SilverCrest Metals (NYSE:SILV) Shares Gap Up – Should You Buy?

Shares of SilverCrest Metals Inc. (NYSE:SILV) gapped up before the market opened on Monday . The stock had previously closed at $9.57, but opened at $10.00. SilverCrest Metals shares last traded at $10.22, with a volume of 507,943 shares traded.

Analyst Ratings Changes

Several equities analysts have recently commented on SILV shares. Ventum Cap Mkts lowered shares of SilverCrest Metals from a “strong-buy” rating to a “hold” rating in a report on Friday, October 4th. Scotiabank upped their price target on SilverCrest Metals from $8.50 to $9.00 and gave the stock a “sector perform” rating in a research note on Monday, August 19th.

SilverCrest Metals Stock Performance

The firm has a market cap of $1.55 billion, a PE ratio of 18.26 and a beta of 1.21. The stock has a 50 day simple moving average of $9.88.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Tidal Investments LLC increased its holdings in 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 acquiring an additional 4,276,888 shares in the last quarter. Mackenzie Financial Corp grew its position in shares of SilverCrest Metals by 137.4% in the second quarter. Mackenzie Financial Corp now owns 2,510,176 shares of the company’s stock valued at $20,516,000 after purchasing an additional 1,452,622 shares during the last quarter. Van ECK Associates Corp grew its position in shares of SilverCrest Metals by 8.3% in the third quarter. Van ECK Associates Corp now owns 14,114,981 shares of the company’s stock valued at $130,564,000 after purchasing an additional 1,083,681 shares during the last quarter. Vienna Powszechne Towarzystwo Emerytalne S.A. Vienna Insurance Group purchased a new position in shares of SilverCrest Metals during the 2nd quarter worth approximately $3,653,000. Finally, Renaissance Technologies LLC raised its position in shares of SilverCrest Metals by 2,768.5% during the 2nd quarter. Renaissance Technologies LLC now owns 445,300 shares of the company’s stock worth $3,629,000 after purchasing an additional 429,776 shares during the last quarter. Institutional investors and hedge funds own 44.75% of the company’s stock.

SilverCrest Metals Company Profile

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.