SSR Mining (NASDAQ:SSRM) Rating Increased to Sector Perform at Royal Bank of Canada

SSR Mining (NASDAQ:SSRM - Get Free Report) TSE: SSO was upgraded by research analysts at Royal Bank of Canada from an "underperform" rating to a "sector perform" rating in a research report issued on Wednesday, Marketbeat reports. The firm currently has a $8.00 price target on the basic materials company's stock, up from their prior price target of $5.50. Royal Bank of Canada's price objective suggests a potential downside of 11.21% from the stock's previous close.

Several other brokerages also recently commented on SSRM. UBS Group raised their target price on SSR Mining from $6.30 to $6.80 and gave the company a "buy" rating in a report on Tuesday, October 15th. StockNews.com upgraded shares of SSR Mining from a "sell" rating to a "hold" rating in a research note on Friday, January 17th. Six research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat, SSR Mining currently has an average rating of "Hold" and an average price target of $6.85.

SSR Mining Stock Performance

SSRM stock traded down $0.11 on Wednesday, hitting $9.01. The company's stock had a trading volume of 2,835,769 shares, compared to its average volume of 2,395,336. The stock has a market cap of $1.82 billion, a price-to-earnings ratio of -3.77 and a beta of 0.62. SSR Mining has a 1 year low of $3.76 and a 1 year high of $9.82. The firm has a 50 day moving average of $7.39 and a two-hundred day moving average of $6.21. The company has a current ratio of 3.91, a quick ratio of 1.97 and a debt-to-equity ratio of 0.08.

Institutional Trading of SSR Mining

Institutional investors have recently bought and sold shares of the business. US Bancorp DE raised its stake in SSR Mining by 62.4% during the fourth quarter. US Bancorp DE now owns 3,540 shares of the basic materials company's stock worth $25,000 after acquiring an additional 1,360 shares in the last quarter. SBI Securities Co. Ltd. bought a new position in SSR Mining during the fourth quarter worth $29,000. Point72 DIFC Ltd acquired a new position in shares of SSR Mining in the 3rd quarter valued at about $47,000. SeaCrest Wealth Management LLC bought a new position in shares of SSR Mining during the 3rd quarter worth approximately $57,000. Finally, Allspring Global Investments Holdings LLC acquired a new stake in SSR Mining in the third quarter worth $60,000. Institutional investors own 68.30% of the company's stock.

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.