SSR Mining (NASDAQ:SSRM) Hits New 52-Week High Following Analyst Upgrade

SSR Mining Inc. (NASDAQ:SSRM) (TSE:SSO)’s share price hit a new 52-week high on Wednesday after CIBC raised their price target on the stock from $8.25 to $9.75. CIBC currently has a neutral rating on the stock. SSR Mining traded as high as $9.80 and last traded at $9.97, with a volume of 654128 shares. The stock had previously closed at $9.33.

Several other brokerages have also recently issued reports on SSRM. Royal Bank of Canada upgraded SSR Mining from an “underperform” rating to a “sector perform” rating and boosted their price target for the company from $5.50 to $8.00 in a research note on Wednesday, February 5th. StockNews.com upgraded SSR Mining from a “sell” rating to a “hold” rating in a research report on Friday, January 17th. Finally, UBS Group increased their target price on SSR Mining from $7.15 to $12.05 and gave the stock a “buy” rating in a report on Tuesday. Four analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $9.93.

Institutional Investors Weigh In On SSR Mining

Several institutional investors and hedge funds have recently added to or reduced their stakes in SSRM. US Bancorp DE raised its holdings in shares of SSR Mining by 62.4% during the 4th quarter. US Bancorp DE now owns 3,540 shares of the basic materials company’s stock worth $25,000 after buying an additional 1,360 shares in the last quarter. SBI Securities Co. Ltd. bought a new position in SSR Mining in the fourth quarter valued at about $29,000. Allianz SE acquired a new position in SSR Mining during the fourth quarter worth about $30,000. Point72 DIFC Ltd bought a new position in shares of SSR Mining in the third quarter worth about $47,000. Finally, Allspring Global Investments Holdings LLC acquired a new stake in shares of SSR Mining in the 3rd quarter valued at approximately $60,000. 68.30% of the stock is currently owned by institutional investors.

SSR Mining Stock Down 0.2 %

The firm’s fifty day moving average is $7.89 and its 200-day moving average is $6.47. The company has a market capitalization of $2.12 billion, a P/E ratio of -8.14 and a beta of 0.62. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.97 and a current ratio of 3.91.

SSR Mining (NASDAQ:SSRM) (TSE:SSO) last posted its earnings results on Tuesday, February 18th. The basic materials company reported $0.10 earnings per share for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.08). SSR Mining had a positive return on equity of 1.46% and a negative net margin of 26.24%. The company had revenue of $323.19 million for the quarter, compared to the consensus estimate of $262.20 million. As a group, equities research analysts predict that SSR Mining Inc. will post 0.73 EPS for the current year.

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.