SSR Mining (NASDAQ:SSRM) Rating Increased to Sector Perform at Royal Bank of Canada

SSR Mining (NASDAQ:SSRM) (TSE:SSO) was upgraded by equities researchers at Royal Bank of Canada from an “underperform” rating to a “sector perform” rating in a research report issued to clients and investors on Wednesday,Briefing.com Automated Import reports. The brokerage currently has a $8.00 price target on the basic materials company’s stock, up from their previous price target of $5.50. Royal Bank of Canada’s target price would indicate a potential downside of 2.32% from the stock’s current price.

SSRM has been the topic of several other reports. StockNews.com upgraded shares of SSR Mining from a “sell” rating to a “hold” rating in a research note on Friday, January 17th. UBS Group boosted their target price on SSR Mining from $6.30 to $6.80 and gave the stock a “buy” rating in a report on Tuesday, October 15th. Six equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $6.85.

SSR Mining Trading Up 1.9 %

NASDAQ SSRM opened at $8.19 on Wednesday. SSR Mining has a 12 month low of $3.76 and a 12 month high of $9.82. The company has a current ratio of 3.91, a quick ratio of 1.97 and a debt-to-equity ratio of 0.08. The stock has a 50 day moving average of $7.20 and a 200-day moving average of $6.14. The company has a market cap of $1.66 billion, a PE ratio of -3.43 and a beta of 0.62.

Institutional Investors Weigh In On SSR Mining

A number of hedge funds and other institutional investors have recently modified their holdings of SSRM. Point72 DIFC Ltd bought a new position in SSR Mining during the third quarter worth about $47,000. SeaCrest Wealth Management LLC acquired a new stake in shares of SSR Mining in the third quarter valued at approximately $57,000. Allspring Global Investments Holdings LLC bought a new stake in shares of SSR Mining in the third quarter valued at approximately $60,000. Diversified Trust Co acquired a new stake in SSR Mining during the third quarter worth approximately $70,000. Finally, Lincoln Capital LLC acquired a new stake in SSR Mining during the fourth quarter worth approximately $70,000. 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.