SSR Mining (NASDAQ:SSRM) Stock Rating Upgraded by Royal Bank of Canada

Royal Bank of Canada upgraded shares of SSR Mining (NASDAQ:SSRM) (TSE:SSO) from an underperform rating to a sector perform rating in a research note issued to investors on Wednesday, MarketBeat reports. The firm currently has $8.00 price target on the basic materials company’s stock, up from their prior price target of $5.50.

Several other brokerages also recently weighed in on SSRM. StockNews.com upgraded SSR Mining from a “sell” rating to a “hold” rating in a report on Friday, January 17th. UBS Group upped their target price on shares of SSR Mining from $6.30 to $6.80 and gave the stock a “buy” rating in a research note on Tuesday, October 15th. Six research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $6.85.

SSR Mining Stock Performance

NASDAQ:SSRM opened at $9.11 on Wednesday. SSR Mining has a 52 week low of $3.76 and a 52 week high of $9.82. The company has a fifty day simple moving average of $7.26 and a two-hundred day simple moving average of $6.16. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.97 and a current ratio of 3.91.

Institutional Investors Weigh In On SSR Mining

Several hedge funds and other institutional investors have recently made changes to their positions in SSRM. US Bancorp DE boosted its holdings in SSR Mining by 62.4% in the fourth quarter. US Bancorp DE now owns 3,540 shares of the basic materials company’s stock valued at $25,000 after purchasing an additional 1,360 shares in the last quarter. Point72 DIFC Ltd purchased a new stake in shares of SSR Mining during the 3rd quarter worth approximately $47,000. SeaCrest Wealth Management LLC acquired a new position in shares of SSR Mining in the 3rd quarter valued at $57,000. Lincoln Capital LLC purchased a new position in shares of SSR Mining in the 4th quarter valued at $70,000. Finally, Allspring Global Investments Holdings LLC acquired a new stake in SSR Mining during the 3rd quarter worth $60,000. Institutional investors and hedge funds 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.