Balyasny Asset Management L.P. Reduces Position in SSR Mining Inc. (NASDAQ:SSRM)

Balyasny Asset Management L.P. trimmed its position in SSR Mining Inc. (NASDAQ:SSRM) (TSE:SSO) by 91.7% during the 4th quarter, Holdings Channel.com reports. The fund owned 16,481 shares of the basic materials company’s stock after selling 181,670 shares during the period. Balyasny Asset Management L.P.’s holdings in SSR Mining were worth $115,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in SSRM. Barclays PLC grew its stake in SSR Mining by 33.8% during the 3rd quarter. Barclays PLC now owns 701,763 shares of the basic materials company’s stock valued at $3,985,000 after purchasing an additional 177,447 shares during the last quarter. Franklin Resources Inc. increased its holdings in SSR Mining by 649.6% in the 3rd quarter. Franklin Resources Inc. now owns 147,012 shares of the basic materials company’s stock worth $847,000 after buying an additional 127,401 shares during the period. HB Wealth Management LLC raised its position in SSR Mining by 11.3% during the 4th quarter. HB Wealth Management LLC now owns 14,376 shares of the basic materials company’s stock worth $100,000 after buying an additional 1,463 shares during the last quarter. Lincoln Capital LLC acquired a new stake in SSR Mining during the 4th quarter valued at approximately $70,000. Finally, Cibc World Market Inc. lifted its stake in SSR Mining by 22.1% during 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 acquiring an additional 674,793 shares during the period. Hedge funds and other institutional investors own 68.30% of the company’s stock.

SSR Mining Stock Performance

SSRM opened at $10.74 on Monday. The firm has a fifty day moving average price of $10.50 and a 200 day moving average price of $8.60. SSR Mining Inc. has a 1 year low of $4.32 and a 1 year high of $11.61. The stock has a market cap of $2.18 billion, a P/E ratio of -8.33, a P/E/G ratio of 0.37 and a beta of -0.15. The company has a debt-to-equity ratio of 0.08, a current ratio of 4.70 and a quick ratio of 1.97.

SSR Mining (NASDAQ:SSRM) (TSE:SSO) last released its quarterly earnings data on Tuesday, May 6th. The basic materials company reported $0.29 earnings per share for the quarter, beating analysts’ consensus estimates of $0.08 by $0.21. The company 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 anticipate that SSR Mining Inc. will post 0.73 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. UBS Group increased their price objective on shares of SSR Mining from $12.10 to $12.35 and gave the stock a “buy” rating in a research note on Friday, April 11th. StockNews.com raised shares of SSR Mining from a “hold” rating to a “buy” rating in a report on Tuesday, May 13th. Royal Bank of Canada upgraded SSR Mining from an “underperform” rating to a “sector perform” rating and lifted their price objective for the company from $5.50 to $8.00 in a research note on Wednesday, February 5th. National Bank Financial raised SSR Mining to a “hold” rating in a report on Friday, March 21st. Finally, Cormark upgraded SSR Mining from a “hold” rating to a “moderate buy” rating in a research note on Tuesday, April 22nd. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, SSR Mining currently has a consensus rating of “Hold” and an average price target of $10.03.

SSR Mining 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.