SSR Mining (NASDAQ:SSRM) Upgraded by Wall Street Zen to “Strong-Buy” Rating

SSR Mining (NASDAQ:SSRM) (TSE:SSO) was upgraded by equities research analysts at Wall Street Zen from a “buy” rating to a “strong-buy” rating in a research report issued on Thursday.

A number of other brokerages also recently issued reports on SSRM. CIBC increased their price target 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. National Bankshares restated a “sector perform” rating on shares of SSR Mining in a report on Wednesday, April 23rd. National Bank Financial upgraded shares of SSR Mining to a “hold” rating in a report on Friday, March 21st. UBS Group raised their target price 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. Finally, Royal Bank of Canada upgraded shares of SSR Mining from an “underperform” rating to a “sector perform” rating and raised their target price for the company from $5.50 to $8.00 in a report on Wednesday, February 5th. Four investment analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, SSR Mining currently has an average rating of “Moderate Buy” and an average price target of $10.03.

SSR Mining Stock Performance

Shares of SSRM opened at $11.52 on Thursday. The company has a 50-day simple moving average of $10.54 and a 200-day simple moving average of $8.72. The company has a quick ratio of 1.97, a current ratio of 4.70 and a debt-to-equity ratio of 0.08. The company has a market capitalization of $2.34 billion, a PE ratio of -8.93, a P/E/G ratio of 0.37 and a beta of -0.15. SSR Mining has a 52-week low of $4.32 and a 52-week high of $11.61.

SSR Mining (NASDAQ:SSRM) (TSE:SSO) last announced its quarterly earnings results on Tuesday, May 6th. The basic materials company reported $0.29 earnings per share (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 the consensus estimate 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 predict that SSR Mining will post 0.73 earnings per share for the current fiscal year.

Institutional Investors Weigh In On SSR Mining

Hedge funds and other institutional investors have recently modified their holdings of the company. Caitong International Asset Management Co. Ltd purchased a new stake in shares of SSR Mining during the first quarter worth about $32,000. US Bancorp DE grew its holdings in shares of 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 buying an additional 1,360 shares in the last quarter. SBI Securities Co. Ltd. purchased a new stake in shares of SSR Mining during the fourth quarter worth about $29,000. Allianz SE purchased a new stake in shares of SSR Mining during the fourth quarter worth about $30,000. Finally, Tacita Capital Inc purchased a new stake in shares of SSR Mining during the first quarter worth about $48,000. 68.30% of the stock is currently owned by hedge funds and other institutional investors.

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.