SSR Mining (NASDAQ:SSRM) Trading Down 8% - Here's Why

SSR Mining Inc. (NASDAQ:SSRM - Get Free Report) TSE: SSO shares were down 8% during mid-day trading on Monday . The company traded as low as $10.09 and last traded at $10.01. Approximately 1,074,891 shares were traded during trading, a decline of 62% from the average daily volume of 2,806,963 shares. The stock had previously closed at $10.88.

Analyst Upgrades and Downgrades

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

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SSR Mining Trading Up 0.8 %

The company has a debt-to-equity ratio of 0.08, a current ratio of 4.70 and a quick ratio of 1.97. The firm has a market capitalization of $2.04 billion, a price-to-earnings ratio of -7.81, a price-to-earnings-growth ratio of 0.37 and a beta of 0.53. The business's 50 day moving average price is $9.77 and its 200-day moving average price is $7.57.

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

Hedge Funds Weigh In On SSR Mining

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in SSR Mining by 21.8% during the fourth 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 buying an additional 1,802,821 shares during the period. Federated Hermes Inc. increased its stake in SSR Mining by 53.9% in 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 in the last quarter. Cibc World Market Inc. increased its stake in SSR Mining by 22.1% in the 4th quarter. Cibc World Market Inc. now owns 3,730,876 shares of the basic materials company's stock valued at $25,967,000 after purchasing an additional 674,793 shares in the last quarter. Two Sigma Advisers LP raised its holdings in SSR Mining by 16.2% during 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 purchasing an additional 462,000 shares during the last quarter. Finally, Tidal Investments LLC boosted its position in SSR Mining by 14.7% during the fourth quarter. Tidal Investments LLC now owns 3,174,367 shares of the basic materials company's stock worth $22,094,000 after purchasing an additional 407,920 shares in the last quarter. 68.30% of the stock is 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.