SSR Mining (NASDAQ:SSRM) Shares Up 4.8% – Here’s Why

Shares of SSR Mining Inc. (NASDAQ:SSRM) (TSE:SSO) traded up 4.8% on Wednesday . The stock traded as high as $7.48 and last traded at $7.48. 2,071,948 shares traded hands during trading, a decline of 24% from the average session volume of 2,716,594 shares. The stock had previously closed at $7.14.

Analysts Set New Price Targets

SSRM has been the subject of a number of research analyst reports. UBS Group boosted their price target on SSR Mining from $6.30 to $6.80 and gave the company a “buy” rating in a report on Tuesday, October 15th. StockNews.com upgraded shares of SSR Mining from a “sell” rating to a “hold” rating in a research note on Thursday. One research analyst has rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $5.18.

SSR Mining Price Performance

The firm has a market cap of $1.50 billion, a P/E ratio of -3.10, a price-to-earnings-growth ratio of 1.23 and a beta of 0.61. The stock’s 50-day moving average is $6.50 and its 200-day moving average is $5.78. The company has a quick ratio of 1.97, a current ratio of 3.91 and a debt-to-equity ratio of 0.08.

Institutional Investors Weigh In On SSR Mining

A number of institutional investors have recently bought and sold shares of the business. Hsbc Holdings PLC acquired a new stake in shares of SSR Mining during the 2nd quarter valued at about $3,289,000. Two Sigma Advisers LP boosted its holdings in SSR Mining by 16.2% during the third quarter. Two Sigma Advisers LP now owns 3,320,384 shares of the basic materials company’s stock valued at $18,860,000 after purchasing an additional 462,000 shares in the last quarter. Mackenzie Financial Corp raised its holdings in shares of SSR Mining by 25.5% in the 2nd quarter. Mackenzie Financial Corp now owns 883,581 shares of the basic materials company’s stock worth $3,992,000 after buying an additional 179,601 shares in the last quarter. Franklin Resources Inc. lifted its position in shares of SSR Mining by 649.6% during the 3rd quarter. Franklin Resources Inc. now owns 147,012 shares of the basic materials company’s stock worth $847,000 after buying an additional 127,401 shares during the period. Finally, Verition Fund Management LLC boosted its stake in SSR Mining by 177.5% in the 3rd quarter. Verition Fund Management LLC now owns 105,763 shares of the basic materials company’s stock valued at $601,000 after buying an additional 67,657 shares in the last quarter. Institutional investors and hedge funds own 68.30% of the company’s stock.

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.