SSR Mining (NASDAQ:SSRM) Shares Up 4.8% – Still a Buy?

Shares of SSR Mining Inc. (NASDAQ:SSRM) (TSE:SSO) shot up 4.8% during trading on Wednesday . The stock traded as high as $7.48 and last traded at $7.48. 2,071,948 shares traded hands during mid-day trading, a decline of 24% from the average session volume of 2,716,594 shares. The stock had previously closed at $7.14.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on SSRM. UBS Group lifted their price objective on SSR Mining from $6.30 to $6.80 and gave the company a “buy” rating in a research note on Tuesday, October 15th. StockNews.com raised shares of SSR Mining from a “sell” rating to a “hold” rating in a report on Thursday. One research analyst has rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $5.18.

SSR Mining Trading Down 0.9 %

The business has a fifty day moving average of $6.50 and a two-hundred day moving average of $5.78. The firm has a market cap of $1.50 billion, a price-to-earnings ratio of -3.10, a PEG ratio of 1.23 and a beta of 0.61. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.97 and a current ratio of 3.91.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of SSRM. Bank of New York Mellon Corp boosted its stake in shares of SSR Mining by 62.2% during the second quarter. Bank of New York Mellon Corp now owns 779,778 shares of the basic materials company’s stock valued at $3,517,000 after acquiring an additional 298,898 shares during the last quarter. Principal Financial Group Inc. boosted its stake in shares of SSR Mining by 23.3% during the 2nd quarter. Principal Financial Group Inc. now owns 19,899 shares of the basic materials company’s stock worth $90,000 after purchasing an additional 3,760 shares during the last quarter. Rhumbline Advisers grew its holdings in shares of SSR Mining by 76.3% during the second quarter. Rhumbline Advisers now owns 323,311 shares of the basic materials company’s stock worth $1,458,000 after buying an additional 139,944 shares in the last quarter. Acadian Asset Management LLC raised its position in shares of SSR Mining by 111.3% in the second quarter. Acadian Asset Management LLC now owns 1,209,763 shares of the basic materials company’s stock valued at $5,440,000 after buying an additional 637,161 shares during the last quarter. Finally, Headlands Technologies LLC lifted its stake in shares of SSR Mining by 282.8% during the second quarter. Headlands Technologies LLC now owns 182,195 shares of the basic materials company’s stock valued at $822,000 after buying an additional 134,597 shares during the period. 68.30% of the stock is currently 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.