SSR Mining (NASDAQ:SSRM) Reaches New 52-Week High on Analyst Upgrade

SSR Mining Inc. (NASDAQ:SSRM) (TSE:SSO)’s share price reached a new 52-week high during trading on Wednesday after UBS Group raised their price target on the stock from $7.15 to $12.05. UBS Group currently has a buy rating on the stock. SSR Mining traded as high as $9.80 and last traded at $9.97, with a volume of 654128 shares changing hands. The stock had previously closed at $9.33.

A number of other equities analysts also recently weighed in on the stock. Royal Bank of Canada raised shares of SSR Mining from an “underperform” rating to a “sector perform” rating and increased their price target for the stock from $5.50 to $8.00 in a research note on Wednesday, February 5th. StockNews.com raised SSR Mining from a “sell” rating to a “hold” rating in a research report on Friday, January 17th. Four analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, SSR Mining currently has an average rating of “Hold” and an average price target of $8.60.

Institutional Trading of SSR Mining

A number of institutional investors have recently added to or reduced their stakes in the business. US Bancorp DE lifted its stake 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 purchasing an additional 1,360 shares in the last quarter. SBI Securities Co. Ltd. acquired a new position in SSR Mining during the 4th quarter worth approximately $29,000. Allianz SE acquired a new position in SSR Mining during the 4th quarter worth approximately $30,000. Point72 DIFC Ltd acquired a new stake in SSR Mining in the third quarter valued at approximately $47,000. Finally, Lincoln Capital LLC purchased a new stake in shares of SSR Mining during the fourth quarter valued at approximately $70,000. 68.30% of the stock is owned by hedge funds and other institutional investors.

SSR Mining Price Performance

The company has a market cap of $2.02 billion, a PE ratio of -4.17 and a beta of 0.62. The business’s 50 day moving average price is $7.75 and its 200-day moving average price is $6.38. The company has a quick ratio of 1.97, a current ratio of 3.91 and a debt-to-equity ratio of 0.08.

SSR Mining (NASDAQ:SSRM) (TSE:SSO) last released its quarterly earnings results on Tuesday, February 18th. The basic materials company reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate 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 positive return on equity of 4.05% and a negative net margin of 44.13%. As a group, analysts forecast that SSR Mining Inc. will post 0.32 earnings per share for the current year.

SSR Mining Company Profile

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.