Moore Capital Management LP Acquires Shares of 300,000 Sunshine Silver Mining & Refining Company $SSMR

Key Points

• Moore Capital Management acquired 300,000 shares of Sunshine Silver Mining & Refining in the second quarter, valued at approximately $3.97 million and representing 0.21% of the company. Ninepoint Partners also established a new position worth about $9.25 million.
• SSMR recently traded at $17.47, down 3.7%, while its latest quarterly loss of $0.13 per share missed analysts’ estimate of a $0.07 loss. Analysts expect a full-year loss of $0.44 per share.
• Analyst sentiment remains broadly positive, with a “Moderate Buy” consensus and an average price target of $18.92; however, Wall Street Zen downgraded the stock to “sell.” Company insiders bought 59,565 shares worth $804,128 over the past 90 days.

Moore Capital Management LP bought a new position in shares of Sunshine Silver Mining & Refining Company (NYSE:SSMR - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 300,000 shares of the company's stock, valued at approximately $3,966,000. Moore Capital Management LP owned 0.21% of Sunshine Silver Mining & Refining as of its most recent filing with the Securities and Exchange Commission (SEC).

Separately, Ninepoint Partners LP acquired a new position in Sunshine Silver Mining & Refining in the 2nd quarter valued at about $9,254,000.

Sunshine Silver Mining & Refining Trading Down 3.7%

SSMR stock opened at $17.47 on Tuesday. Sunshine Silver Mining & Refining Company has a 52 week low of $12.51 and a 52 week high of $19.61. The business's 50-day moving average is $15.04.

Sunshine Silver Mining & Refining (NYSE:SSMR - Get Free Report) last posted its quarterly earnings results on Wednesday, August 12th. The company reported ($0.13) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.07) by ($0.06). On average, equities analysts predict that Sunshine Silver Mining & Refining Company will post -0.44 earnings per share for the current year.

Insider Activity

In other news, Director Douglas Groh bought 10,000 shares of the firm's stock in a transaction on Friday, June 5th. The shares were bought at an average cost of $13.50 per share, for a total transaction of $135,000.00. Following the completion of the transaction, the director owned 143,929 shares in the company, valued at $1,943,041.50. This trade represents a 7.47% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Lawrence P. Radford bought 2,500 shares of the stock in a transaction on Friday, June 5th. The stock was purchased at an average cost of $13.50 per share, for a total transaction of $33,750.00. Following the acquisition, the director directly owned 11,429 shares of the company's stock, valued at $154,291.50. The trade was a 28.00% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders acquired a total of 59,565 shares of company stock valued at $804,128 in the last 90 days.

Wall Street Analyst Weigh In

SSMR has been the subject of a number of recent research reports. BMO Capital Markets assumed coverage on Sunshine Silver Mining & Refining in a research report on Monday, June 29th. They set an "outperform" rating and a $16.50 price objective for the company. Scotiabank increased their price target on shares of Sunshine Silver Mining & Refining from $20.00 to $21.00 and gave the stock an "outperform" rating in a report on Tuesday, July 14th. Citigroup started coverage on Sunshine Silver Mining & Refining in a research report on Monday, June 29th. They set a "buy" rating and a $18.00 target price on the stock. Canaccord Genuity Group assumed coverage on Sunshine Silver Mining & Refining in a research note on Tuesday, August 18th. They set a "speculative buy" rating and a $20.00 target price for the company. Finally, Wall Street Zen cut Sunshine Silver Mining & Refining from a "hold" rating to a "sell" rating in a report on Saturday, August 15th. Five research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $18.92.

Sunshine Silver Mining & Refining Company Profile

Sunshine Silver Mining & Refining Company operates as a silver mining company principally in the United States. The company is the owner and developer of the Sunshine Mine and the Sunshine Silver/Copper Refinery. Sunshine Silver Mining & Refining Company is based in Kellogg, Idaho.

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