Aris Mining (NYSE:ARMN) Reaches New 52-Week High - Should You Buy?

Key Points

• Aris Mining's stock reached a new 52-week high of $9.89 on Tuesday, closing at $9.86 with a volume of over 2.3 million shares traded.
• Despite recent positive movements, Zacks Research downgraded the stock from a "strong-buy" to a "strong sell," while Canaccord Genuity increased its price target and maintained a "buy" rating.
• A majority of institutional investors have increased their holdings in Aris Mining, with notable investments from JPMorgan Chase & Co., which raised its stake by over 41,000% in the second quarter.

Aris Mining Co. (NYSE:ARMN - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $9.89 and last traded at $9.86, with a volume of 2308801 shares changing hands. The stock had previously closed at $9.77.

Analyst Ratings Changes

A number of brokerages recently issued reports on ARMN. BMO Capital Markets restated an "outperform" rating on shares of Aris Mining in a research note on Thursday, September 4th. National Bankshares reiterated an "outperform" rating on shares of Aris Mining in a research report on Monday, September 8th. Canaccord Genuity Group upped their target price on Aris Mining from $16.50 to $17.00 and gave the company a "buy" rating in a report on Thursday, September 4th. Finally, Zacks Research downgraded Aris Mining from a "strong-buy" rating to a "strong sell" rating in a report on Thursday, August 21st. Three equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $17.00.

Aris Mining Stock Performance

The firm's 50 day simple moving average is $7.92 and its 200-day simple moving average is $6.46. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.13 and a current ratio of 1.45. The company has a market capitalization of $1.92 billion, a price-to-earnings ratio of -475.50 and a beta of -0.34.

Institutional Trading of Aris Mining

Institutional investors and hedge funds have recently made changes to their positions in the company. Cetera Investment Advisers grew its holdings in Aris Mining by 10.7% in the fourth quarter. Cetera Investment Advisers now owns 83,508 shares of the company's stock worth $293,000 after purchasing an additional 8,102 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of Aris Mining in the fourth quarter worth about $931,000. Public Employees Retirement System of Ohio purchased a new position in Aris Mining during the fourth quarter valued at approximately $234,000. Mackenzie Financial Corp grew its stake in Aris Mining by 4.2% during the fourth quarter. Mackenzie Financial Corp now owns 70,009 shares of the company's stock valued at $245,000 after acquiring an additional 2,790 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. purchased a new position in Aris Mining during the first quarter valued at approximately $116,000. Institutional investors own 35.81% of the company's stock.

Aris Mining Company Profile

Aris Mining Corporation, together with its subsidiaries, engages in the acquisition, exploration, development, and operation of gold properties in Canada, Colombia, and Guyana. It also explores for silver and copper deposits. The company was formerly known as GCM Mining Corp. and changed its name to Aris Mining Corporation in September 2022.