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

Key Points

• Shares gapped down — HYMC opened at $47.34 after closing at $49.59 and was last at $47.55 on heavy volume of about 2.21 million shares.
• Analysts maintain a consensus "Sell" rating on the stock, though Wall Street Zen recently upgraded its view to "Hold" and Weiss Ratings reiterated a "Sell (D-)".
• Major shareholder Eric Sprott bought 2,340,824 shares at $10.30 each (~$24.1M), boosting his stake to roughly 29.47M shares amid insiders purchasing about 5.46M shares over the past 90 days.

Shares of Hycroft Mining Holding Corporation (NASDAQ:HYMC - Get Free Report) gapped down before the market opened on Tuesday . The stock had previously closed at $49.59, but opened at $47.34. Hycroft Mining shares last traded at $47.5530, with a volume of 2,210,790 shares changing hands.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Wall Street Zen raised Hycroft Mining from a "sell" rating to a "hold" rating in a research note on Saturday, November 1st. Weiss Ratings reiterated a "sell (d-)" rating on shares of Hycroft Mining in a research note on Thursday. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the company presently has a consensus rating of "Sell".

Hycroft Mining Stock Up 5.9%

The firm's 50 day moving average price is $22.06 and its two-hundred day moving average price is $11.50. The firm has a market capitalization of $4.36 billion, a PE ratio of -32.35 and a beta of 2.64. The company has a quick ratio of 18.87, a current ratio of 19.04 and a debt-to-equity ratio of 2.83.

Hycroft Mining (NASDAQ:HYMC - Get Free Report) last announced its earnings results on Tuesday, October 28th. The company reported ($0.22) earnings per share for the quarter, beating the consensus estimate of ($0.24) by $0.02.

Insider Buying and Selling

In other Hycroft Mining news, major shareholder Eric Sprott acquired 2,340,824 shares of the company's stock in a transaction on Wednesday, December 3rd. The shares were bought at an average cost of $10.30 per share, for a total transaction of $24,110,487.20. Following the acquisition, the insider directly owned 29,466,352 shares of the company's stock, valued at $303,503,425.60. This trade represents a 8.63% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders bought a total of 5,455,824 shares of company stock valued at $73,819,837 over the last ninety days. Corporate insiders own 1.31% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in HYMC. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Hycroft Mining by 11.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 459,896 shares of the company's stock valued at $1,490,000 after acquiring an additional 47,385 shares in the last quarter. Jane Street Group LLC acquired a new stake in shares of Hycroft Mining during the first quarter worth $124,000. Timelo Investment Management Inc. bought a new position in shares of Hycroft Mining in the 2nd quarter worth about $470,000. Geode Capital Management LLC lifted its position in shares of Hycroft Mining by 1.4% in the 2nd quarter. Geode Capital Management LLC now owns 227,603 shares of the company's stock worth $713,000 after buying an additional 3,146 shares during the last quarter. Finally, XTX Topco Ltd acquired a new position in shares of Hycroft Mining in the 2nd quarter valued at about $101,000. Institutional investors and hedge funds own 7.38% of the company's stock.

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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