chase & Co. now owns 1,548,252 shares of the basic materials company's stock worth $8,794,000 after acquiring an additional 220,349 shares in the last quarter. Two Sigma Advisers LP raised its position in SSR Mining by 16.2% in the third quarter. Two Sigma Advisers LP now owns 3,320,384 shares of the basic materials company's stock worth $18,860,000 after acquiring an additional 462,000 shares in the last quarter. Franklin Resources Inc. raised its position in SSR Mining by 649.6% in the third quarter. Franklin Resources Inc. now owns 147,012 shares of the basic materials company's stock worth $847,000 after acquiring an additional 127,401 shares in the last quarter. Verition Fund Management LLC raised its holdings in SSR Mining by 177.5% during the 3rd quarter. Verition Fund Management LLC now owns 105,763 shares of the basic materials company's stock worth $601,000 after buying an additional 67,657 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its holdings in SSR Mining by 6.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,327,251 shares of the basic materials company's stock worth $7,542,000 after buying an additional 75,563 shares during the period. Institutional investors and hedge funds own 68.30% of the company's stock.

SSR Mining Trading Down 2.6 %

The company has a fifty day simple moving average of $7.89 and a 200-day simple moving average of $6.47. The company has a current ratio of 4.70, a quick ratio of 1.97 and a debt-to-equity ratio of 0.08. The stock has a market cap of $2.07 billion, a price-to-earnings ratio of -7.93 and a beta of 0.62.

SSR Mining (NASDAQ:SSRM - Get Free Report) TSE: SSO last posted its quarterly earnings data on Tuesday, February 18th. The basic materials company reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.08). The company had revenue of $323.19 million for the quarter, compared to analyst estimates of $262.20 million. SSR Mining had a positive return on equity of 1.46% and a negative net margin of 26.24%. On average, research analysts forecast that SSR Mining Inc. will post 0.73 earnings per share for the current fiscal year.

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.