SSR Mining (NASDAQ:SSRM) Trading 3.9% Higher – Here’s What Happened

SSR Mining Inc. (NASDAQ:SSRM) (TSE:SSO)’s stock price shot up 3.9% during trading on Thursday . The company traded as high as $10.77 and last traded at $10.64. 911,446 shares changed hands during trading, a decline of 67% from the average session volume of 2,742,974 shares. The stock had previously closed at $10.24.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on SSRM. StockNews.com upgraded shares of SSR Mining from a “sell” rating to a “hold” rating in a report on Friday, January 17th. CIBC boosted their price target on SSR Mining from $8.25 to $9.75 and gave the stock a “neutral” rating in a research note on Wednesday, February 19th. UBS Group upped their price target on SSR Mining from $7.15 to $12.05 and gave the company a “buy” rating in a report on Tuesday, February 18th. Finally, Royal Bank of Canada upgraded SSR Mining from an “underperform” rating to a “sector perform” rating and lifted their price objective for the stock from $5.50 to $8.00 in a report on Wednesday, February 5th. Three equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, SSR Mining currently has an average rating of “Hold” and a consensus target price of $9.93.

SSR Mining Stock Performance

The business’s 50 day simple moving average is $8.73 and its two-hundred day simple moving average is $6.98. The firm has a market capitalization of $2.16 billion, a PE ratio of -8.29, a price-to-earnings-growth ratio of 0.37 and a beta of 0.53. The company has a current ratio of 4.70, a quick ratio of 1.97 and a debt-to-equity ratio of 0.08.

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

Hedge Funds Weigh In On SSR Mining

Institutional investors have recently made changes to their positions in the business. PKO Investment Management Joint Stock Co bought a new stake in SSR Mining during the fourth quarter valued at approximately $679,000. B. Riley Wealth Advisors Inc. grew its position in shares of SSR Mining by 10.0% during the 4th quarter. B. Riley Wealth Advisors Inc. now owns 22,000 shares of the basic materials company’s stock valued at $153,000 after acquiring an additional 2,000 shares during the period. Mackenzie Financial Corp increased its stake in shares of SSR Mining by 2.4% in the 4th quarter. Mackenzie Financial Corp now owns 119,071 shares of the basic materials company’s stock worth $831,000 after purchasing an additional 2,755 shares in the last quarter. Vanguard Capital Wealth Advisors bought a new position in SSR Mining in the 4th quarter worth $154,000. Finally, Voloridge Investment Management LLC lifted its position in SSR Mining by 22.2% during the fourth quarter. Voloridge Investment Management LLC now owns 2,203,900 shares of the basic materials company’s stock valued at $15,339,000 after purchasing an additional 399,806 shares in the last quarter. Institutional investors own 68.30% of the company’s stock.

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.