SSR Mining (NASDAQ:SSRM) Shares Gap Up – Time to Buy?

Shares of SSR Mining Inc. (NASDAQ:SSRM) (TSE:SSO) gapped up prior to trading on Wednesday . The stock had previously closed at $9.27, but opened at $9.91. SSR Mining shares last traded at $9.67, with a volume of 506,417 shares trading hands.

Analysts Set New Price Targets

SSRM has been the topic of several analyst reports. CIBC raised their target price on SSR Mining from $8.25 to $9.75 and gave the stock a “neutral” rating in a report on Wednesday, February 19th. Royal Bank of Canada raised shares of SSR Mining from an “underperform” rating to a “sector perform” rating and lifted their target price for the company from $5.50 to $8.00 in a report on Wednesday, February 5th. StockNews.com upgraded shares of SSR Mining from a “sell” rating to a “hold” rating in a research note on Friday, January 17th. National Bank Financial upgraded shares of SSR Mining to a “hold” rating in a research report on Friday, March 21st. Finally, UBS Group upped their price objective on shares of SSR Mining from $12.10 to $12.35 and gave the stock a “buy” rating in a research report on Friday. Four analysts have rated the stock with a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, SSR Mining presently has a consensus rating of “Hold” and a consensus price target of $10.03.

SSR Mining Stock Performance

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 stock has a 50-day moving average of $10.01 and a 200 day moving average of $7.76. The stock has a market cap of $2.16 billion, a PE ratio of -8.26, a P/E/G ratio of 0.37 and a beta of 0.30.

SSR Mining (NASDAQ:SSRM) (TSE:SSO) last released its quarterly earnings data 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 business had revenue of $323.19 million during the quarter, compared to analyst estimates of $262.20 million. SSR Mining had a negative net margin of 26.24% and a positive return on equity of 1.46%. Equities analysts predict that SSR Mining Inc. will post 0.73 EPS for the current fiscal year.

Institutional Investors Weigh In On SSR Mining

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. RFG Advisory LLC purchased a new stake in shares of SSR Mining in the 1st quarter valued at $206,000. Merit Financial Group LLC acquired a new position in shares of SSR Mining in the 1st quarter valued at $113,000. GAMMA Investing LLC boosted its position in shares of SSR Mining by 1,608.1% in the 1st quarter. GAMMA Investing LLC now owns 15,185 shares of the basic materials company’s stock valued at $1,514,000 after purchasing an additional 14,296 shares during the period. Wellington Management Group LLP grew its position in shares of SSR Mining by 0.4% during the fourth quarter. Wellington Management Group LLP now owns 497,378 shares of the basic materials company’s stock worth $3,462,000 after acquiring an additional 1,884 shares during the last quarter. Finally, PKO Investment Management Joint Stock Co purchased a new stake in shares of SSR Mining in the fourth quarter valued at about $679,000. 68.30% of the stock is owned by hedge funds and other institutional investors.

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.