Hycroft Mining (NASDAQ:HYMC) Downgraded to "Strong Sell" Rating by Wall Street Zen

Key Points

• Hycroft Mining was downgraded by Wall Street Zen from “sell” to “strong sell”, reinforcing a broadly bearish analyst view. Weiss Ratings also reiterated a “sell (d-)” rating, and MarketBeat shows an overall average rating of Sell.
• The stock was down 1.1% and opened at $38.44, with shares trading near their 50-day moving average of $39.04. Hycroft also reported a larger-than-expected quarterly loss of $0.54 per share, missing estimates by $0.45.
• Insider activity was mixed: Rebecca Jennings sold shares, while major shareholder Eric Sprott bought 100,000 shares. Despite some recent buying, insiders own only 0.77% of the company and institutions own about 7.38%.

Hycroft Mining (NASDAQ:HYMC - Get Free Report) was downgraded by stock analysts at Wall Street Zen from a "sell" rating to a "strong sell" rating in a report released on Sunday.

Separately, Weiss Ratings restated a "sell (d-)" rating on shares of Hycroft Mining in a research note on Thursday, January 22nd. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock presently has an average rating of "Sell".

Hycroft Mining Stock Down 1.1%

NASDAQ:HYMC opened at $38.44 on Friday. The stock's 50-day simple moving average is $39.04 and its 200 day simple moving average is $28.59. Hycroft Mining has a twelve month low of $2.71 and a twelve month high of $58.73. The firm has a market capitalization of $3.51 billion, a PE ratio of -32.30 and a beta of 2.72.

Hycroft Mining (NASDAQ:HYMC - Get Free Report) last released its quarterly earnings results on Tuesday, April 28th. The company reported ($0.54) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.45).

Insider Transactions at Hycroft Mining

In other news, SVP Rebecca Jennings sold 9,071 shares of the stock in a transaction that occurred on Tuesday, March 17th. The shares were sold at an average price of $39.33, for a total transaction of $356,762.43. Following the completion of the transaction, the senior vice president directly owned 215,794 shares of the company's stock, valued at $8,487,178.02. This represents a 4.03% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Eric Sprott purchased 100,000 shares of the firm's stock in a transaction dated Friday, April 24th. The shares were bought at an average price of $37.84 per share, with a total value of $3,784,000.00. Following the purchase, the insider owned 37,403,704 shares in the company, valued at $1,415,356,159.36. The trade was a 0.27% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have purchased 550,000 shares of company stock valued at $22,583,500 in the last 90 days. 0.77% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Hycroft Mining

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. FNY Investment Advisers LLC raised its holdings in Hycroft Mining by 1,666.7% during the 4th quarter. FNY Investment Advisers LLC now owns 1,060 shares of the company's stock valued at $25,000 after acquiring an additional 1,000 shares during the period. Bank of America Corp DE lifted its holdings in Hycroft Mining by 166.6% during the 3rd quarter. Bank of America Corp DE now owns 4,060 shares of the company's stock worth $25,000 after purchasing an additional 2,537 shares in the last quarter. Contravisory Investment Management Inc. purchased a new stake in Hycroft Mining during the 1st quarter worth about $34,000. Hollencrest Capital Management bought a new position in Hycroft Mining in the 1st quarter worth about $35,000. Finally, Legacy Wealth Managment LLC ID purchased a new position in Hycroft Mining during the 1st quarter valued at about $44,000. 7.38% of the stock is currently owned by institutional investors.

Hycroft Mining Company Profile

Hycroft Mining PLC is a precious metals company focused on the exploration, development and operation of the Hycroft Mine, a large oxide gold and silver deposit in northwestern Nevada. The company’s primary activities include open-pit mining, heap leach extraction and carbon adsorption/desorption processing designed to recover gold and silver from crushed ore. Hycroft’s technical team employs conventional mining methods and metallurgical processes to advance resource conversion and optimize recovery rates.

Located on approximately 28,800 hectares in Humboldt County, Nevada, the Hycroft Mine ranks among the largest undeveloped oxide gold-silver deposits in North America.

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