Aris Mining (NYSE:ARMN) Shares Down 7.8% - Here's Why

Key Points

• Shares of Aris Mining Co. (NYSE:ARMN) dropped 7.8% during mid-day trading on Friday, falling to $10.10 from a previous close of $10.96.
• Despite the decline, analysts have a mixed outlook, with Canaccord Genuity raising its target price to $17.00 and three analysts rating the stock as a Buy.
• A significant portion of the company's stock, 35.81%, is held by institutional investors and hedge funds, indicating a continued interest in the company's performance.

Shares of Aris Mining Co. (NYSE:ARMN - Get Free Report) dropped 7.8% during mid-day trading on Friday . The company traded as low as $10.15 and last traded at $10.10. Approximately 266,241 shares traded hands during mid-day trading, a decline of 79% from the average daily volume of 1,244,636 shares. The stock had previously closed at $10.96.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on ARMN shares. Canaccord Genuity Group boosted their target price on shares of Aris Mining from $16.50 to $17.00 and gave the company a "buy" rating in a research report on Thursday, September 4th. Zacks Research raised shares of Aris Mining from a "strong sell" rating to a "hold" rating in a report on Friday, October 10th. BMO Capital Markets reaffirmed an "outperform" rating on shares of Aris Mining in a report on Thursday, September 4th. Finally, National Bankshares reaffirmed an "outperform" rating on shares of Aris Mining in a report on Monday, September 8th. Three analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $17.00.

Aris Mining Price Performance

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 stock has a market cap of $2.02 billion, a price-to-earnings ratio of -496.25 and a beta of -0.30. The business's 50-day simple moving average is $9.01 and its two-hundred day simple moving average is $7.22.

Hedge Funds Weigh In On Aris Mining

A number of hedge funds have recently modified their holdings of ARMN. Cambridge Investment Research Advisors Inc. acquired a new position in shares of Aris Mining during the first quarter worth $116,000. Cetera Investment Advisers lifted its holdings in shares of Aris Mining by 3.1% during the first quarter. Cetera Investment Advisers now owns 86,079 shares of the company's stock worth $398,000 after purchasing an additional 2,571 shares during the period. TD Asset Management Inc lifted its holdings in shares of Aris Mining by 3.0% during the first quarter. TD Asset Management Inc now owns 163,437 shares of the company's stock worth $755,000 after purchasing an additional 4,717 shares during the period. Mackenzie Financial Corp lifted its holdings in shares of Aris Mining by 9.3% during the first quarter. Mackenzie Financial Corp now owns 76,546 shares of the company's stock worth $354,000 after purchasing an additional 6,537 shares during the period. Finally, Alberta Investment Management Corp lifted its holdings in shares of Aris Mining by 6.4% during the first quarter. Alberta Investment Management Corp now owns 1,102,664 shares of the company's stock worth $5,095,000 after purchasing an additional 66,614 shares during the period. Institutional investors and hedge funds 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.