SSR Mining (NASDAQ:SSRM) Sets New 12-Month High – What’s Next?

SSR Mining Inc. (NASDAQ:SSRM) (TSE:SSO)’s stock price reached a new 52-week high on Friday . The stock traded as high as $11.41 and last traded at $11.37, with a volume of 178607 shares changing hands. The stock had previously closed at $11.21.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on SSRM. StockNews.com upgraded SSR Mining from a “sell” rating to a “hold” rating in a research report on Friday, January 17th. National Bank Financial raised shares of SSR Mining to a “hold” rating in a research note on Friday, March 21st. UBS Group upped their target price on shares of SSR Mining from $7.15 to $12.05 and gave the company a “buy” rating in a research note on Tuesday, February 18th. Royal Bank of Canada raised shares of SSR Mining from an “underperform” rating to a “sector perform” rating and lifted their price target for the stock from $5.50 to $8.00 in a research report on Wednesday, February 5th. Finally, CIBC upped their price objective on shares of SSR Mining from $8.25 to $9.75 and gave the company a “neutral” rating in a research report on Wednesday, February 19th. Four equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $9.93.

SSR Mining Price Performance

The company has a 50-day moving average of $9.59 and a 200-day moving average of $7.47. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.97 and a current ratio of 4.70. The firm has a market capitalization of $2.20 billion, a price-to-earnings ratio of -8.43, a price-to-earnings-growth ratio of 0.37 and a beta of 0.53.

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

Hedge Funds Weigh In On SSR Mining

A number of large investors have recently added to or reduced their stakes in SSRM. Vanguard Group Inc. boosted its position in SSR Mining by 0.7% during the 4th quarter. Vanguard Group Inc. now owns 10,346,480 shares of the basic materials company’s stock worth $72,216,000 after acquiring an additional 71,364 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of SSR Mining by 21.8% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,079,816 shares of the basic materials company’s stock worth $70,265,000 after purchasing an additional 1,802,821 shares in the last quarter. Cibc World Market Inc. boosted its holdings in SSR Mining by 22.1% during the fourth quarter. Cibc World Market Inc. now owns 3,730,876 shares of the basic materials company’s stock worth $25,967,000 after purchasing an additional 674,793 shares during the last quarter. Federated Hermes Inc. grew its position in SSR Mining by 53.9% in the fourth quarter. Federated Hermes Inc. now owns 3,671,138 shares of the basic materials company’s stock valued at $25,551,000 after purchasing an additional 1,285,347 shares in the last quarter. Finally, Two Sigma Advisers LP increased 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 during the last quarter. Institutional investors own 68.30% of the company’s stock.

SSR Mining Company Profile

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.