SSR Mining (NASDAQ:SSRM) Shares Gap Up - Here's What Happened

Shares of SSR Mining Inc. (NASDAQ:SSRM - Get Free Report) TSE: SSO gapped up prior to trading on Wednesday . The stock had previously closed at $9.27, but opened at $9.91. SSR Mining shares last traded at $9.67, with a volume of 506,417 shares traded.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. CIBC boosted their price objective on SSR Mining from $8.25 to $9.75 and gave the company a "neutral" rating in a research report on Wednesday, February 19th. National Bank Financial raised shares of SSR Mining to a "hold" rating in a report on Friday, March 21st. Royal Bank of Canada raised shares of SSR Mining from an "underperform" rating to a "sector perform" rating and raised their price objective for the stock from $5.50 to $8.00 in a report on Wednesday, February 5th. StockNews.com raised shares of SSR Mining from a "sell" rating to a "hold" rating in a research note on Friday, January 17th. Finally, UBS Group raised their price target on shares of SSR Mining from $12.10 to $12.35 and gave the stock a "buy" rating in a research note on Friday. Four research analysts have rated the stock with a hold rating and one has given a buy rating to the company's stock. Based on data from MarketBeat, SSR Mining currently has a consensus rating of "Hold" and a consensus price target of $10.03.

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SSR Mining Stock Performance

The stock has a fifty day simple moving average of $10.06 and a 200-day simple moving average of $7.80. The company has a quick ratio of 1.97, a current ratio of 4.70 and a debt-to-equity ratio of 0.08. The company has a market capitalization of $2.19 billion, a P/E ratio of -8.38, a PEG ratio of 0.37 and a beta of 0.30.

SSR Mining (NASDAQ:SSRM - Get Free Report) TSE: SSO last announced its quarterly earnings results 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 firm had revenue of $323.19 million for 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%. Equities analysts forecast that SSR Mining Inc. will post 0.73 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. US Bancorp DE raised its position in SSR Mining by 62.4% in the 4th quarter. US Bancorp DE now owns 3,540 shares of the basic materials company's stock valued at $25,000 after purchasing an additional 1,360 shares during the last quarter. SBI Securities Co. Ltd. acquired a new stake in shares of SSR Mining in the fourth quarter valued at $29,000. Allianz SE bought a new position in shares of SSR Mining in the fourth quarter valued at about $30,000. Lincoln Capital LLC acquired a new position in SSR Mining during the 4th quarter worth about $70,000. Finally, Merit Financial Group LLC bought a new stake in SSR Mining during the 1st quarter worth about $113,000. 68.30% of the stock is 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.