SSR Mining (NASDAQ:SSRM) Stock Price Up 12.8% – Here’s Why

SSR Mining Inc. (NASDAQ:SSRM) (TSE:SSO)’s share price was up 12.8% on Wednesday . The company traded as high as $9.22 and last traded at $9.24. Approximately 1,042,899 shares changed hands during mid-day trading, a decline of 55% from the average daily volume of 2,330,056 shares. The stock had previously closed at $8.19.

Wall Street Analyst Weigh In

A number of analysts have weighed in on SSRM shares. Royal Bank of Canada upgraded SSR Mining from an “underperform” rating to a “sector perform” rating and raised their price target for the company from $5.50 to $8.00 in a research note on Wednesday. UBS Group raised their price target on SSR Mining from $6.30 to $6.80 and gave the company a “buy” rating in a research note on Tuesday, October 15th. Finally, StockNews.com raised SSR Mining from a “sell” rating to a “hold” rating in a report on Friday, January 17th. Six research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $6.85.

SSR Mining Price Performance

The stock has a fifty day moving average of $7.20 and a two-hundred day moving average of $6.14. The company has a quick ratio of 1.97, a current ratio of 3.91 and a debt-to-equity ratio of 0.08. The stock has a market cap of $1.88 billion, a price-to-earnings ratio of -3.96 and a beta of 0.62.

Hedge Funds Weigh In On SSR Mining

A number of large investors have recently made changes to their positions in SSRM. Cibc World Market Inc. grew its stake in SSR Mining by 22.1% in the 4th quarter. Cibc World Market Inc. now owns 3,730,876 shares of the basic materials company’s stock valued at $25,967,000 after acquiring an additional 674,793 shares during the last quarter. Two Sigma Advisers LP grew its stake in SSR Mining by 16.2% in the 3rd quarter. Two Sigma Advisers LP now owns 3,320,384 shares of the basic materials company’s stock valued at $18,860,000 after acquiring an additional 462,000 shares during the last quarter. Public Employees Retirement System of Ohio grew its stake in SSR Mining by 399.1% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 432,162 shares of the basic materials company’s stock valued at $2,455,000 after acquiring an additional 345,568 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of SSR Mining by 16.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,548,252 shares of the basic materials company’s stock worth $8,794,000 after purchasing an additional 220,349 shares during the last quarter. Finally, Martingale Asset Management L P boosted its stake in shares of SSR Mining by 115.9% during the 3rd quarter. Martingale Asset Management L P now owns 407,996 shares of the basic materials company’s stock worth $2,317,000 after purchasing an additional 219,013 shares during the last quarter. Hedge funds and other institutional investors 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.