SilverCrest Metals (NYSE:SILV) Trading Down 6.7% – Here’s What Happened

SilverCrest Metals Inc. (NYSE:SILV)’s share price traded down 6.7% during trading on Monday . The company traded as low as $9.62 and last traded at $9.62. 651,509 shares were traded during mid-day trading, a decline of 62% from the average session volume of 1,715,968 shares. The stock had previously closed at $10.31.

Analyst Upgrades and Downgrades

SILV has been the subject of a number of research reports. Scotiabank raised their price objective on SilverCrest Metals from $8.50 to $9.00 and gave the company a “sector perform” rating in a research note on Monday, August 19th. Ventum Cap Mkts downgraded shares of SilverCrest Metals from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 4th.

SilverCrest Metals Trading Down 4.3 %

The business’s 50 day moving average price is $9.76. The company has a market cap of $1.42 billion, a price-to-earnings ratio of 14.45 and a beta of 1.21.

Hedge Funds Weigh In On SilverCrest Metals

Several large investors have recently bought and sold shares of SILV. Van ECK Associates Corp increased its position in shares of SilverCrest Metals by 8.3% during the third quarter. Van ECK Associates Corp now owns 14,114,981 shares of the company’s stock valued at $130,564,000 after acquiring an additional 1,083,681 shares during the last quarter. Tidal Investments LLC increased its position in shares of SilverCrest Metals by 5,624.4% during the 1st quarter. Tidal Investments LLC now owns 4,352,930 shares of the company’s stock valued at $28,991,000 after purchasing an additional 4,276,888 shares during the last quarter. Mackenzie Financial Corp raised its stake in shares of SilverCrest Metals by 137.4% during the 2nd quarter. Mackenzie Financial Corp now owns 2,510,176 shares of the company’s stock worth $20,516,000 after purchasing an additional 1,452,622 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of SilverCrest Metals by 8.9% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,216,200 shares of the company’s stock worth $20,563,000 after buying an additional 180,200 shares during the last quarter. Finally, TD Asset Management Inc grew its position in SilverCrest Metals by 16.4% during the second quarter. TD Asset Management Inc now owns 2,113,126 shares of the company’s stock valued at $17,265,000 after buying an additional 297,365 shares during the period. 44.75% of the stock is currently owned by institutional investors.

About SilverCrest Metals

SilverCrest Metals Inc engages in the acquiring, exploration, and development of precious metal properties in Mexico. The company primarily explores for silver and gold properties. Its focuses on principal property the Las Chispas Mine that consists of 28 concessions totaling of approximately 1,401 hectares located in Sonora, Mexico, as well as operates a portfolio of El Picacho, Cruz de Mayo, and Angel de Plata properties in Sonora Mexico.