SSR Mining (NASDAQ:SSRM) Trading Down 13.7% After Earnings Miss

SSR Mining Inc. (NASDAQ:SSRM - Get Free Report) TSE: SSO fell 13.7% on Thursday after the company announced weaker than expected quarterly earnings. The company traded as low as $5.06 and last traded at $5.30. 1,604,616 shares traded hands during trading, a decline of 54% from the average session volume of 3,475,186 shares. The stock had previously closed at $6.14.

The basic materials company reported $0.03 earnings per share for the quarter, missing the consensus estimate of $0.15 by ($0.12). SSR Mining had a negative net margin of 39.15% and a positive return on equity of 5.01%. The firm had revenue of $257.36 million during the quarter.

Analyst Ratings Changes

Several equities analysts recently issued reports on SSRM shares. UBS Group lifted their price objective on shares of SSR Mining from $6.30 to $6.80 and gave the company a "buy" rating in a report on Tuesday, October 15th. CIBC boosted their price target on SSR Mining from $5.50 to $5.75 and gave the stock a "neutral" rating in a research report on Wednesday, July 10th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $7.01.

Institutional Trading of SSR Mining

Several hedge funds and other institutional investors have recently made changes to their positions in SSRM. Point72 Asia Singapore Pte. Ltd. acquired a new position in SSR Mining during the 2nd quarter valued at about $32,000. Abich Financial Wealth Management LLC acquired a new position in shares of SSR Mining during the first quarter valued at about $41,000. Quarry LP increased its holdings in shares of SSR Mining by 119.7% during the second quarter. Quarry LP now owns 10,368 shares of the basic materials company's stock valued at $47,000 after acquiring an additional 5,649 shares in the last quarter. HB Wealth Management LLC purchased a new position in shares of SSR Mining in the 2nd quarter valued at approximately $56,000. Finally, SeaCrest Wealth Management LLC acquired a new stake in SSR Mining in the 3rd quarter worth approximately $57,000. Hedge funds and other institutional investors own 68.30% of the company's stock.

SSR Mining Stock Performance

The company has a current ratio of 3.54, a quick ratio of 1.78 and a debt-to-equity ratio of 0.08. The company has a market cap of $1.07 billion, a PE ratio of -2.22, a P/E/G ratio of 0.90 and a beta of 0.72. The firm's 50-day simple moving average is $5.79 and its two-hundred day simple moving average is $5.35.

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.