SSR Mining Inc. (NASDAQ:SSRM) Sees Significant Drop in Short Interest

SSR Mining Inc. (NASDAQ:SSRM) (TSE:SSO) was the target of a large decrease in short interest in March. As of March 15th, there was short interest totalling 6,250,000 shares, a decrease of 18.8% from the February 28th total of 7,700,000 shares. Currently, 3.1% of the shares of the stock are short sold. Based on an average daily volume of 2,740,000 shares, the short-interest ratio is presently 2.3 days.

SSR Mining Stock Up 0.1 %

SSR Mining stock opened at $10.00 on Thursday. The firm has a market cap of $2.02 billion, a price-to-earnings ratio of -7.75, a PEG ratio of 0.37 and a beta of 0.53. SSR Mining has a 52-week low of $4.32 and a 52-week high of $11.48. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.97 and a current ratio of 4.70. The firm has a 50 day moving average price of $9.73 and a two-hundred day moving average price of $7.56.

SSR Mining (NASDAQ:SSRM) (TSE:SSO) last announced its earnings results on Tuesday, February 18th. The basic materials company reported $0.10 earnings per share for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.08). The firm had revenue of $323.19 million for the quarter, compared to the consensus estimate of $262.20 million. SSR Mining had a positive return on equity of 1.46% and a negative net margin of 26.24%. Equities analysts predict that SSR Mining will post 0.73 EPS for the current year.

Analyst Ratings Changes

A number of analysts have recently commented on the company. National Bank Financial raised SSR Mining to a “hold” rating in a research note on Friday, March 21st. StockNews.com upgraded shares of SSR Mining from a “sell” rating to a “hold” rating in a research report on Friday, January 17th. Royal Bank of Canada upgraded shares of SSR Mining from an “underperform” rating to a “sector perform” rating and upped their price target for the company from $5.50 to $8.00 in a research report 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 report on Wednesday, February 19th. Finally, UBS Group increased their price objective on SSR Mining from $7.15 to $12.05 and gave the company a “buy” rating in a report on Tuesday, February 18th. Four investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $9.93.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. US Bancorp DE boosted its position in shares of SSR Mining by 62.4% during the 4th 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. SBI Securities Co. Ltd. acquired a new position in SSR Mining in the fourth quarter valued at approximately $29,000. Allianz SE bought a new position in shares of SSR Mining during the 4th quarter worth approximately $30,000. Point72 DIFC Ltd acquired a new stake in shares of SSR Mining during the 3rd quarter worth approximately $47,000. Finally, Lincoln Capital LLC bought a new stake in shares of SSR Mining in the 4th quarter valued at $70,000. 68.30% of the stock is owned by 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.