SilverCrest Metals (NYSE:SILV) Shares Gap Down – Here’s Why

SilverCrest Metals Inc. (NYSE:SILV)’s stock price gapped down before the market opened on Thursday . The stock had previously closed at $11.58, but opened at $11.14. SilverCrest Metals shares last traded at $11.16, with a volume of 233,269 shares traded.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on SILV. Scotiabank lifted their price target on shares of 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 cut shares of SilverCrest Metals from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 4th.

SilverCrest Metals Stock Down 4.3 %

The company has a 50 day moving average price of $10.36 and a 200-day moving average price of $9.30. The company has a market cap of $1.54 billion, a price-to-earnings ratio of 18.19 and a beta of 1.19.

Hedge Funds Weigh In On SilverCrest Metals

A number of institutional investors and hedge funds have recently modified their holdings of the business. Toronto Dominion Bank boosted its stake in SilverCrest Metals by 40.7% during the 2nd quarter. Toronto Dominion Bank now owns 4,234 shares of the company’s stock valued at $35,000 after purchasing an additional 1,225 shares during the last quarter. Blue Trust Inc. raised its stake in shares of SilverCrest Metals by 194.1% in the third quarter. Blue Trust Inc. now owns 5,120 shares of the company’s stock valued at $47,000 after buying an additional 3,379 shares during the period. Eastern Bank purchased a new stake in SilverCrest Metals during the third quarter valued at about $88,000. D.A. Davidson & CO. bought a new position in SilverCrest Metals in the 3rd quarter worth approximately $92,000. Finally, Austin Private Wealth LLC purchased a new position in shares of SilverCrest Metals in the third quarter valued at $94,000. 44.75% of the stock is currently owned by institutional investors.

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.