SSR Mining (NASDAQ:SSRM) Shares Down 3.1% – Here’s What Happened

SSR Mining Inc. (NASDAQ:SSRM) (TSE:SSO) shares traded down 3.1% during mid-day trading on Friday . The stock traded as low as $10.56 and last traded at $10.61. 203,629 shares changed hands during trading, a decline of 92% from the average session volume of 2,566,886 shares. The stock had previously closed at $10.94.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. UBS Group increased their price objective on shares of SSR Mining from $12.10 to $12.35 and gave the company a “buy” rating in a report on Friday, April 11th. National Bankshares reaffirmed a “sector perform” rating on shares of SSR Mining in a report on Wednesday, April 23rd. Cormark raised shares of SSR Mining from a “hold” rating to a “moderate buy” rating in a report on Tuesday, April 22nd. Royal Bank of Canada raised shares of SSR Mining from an “underperform” rating to a “sector perform” rating and increased their price objective for the company from $5.50 to $8.00 in a report on Wednesday, February 5th. Finally, CIBC increased their price objective 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. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, SSR Mining presently has an average rating of “Hold” and a consensus price target of $10.03.

SSR Mining Price Performance

The stock’s 50-day moving average price is $10.50 and its 200 day moving average price is $8.60. The firm has a market capitalization of $2.18 billion, a price-to-earnings ratio of -8.33, a PEG ratio of 0.37 and a beta of -0.15. The company has a quick ratio of 1.97, a current ratio of 4.70 and a debt-to-equity ratio of 0.08.

SSR Mining (NASDAQ:SSRM) (TSE:SSO) last issued its earnings results on Tuesday, May 6th. The basic materials company reported $0.29 EPS for the quarter, beating analysts’ consensus estimates of $0.08 by $0.21. The business had revenue of $303.43 million during the quarter, compared to analysts’ expectations of $332.64 million. SSR Mining had a negative net margin of 26.24% and a positive return on equity of 1.46%. Equities research analysts expect that SSR Mining Inc. will post 0.73 earnings per share for the current fiscal year.

Institutional Investors Weigh In On SSR Mining

Hedge funds have recently modified their holdings of the business. Caitong International Asset Management Co. Ltd acquired a new stake in shares of SSR Mining in the first quarter valued at about $32,000. US Bancorp DE increased its position 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 purchasing an additional 1,360 shares during the last quarter. SBI Securities Co. Ltd. acquired a new stake in SSR Mining during the fourth quarter worth about $29,000. Allianz SE acquired a new stake in SSR Mining during the fourth quarter worth about $30,000. Finally, Tacita Capital Inc acquired a new stake in SSR Mining during the first quarter worth about $48,000. 68.30% of the stock is currently 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.