SSR Mining (NASDAQ:SSRM) Stock Price Down 8% – What’s Next?

SSR Mining Inc. (NASDAQ:SSRM) (TSE:SSO) traded down 8% on Monday . The stock traded as low as $10.09 and last traded at $10.01. 1,074,891 shares were traded during trading, a decline of 62% from the average session volume of 2,806,963 shares. The stock had previously closed at $10.88.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on SSRM shares. National Bank Financial upgraded SSR Mining to a “hold” rating in a research report on Friday, March 21st. UBS Group raised their price target on SSR Mining from $7.15 to $12.05 and gave the stock a “buy” rating in a research report on Tuesday, February 18th. Royal Bank of Canada raised shares of SSR Mining from an “underperform” rating to a “sector perform” rating and increased their target price for the company from $5.50 to $8.00 in a research note on Wednesday, February 5th. CIBC lifted their price target on shares of SSR Mining from $8.25 to $9.75 and gave the stock a “neutral” rating in a research note on Wednesday, February 19th. Finally, StockNews.com raised SSR Mining from a “sell” rating to a “hold” rating in a research note on Friday, January 17th. Four research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $9.93.

SSR Mining Stock Down 7.3 %

The company has a market cap of $2.04 billion, a PE ratio of -7.83, a P/E/G 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. The company’s 50 day moving average is $9.59 and its 200 day moving average is $7.48.

SSR Mining (NASDAQ:SSRM) (TSE:SSO) last issued its earnings results 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 company had revenue of $323.19 million for the quarter, compared to analysts’ expectations of $262.20 million. SSR Mining had a positive return on equity of 1.46% and a negative net margin of 26.24%. As a group, analysts predict that SSR Mining Inc. will post 0.73 earnings per share for the current fiscal year.

Institutional Investors Weigh In On SSR Mining

Several hedge funds have recently made changes to their positions in the company. JPMorgan Chase & Co. increased its stake in shares of SSR Mining by 16.6% during the third quarter. JPMorgan Chase & Co. now owns 1,548,252 shares of the basic materials company’s stock valued at $8,794,000 after buying an additional 220,349 shares during the period. Two Sigma Advisers LP increased its position in SSR Mining by 16.2% during the 3rd quarter. Two Sigma Advisers LP now owns 3,320,384 shares of the basic materials company’s stock valued at $18,860,000 after purchasing an additional 462,000 shares during the period. Franklin Resources Inc. increased its position in SSR Mining by 649.6% during the 3rd quarter. Franklin Resources Inc. now owns 147,012 shares of the basic materials company’s stock valued at $847,000 after purchasing an additional 127,401 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of SSR Mining by 6.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,327,251 shares of the basic materials company’s stock valued at $7,542,000 after purchasing an additional 75,563 shares in the last quarter. Finally, Verition Fund Management LLC boosted its stake in shares of SSR Mining by 177.5% during the third quarter. Verition Fund Management LLC now owns 105,763 shares of the basic materials company’s stock valued at $601,000 after purchasing an additional 67,657 shares in the last quarter. 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.