McEwen Mining Inc (NYSE:MUX) Sees Significant Growth in Short Interest

McEwen Mining Inc (NYSE:MUX) (TSE:MUX) saw a large growth in short interest in the month of February. As of February 15th, there was short interest totalling 4,890,000 shares, a growth of 418.0% from the January 31st total of 944,000 shares. Based on an average trading volume of 754,100 shares, the days-to-cover ratio is presently 6.5 days. Currently, 11.0% of the company’s shares are short sold.

McEwen Mining Trading Down 0.8 %

MUX traded down $0.06 during midday trading on Friday, reaching $6.82. 453,327 shares of the company’s stock traded hands, compared to its average volume of 937,184. McEwen Mining has a 52 week low of $6.01 and a 52 week high of $12.50. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.17 and a quick ratio of 0.74. The firm has a fifty day moving average of $7.96 and a two-hundred day moving average of $8.74. The stock has a market capitalization of $361.16 million, a price-to-earnings ratio of 3.11 and a beta of 1.42.

Analyst Ratings Changes

A number of equities analysts have commented on the company. HC Wainwright decreased their price target on McEwen Mining from $19.00 to $18.00 and set a “buy” rating on the stock in a research note on Thursday, January 30th. StockNews.com downgraded shares of McEwen Mining from a “hold” rating to a “sell” rating in a research note on Wednesday, February 19th. Finally, Roth Mkm dropped their price target on shares of McEwen Mining from $12.75 to $12.25 and set a “buy” rating for the company in a research report on Thursday, November 7th.

Hedge Funds Weigh In On McEwen Mining

Hedge funds and other institutional investors have recently made changes to their positions in the business. New Age Alpha Advisors LLC bought a new stake in McEwen Mining in the fourth quarter valued at $38,000. Quarry LP purchased a new stake in shares of McEwen Mining in the 3rd quarter worth about $51,000. Aquatic Capital Management LLC boosted its stake in shares of McEwen Mining by 357.9% during the 4th quarter. Aquatic Capital Management LLC now owns 7,327 shares of the basic materials company’s stock valued at $57,000 after purchasing an additional 5,727 shares in the last quarter. Total Wealth Planning & Management Inc. purchased a new position in shares of McEwen Mining during the fourth quarter valued at about $96,000. Finally, Private Advisor Group LLC raised its stake in McEwen Mining by 18.8% in the fourth quarter. Private Advisor Group LLC now owns 12,645 shares of the basic materials company’s stock worth $98,000 after buying an additional 2,000 shares in the last quarter. Institutional investors own 17.03% of the company’s stock.

McEwen Mining Company Profile

McEwen Mining Inc engages in the exploration, development, production, and sale of gold and silver. It also explores for copper deposits. The company owns 100% interests in the El Gallo and Fenix projects located in Mexico; and the Black Fox Mine and Stock Mill, Grey Fox, and Froome and Tamarack properties in Canada.