SSR Mining (NASDAQ:SSRM) Hits New 1-Year High – Should You Buy?

SSR Mining Inc. (NASDAQ:SSRM) (TSE:SSO) shares reached a new 52-week high during trading on Wednesday . The stock traded as high as $11.29 and last traded at $11.04, with a volume of 2707762 shares. The stock had previously closed at $10.99.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on SSRM. Royal Bank of Canada upgraded SSR Mining from an “underperform” rating to a “sector perform” rating and upped their price target for the stock from $5.50 to $8.00 in a report on Wednesday, February 5th. CIBC raised their target price on shares of SSR Mining from $8.25 to $9.75 and gave the stock a “neutral” rating in a research report on Wednesday, February 19th. StockNews.com raised shares of SSR Mining from a “sell” rating to a “hold” rating in a report on Friday, January 17th. Finally, UBS Group increased their price target on shares of SSR Mining from $7.15 to $12.05 and gave the stock a “buy” rating in a research note on Tuesday, February 18th. Three analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $9.93.

SSR Mining Price Performance

The company has a current ratio of 4.70, a quick ratio of 1.97 and a debt-to-equity ratio of 0.08. The company’s 50 day moving average price is $9.03 and its 200 day moving average price is $7.15. The company has a market cap of $2.23 billion, a price-to-earnings ratio of -8.56, a PEG ratio of 0.37 and a beta of 0.53.

SSR Mining (NASDAQ:SSRM) (TSE:SSO) last released its earnings results on Tuesday, February 18th. The basic materials company reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.08). The business had revenue of $323.19 million for the quarter, compared to analyst estimates of $262.20 million. SSR Mining had a positive return on equity of 1.46% and a negative net margin of 26.24%. Equities research analysts forecast that SSR Mining Inc. will post 0.73 earnings per share for the current year.

Institutional Investors Weigh In On SSR Mining

Several institutional investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. grew its holdings 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 valued at $8,794,000 after purchasing an additional 220,349 shares during the last quarter. Two Sigma Advisers LP lifted its stake in SSR Mining by 16.2% in 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 in the last quarter. Franklin Resources Inc. grew 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 valued at $847,000 after buying an additional 127,401 shares during the last quarter. Verition Fund Management LLC increased its position in SSR Mining by 177.5% during the third quarter. Verition Fund Management LLC now owns 105,763 shares of the basic materials company’s stock worth $601,000 after buying an additional 67,657 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of SSR Mining by 6.0% in the third 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. 68.30% of the stock is currently owned by hedge funds and other institutional investors.

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.