SSR Mining (NASDAQ:SSRM) Stock Price Down 13.7% on Disappointing Earnings

SSR Mining Inc. (NASDAQ:SSRM) (TSE:SSO)’s share price dropped 13.7% during mid-day trading on Thursday after the company announced weaker than expected quarterly earnings. The company traded as low as $5.06 and last traded at $5.30. Approximately 1,604,616 shares changed hands during mid-day trading, a decline of 54% from the average daily volume of 3,475,186 shares. The stock had previously closed at $6.14.

The basic materials company reported $0.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.15 by ($0.12). SSR Mining had a positive return on equity of 5.01% and a negative net margin of 39.15%. The firm had revenue of $257.36 million during the quarter.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on SSRM shares. UBS Group increased 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. CIBC boosted their price objective on SSR Mining from $5.50 to $5.75 and gave the company a “neutral” rating in a research report on Wednesday, July 10th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $7.01.

Institutional Investors Weigh In On SSR Mining

A number of large investors have recently made changes to their positions in the stock. D. E. Shaw & Co. Inc. increased its stake in SSR Mining by 45.9% during the second quarter. D. E. Shaw & Co. Inc. now owns 8,228,572 shares of the basic materials company’s stock worth $37,124,000 after acquiring an additional 2,587,212 shares during the last quarter. Tidal Investments LLC purchased a new position in shares of SSR Mining in the 1st quarter valued at about $6,485,000. National Bank of Canada FI increased its position in shares of SSR Mining by 73.7% in the 2nd quarter. National Bank of Canada FI now owns 2,636,902 shares of the basic materials company’s stock valued at $11,815,000 after purchasing an additional 1,118,417 shares during the last quarter. Hsbc Holdings PLC purchased a new stake in shares of SSR Mining during the 2nd quarter worth $3,289,000. Finally, Acadian Asset Management LLC raised its stake in SSR Mining by 111.3% in the second quarter. Acadian Asset Management LLC now owns 1,209,763 shares of the basic materials company’s stock valued at $5,440,000 after buying an additional 637,161 shares in the last quarter. 68.30% of the stock is currently owned by hedge funds and other institutional investors.

SSR Mining Stock Performance

The company has a debt-to-equity ratio of 0.08, a current ratio of 3.54 and a quick ratio of 1.78. The firm has a 50 day moving average of $5.79 and a two-hundred day moving average of $5.35. The stock has a market cap of $1.07 billion, a PE ratio of -2.22, a PEG ratio of 0.90 and a beta of 0.72.

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.