Aris Mining (NYSE:ARMN) Hits New 12-Month High - Here's Why

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 stock price hit a new 52-week high on Tuesday . The company traded as high as $9.89 and last traded at $9.86, with a volume of 2308801 shares traded. The stock had previously closed at $9.77.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on ARMN. Zacks Research lowered shares of Aris Mining from a "strong-buy" rating to a "strong sell" rating in a research report on Thursday, August 21st. Canaccord Genuity Group upped their target price on shares of Aris Mining from $16.50 to $17.00 and gave the stock a "buy" rating in a research report on Thursday, September 4th. BMO Capital Markets reiterated an "outperform" rating on shares of Aris Mining in a research report on Thursday, September 4th. Finally, National Bankshares reiterated an "outperform" rating on shares of Aris Mining in a research report on Monday, September 8th. Three research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Aris Mining currently has a consensus rating of "Moderate Buy" and a consensus price target of $17.00.

Aris Mining Stock Up 0.9%

The company has a debt-to-equity ratio of 0.32, a current ratio of 1.45 and a quick ratio of 1.13. The company's 50-day simple moving average is $7.72 and its 200 day simple moving average is $6.34. The firm has a market cap of $2.00 billion, a P/E ratio of -493.00 and a beta of -0.34.

Institutional Investors Weigh In On Aris Mining

Several institutional investors have recently made changes to their positions in the company. Invesco Ltd. lifted its holdings in shares of Aris Mining by 4.8% in the 1st quarter. Invesco Ltd. now owns 6,901,062 shares of the company's stock worth $32,021,000 after acquiring an additional 319,110 shares during the last quarter. Hillsdale Investment Management Inc. bought a new stake in shares of Aris Mining in the 2nd quarter worth about $32,173,000. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Aris Mining by 11.7% in the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,348,750 shares of the company's stock worth $22,565,000 after acquiring an additional 349,500 shares during the last quarter. Amundi lifted its holdings in shares of Aris Mining by 3,670.1% in the 2nd quarter. Amundi now owns 1,885,031 shares of the company's stock worth $12,969,000 after acquiring an additional 1,835,031 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in shares of Aris Mining by 41,257.3% in the 2nd quarter. JPMorgan Chase & Co. now owns 1,815,998 shares of the company's stock worth $12,204,000 after acquiring an additional 1,811,607 shares during the last quarter. Institutional investors own 35.81% of the company's stock.

About Aris Mining

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.

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