SSR Mining (NASDAQ:SSRM) Shares Up 11.5% – What’s Next?

Shares of SSR Mining Inc. (NASDAQ:SSRM) (TSE:SSO) shot up 11.5% during trading on Monday . The stock traded as high as $7.08 and last traded at $7.08. 1,061,293 shares were traded during trading, a decline of 68% from the average session volume of 3,360,293 shares. The stock had previously closed at $6.35.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on SSRM. StockNews.com lowered shares of SSR Mining from a “hold” rating to a “sell” rating in a research report on Wednesday, November 27th. UBS Group upped their target price on SSR Mining from $6.30 to $6.80 and gave the company a “buy” rating in a research note on Tuesday, October 15th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $5.18.

SSR Mining Trading Up 12.1 %

The business’s 50 day simple moving average is $5.88 and its 200 day simple moving average is $5.40. 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 $1.44 billion, a price-to-earnings ratio of -2.96, a PEG ratio of 1.05 and a beta of 0.69.

Hedge Funds Weigh In On SSR Mining

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Hsbc Holdings PLC acquired a new stake in SSR Mining in the second quarter valued at $3,289,000. National Bank of Canada FI increased its stake in shares of SSR Mining by 73.7% in the second quarter. National Bank of Canada FI now owns 2,636,902 shares of the basic materials company’s stock valued at $11,815,000 after buying an additional 1,118,417 shares during the period. Mackenzie Financial Corp raised its position in shares of SSR Mining by 25.5% during the second quarter. Mackenzie Financial Corp now owns 883,581 shares of the basic materials company’s stock worth $3,992,000 after acquiring an additional 179,601 shares during the last quarter. Paragon Capital Management Inc. bought a new stake in shares of SSR Mining in the 2nd quarter valued at $1,672,000. Finally, Bank of New York Mellon Corp increased its stake in shares of SSR Mining by 62.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 779,778 shares of the basic materials company’s stock valued at $3,517,000 after acquiring an additional 298,898 shares in the last quarter. 68.30% of the stock is currently owned by institutional investors and hedge funds.

About SSR Mining

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.