Hycroft Mining (NASDAQ:HYMC) Shares Gap Down - Here's What Happened

Key Points

• Hycroft Mining shares gapped down on Thursday, opening at $20.45 after closing at $21.70 and last trading around $20.51, reflecting a drop of about 6%.
• Analyst sentiment is mixed but leans cautious: the stock currently has a consensus rating of Hold with an average target price of $28.00, though B. Riley recently initiated coverage with a Buy rating and $28 target.
• The company has shown weak recent fundamentals, including a quarterly EPS miss of $0.54 versus the expected loss of $0.09, while insiders have also been selling shares in recent months.

Hycroft Mining Holding Corporation (NASDAQ:HYMC - Get Free Report) gapped down prior to trading on Thursday . The stock had previously closed at $21.70, but opened at $20.45. Hycroft Mining shares last traded at $20.5050, with a volume of 199,358 shares trading hands.

Analyst Upgrades and Downgrades

A number of analysts have commented on the company. Zacks Research upgraded Hycroft Mining to a "hold" rating in a research report on Monday, July 13th. Wall Street Zen upgraded Hycroft Mining from a "strong sell" rating to a "sell" rating in a research report on Saturday, May 30th. B. Riley Financial initiated coverage on shares of Hycroft Mining in a research report on Friday, July 10th. They issued a "buy" rating and a $28.00 price objective on the stock. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Hycroft Mining in a research note on Tuesday, June 16th. One investment analyst has rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $28.00.

Hycroft Mining Trading Down 6.0%

The firm's 50 day moving average is $26.46 and its two-hundred day moving average is $34.37. The stock has a market cap of $1.86 billion, a price-to-earnings ratio of -17.12 and a beta of 2.71.

Hycroft Mining (NASDAQ:HYMC - Get Free Report) last released its quarterly earnings results on Monday, April 27th. The company reported ($0.54) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.45). As a group, equities analysts expect that Hycroft Mining Holding Corporation will post -0.9 EPS for the current fiscal year.

Insider Buying and Selling

In related news, SVP David Brian Thomas sold 25,000 shares of the stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $26.32, for a total transaction of $658,000.00. Following the transaction, the senior vice president directly owned 168,374 shares in the company, valued at approximately $4,431,603.68. This represents a 12.93% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Diane R. Garrett sold 21,550 shares of the firm's stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $31.50, for a total value of $678,825.00. Following the completion of the sale, the chief executive officer directly owned 928,352 shares in the company, valued at approximately $29,243,088. The trade was a 2.27% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 99,873 shares of company stock worth $2,884,778 in the last three months. 0.77% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Hycroft Mining

Several hedge funds have recently modified their holdings of the stock. Lincoln Capital Corp purchased a new stake in Hycroft Mining during the 4th quarter worth $952,000. SG Americas Securities LLC acquired a new position in shares of Hycroft Mining during the fourth quarter worth about $320,000. UBS Group AG boosted its position in shares of Hycroft Mining by 5.4% in the fourth quarter. UBS Group AG now owns 996,148 shares of the company's stock worth $23,678,000 after buying an additional 51,126 shares during the period. Foundations Investment Advisors LLC purchased a new stake in shares of Hycroft Mining in the fourth quarter worth about $2,574,000. Finally, Vanguard Group Inc. grew its stake in shares of Hycroft Mining by 150.2% in the fourth quarter. Vanguard Group Inc. now owns 2,835,578 shares of the company's stock valued at $67,402,000 after buying an additional 1,702,288 shares in the last quarter. 7.38% of the stock is owned by institutional investors and hedge funds.

About Hycroft Mining

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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