Coeur Mining, Inc. (NYSE:CDE) Sees Large Drop in Short Interest

Key Points

• Short interest fell 14.8% to 35,904,430 shares as of April 15, equal to 5.6% of shares short and a short-interest ratio of about 1.8 days, indicating a notable reduction in bearish bets.
• Wall Street sentiment is positive with a consensus rating of "Moderate Buy" and a consensus target price of $24.67, backed by 2 Strong Buy, 8 Buy, 3 Hold and 1 Sell placements from analysts.
• Coeur missed quarterly EPS at $0.35 versus $0.43 expected but reported revenue up 120.9% YoY to $674.85M; the stock traded around $17.60 with a market cap of $11.3B and a P/E of 20.23.

Coeur Mining, Inc. (NYSE:CDE - Get Free Report) was the target of a large decrease in short interest in April. As of April 15th, there was short interest totaling 35,904,430 shares, a decrease of 14.8% from the March 31st total of 42,148,644 shares. Currently, 5.6% of the shares of the stock are short sold. Based on an average trading volume of 20,470,106 shares, the short-interest ratio is currently 1.8 days.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on CDE shares. Canadian Imperial Bank of Commerce started coverage on Coeur Mining in a report on Tuesday, March 10th. They set an "outperform" rating and a $40.00 price target on the stock. BMO Capital Markets started coverage on Coeur Mining in a report on Wednesday, March 25th. They set an "outperform" rating and a $27.00 price target on the stock. Royal Bank Of Canada increased their price target on Coeur Mining from $22.00 to $26.00 and gave the company an "outperform" rating in a report on Thursday, February 12th. ATB Cormark Capital Markets upgraded Coeur Mining from a "hold" rating to a "moderate buy" rating in a report on Tuesday, March 24th. Finally, Weiss Ratings lowered Coeur Mining from a "buy (b-)" rating to a "hold (c+)" rating in a report on Friday, March 27th. Two investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $24.67.

Coeur Mining Trading Down 2.0%

NYSE:CDE traded down $0.37 during midday trading on Friday, hitting $17.60. 16,831,011 shares of the company traded hands, compared to its average volume of 26,747,674. The firm's fifty day moving average is $20.50 and its 200-day moving average is $19.48. Coeur Mining has a 12-month low of $5.21 and a 12-month high of $27.77. The firm has a market capitalization of $11.30 billion, a P/E ratio of 20.23 and a beta of 1.33. The company has a current ratio of 2.47, a quick ratio of 1.66 and a debt-to-equity ratio of 0.10.

Coeur Mining (NYSE:CDE - Get Free Report) last released its earnings results on Wednesday, February 18th. The basic materials company reported $0.35 earnings per share for the quarter, missing analysts' consensus estimates of $0.43 by ($0.08). Coeur Mining had a return on equity of 18.75% and a net margin of 28.31%.The business had revenue of $674.85 million during the quarter, compared to analysts' expectations of $668.70 million. During the same quarter in the previous year, the business earned $0.11 EPS. The business's revenue for the quarter was up 120.9% on a year-over-year basis. On average, sell-side analysts predict that Coeur Mining will post 1.42 EPS for the current year.

Institutional Trading of Coeur Mining

A number of hedge funds and other institutional investors have recently bought and sold shares of CDE. Van ECK Associates Corp increased its stake in Coeur Mining by 55.8% in the third quarter. Van ECK Associates Corp now owns 66,002,193 shares of the basic materials company's stock worth $1,238,201,000 after purchasing an additional 23,646,265 shares during the period. Tidal Investments LLC increased its stake in Coeur Mining by 55.3% in the second quarter. Tidal Investments LLC now owns 20,734,671 shares of the basic materials company's stock worth $183,709,000 after purchasing an additional 7,382,955 shares during the period. Norges Bank purchased a new stake in Coeur Mining in the fourth quarter worth $128,389,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Coeur Mining by 36.3% in the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,857,511 shares of the basic materials company's stock worth $447,567,000 after purchasing an additional 6,352,828 shares during the period. Finally, Goldman Sachs Group Inc. increased its stake in Coeur Mining by 92.6% in the fourth quarter. Goldman Sachs Group Inc. now owns 12,502,645 shares of the basic materials company's stock worth $222,922,000 after purchasing an additional 6,012,718 shares during the period. Hedge funds and other institutional investors own 63.01% of the company's stock.

Coeur Mining Company Profile

Coeur Mining, Inc is a publicly traded precious metals mining company headquartered in Chicago, Illinois. The company specializes in the exploration, development and production of silver and gold deposits, with a focus on high-grade underground and open-pit operations. Through a combination of operating mines and advanced exploration projects, Coeur Mining seeks to deliver consistent production of silver and gold bullion while maintaining industry standards for safety, environmental stewardship and cost management.

Coeur Mining's portfolio includes five principal operating mines and several exploration projects across North America and Australia.

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