SSR Mining (NASDAQ:SSRM) Stock Price Up 3.3% - Here's What Happened

SSR Mining Inc. (NASDAQ:SSRM - Get Free Report) TSE: SSO's share price shot up 3.3% during mid-day trading on Tuesday . The stock traded as high as $11.32 and last traded at $11.16. 242,126 shares changed hands during trading, a decline of 91% from the average session volume of 2,699,237 shares. The stock had previously closed at $10.81.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. StockNews.com upgraded shares of SSR Mining from a "sell" rating to a "hold" rating in a report on Friday, January 17th. UBS Group upped their target price on SSR Mining from $7.15 to $12.05 and gave the stock a "buy" rating in a report on Tuesday, February 18th. CIBC increased their target price on SSR Mining from $8.25 to $9.75 and gave the company a "neutral" rating in a research report on Wednesday, February 19th. Royal Bank of Canada raised SSR Mining from an "underperform" rating to a "sector perform" rating and boosted their price target for the stock from $5.50 to $8.00 in a research report on Wednesday, February 5th. Finally, National Bank Financial upgraded SSR Mining to a "hold" rating in a research note on Friday, March 21st. Four equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $9.93.

SSR Mining Stock Performance

The business has a 50-day moving average price of $9.59 and a 200-day moving average price of $7.45. 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 firm has a market capitalization of $2.20 billion, a price-to-earnings ratio of -8.43, a P/E/G ratio of 0.37 and a beta of 0.53.

SSR Mining (NASDAQ:SSRM - Get Free Report) TSE: SSO last announced its 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 business had revenue of $323.19 million for the quarter, compared to analyst estimates 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, sell-side analysts forecast that SSR Mining Inc. will post 0.73 earnings per share for the current year.

Institutional Trading of SSR Mining

A number of institutional investors have recently bought and sold shares of SSRM. Vanguard Group Inc. raised its holdings in shares of SSR Mining by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 10,346,480 shares of the basic materials company's stock worth $72,216,000 after buying an additional 71,364 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in SSR Mining by 21.8% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,079,816 shares of the basic materials company's stock worth $70,265,000 after acquiring an additional 1,802,821 shares during the last quarter. Cibc World Market Inc. lifted its position in SSR Mining by 22.1% during the 4th quarter. Cibc World Market Inc. now owns 3,730,876 shares of the basic materials company's stock worth $25,967,000 after acquiring an additional 674,793 shares during the period. Federated Hermes Inc. grew its stake in SSR Mining by 53.9% during the 4th quarter. Federated Hermes Inc. now owns 3,671,138 shares of the basic materials company's stock valued at $25,551,000 after purchasing an additional 1,285,347 shares during the last quarter. Finally, Two Sigma Advisers LP increased its holdings in shares of 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 valued at $18,860,000 after purchasing an additional 462,000 shares during the period. 68.30% of the stock is currently owned by institutional investors and hedge funds.

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.