Hycroft Mining (NASDAQ:HYMC) Shares Gap Up – Should You Buy?

Shares of Hycroft Mining Holding Corporation (NASDAQ:HYMC) gapped up before the market opened on Wednesday . The stock had previously closed at $24.19, but opened at $26.14. Hycroft Mining shares last traded at $26.6210, with a volume of 439,456 shares changing hands.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on HYMC shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Hycroft Mining in a research note on Tuesday, June 16th. Wall Street Zen raised shares of Hycroft Mining from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 30th. B. Riley Financial started coverage on Hycroft Mining in a research note on Monday, August 3rd. They issued a “buy” rating and a $25.00 target price on the stock. Finally, Zacks Research upgraded Hycroft Mining to a “hold” rating in a research note on Monday, July 13th. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $25.00.

Hycroft Mining Stock Up 12.0%

The firm has a market cap of $2.52 billion, a price-to-earnings ratio of -27.31 and a beta of 2.78. The business has a 50 day moving average of $23.08 and a 200 day moving average of $32.54.

Hycroft Mining (NASDAQ:HYMC) last posted its quarterly earnings data on Monday, July 27th. The company reported ($0.23) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.08). Research analysts predict that Hycroft Mining Holding Corporation will post -0.9 earnings per share for the current year.

Insider Activity at Hycroft Mining

In other news, SVP David Brian Thomas sold 25,000 shares of the stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $26.32, for a total transaction of $658,000.00. Following the transaction, the senior vice president directly owned 168,374 shares in the company, valued at $4,431,603.68. This represents a 12.93% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Rebecca Jennings sold 15,329 shares of the business’s stock in a transaction on Friday, June 12th. The shares were sold at an average price of $26.25, for a total transaction of $402,386.25. Following the sale, the senior vice president directly owned 202,498 shares of the company’s stock, valued at $5,315,572.50. This represents a 7.04% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 99,873 shares of company stock worth $2,884,778. 0.77% of the stock is owned by insiders.

Hedge Funds Weigh In On Hycroft Mining

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Bank of America Corp DE lifted its stake in shares of Hycroft Mining by 166.6% during the third quarter. Bank of America Corp DE now owns 4,060 shares of the company’s stock worth $25,000 after purchasing an additional 2,537 shares in the last quarter. Contravisory Investment Management Inc. acquired a new stake in Hycroft Mining in the first quarter valued at approximately $34,000. Hollencrest Capital Management acquired a new position in shares of Hycroft Mining during the first quarter worth $35,000. FNY Investment Advisers LLC boosted its stake in shares of Hycroft Mining by 50.0% in the second quarter. FNY Investment Advisers LLC now owns 1,500 shares of the company’s stock valued at $35,000 after purchasing an additional 500 shares during the period. Finally, Legacy Wealth Managment LLC ID acquired a new stake in Hycroft Mining during the 1st quarter valued at $44,000. Institutional investors and hedge funds own 7.38% of the company’s stock.

About Hycroft Mining

Hycroft Mining PLC is a precious metals company focused on the exploration, development and operation of the Hycroft Mine, a large oxide gold and silver deposit in northwestern Nevada. The company’s primary activities include open-pit mining, heap leach extraction and carbon adsorption/desorption processing designed to recover gold and silver from crushed ore. Hycroft’s technical team employs conventional mining methods and metallurgical processes to advance resource conversion and optimize recovery rates.

Located on approximately 28,800 hectares in Humboldt County, Nevada, the Hycroft Mine ranks among the largest undeveloped oxide gold-silver deposits in North America.