SSR Mining (NASDAQ:SSRM) Price Target Raised to $9.75

SSR Mining (NASDAQ:SSRM) (TSE:SSO) had its price target raised by research analysts at CIBC from $8.25 to $9.75 in a report issued on Wednesday,Benzinga reports. The brokerage currently has a “neutral” rating on the basic materials company’s stock. CIBC’s price target suggests a potential downside of 5.53% from the company’s previous close.

A number of other analysts have also commented on SSRM. UBS Group lifted their price target on SSR Mining from $7.15 to $12.05 and gave the company a “buy” rating in a research note on Tuesday. StockNews.com raised SSR Mining from a “sell” rating to a “hold” rating in a research note on Friday, January 17th. Finally, Royal Bank of Canada raised SSR Mining from an “underperform” rating to a “sector perform” rating and lifted their price objective for the stock from $5.50 to $8.00 in a research note on Wednesday, February 5th. Four investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, SSR Mining currently has an average rating of “Hold” and an average price target of $9.93.

SSR Mining Stock Performance

Shares of NASDAQ SSRM traded up $0.99 during midday trading on Wednesday, hitting $10.32. 1,332,334 shares of the company’s stock were exchanged, compared to its average volume of 2,567,305. The firm has a market capitalization of $2.09 billion, a PE ratio of -4.31 and a beta of 0.62. SSR Mining has a 12 month low of $3.90 and a 12 month high of $10.23. 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 company’s 50 day moving average price is $7.75 and its 200 day moving average price is $6.38.

SSR Mining (NASDAQ:SSRM) (TSE:SSO) last issued its quarterly earnings results on Tuesday, February 18th. The basic materials company reported $0.10 EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.08). SSR Mining had a positive return on equity of 4.05% and a negative net margin of 44.13%. The company had revenue of $323.19 million during the quarter, compared to the consensus estimate of $262.20 million. As a group, analysts predict that SSR Mining will post 0.32 earnings per share for the current fiscal year.

Institutional Investors Weigh In On SSR Mining

Several institutional investors have recently bought and sold shares of the stock. JPMorgan Chase & Co. boosted its position in SSR Mining by 16.6% in the third 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. Two Sigma Advisers LP lifted its position in shares of SSR Mining by 16.2% during 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 buying an additional 462,000 shares during the last quarter. Franklin Resources Inc. lifted its holdings in SSR Mining by 649.6% during the 3rd quarter. Franklin Resources Inc. now owns 147,012 shares of the basic materials company’s stock worth $847,000 after purchasing an additional 127,401 shares in the last quarter. Verition Fund Management LLC increased its stake in SSR Mining by 177.5% in the 3rd quarter. Verition Fund Management LLC now owns 105,763 shares of the basic materials company’s stock worth $601,000 after acquiring an additional 67,657 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in SSR Mining by 6.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,327,251 shares of the basic materials company’s stock worth $7,542,000 after acquiring an additional 75,563 shares during the last quarter. Institutional investors own 68.30% of the company’s stock.

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.