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

Key Points

• Hycroft Mining shares gapped up before Tuesday’s trading, opening at $21.85 after closing at $20.43 and later trading around $21.98, on volume of 168,068 shares.
• Analyst sentiment remains mixed, with B. Riley initiating coverage at a Buy and $28 price target, while other firms kept Sell ratings; the overall consensus is Hold with a $28 target.
• The company recently reported wider-than-expected quarterly losses, posting EPS of ($0.54) versus the expected ($0.09), while insiders have also been selling shares in recent weeks.

Hycroft Mining Holding Corporation (NASDAQ:HYMC - Get Free Report)'s share price gapped up prior to trading on Tuesday . The stock had previously closed at $20.43, but opened at $21.85. Hycroft Mining shares last traded at $21.9760, with a volume of 168,068 shares traded.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. B. Riley Financial initiated coverage on shares of Hycroft Mining in a research note on Friday. They set a "buy" rating and a $28.00 price objective for the company. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Hycroft Mining in a report on Tuesday, June 16th. Finally, Wall Street Zen upgraded Hycroft Mining from a "strong sell" rating to a "sell" rating in a report on Saturday, May 30th. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, Hycroft Mining currently has an average rating of "Hold" and a consensus target price of $28.00.

Hycroft Mining Stock Up 5.7%

The firm has a market cap of $1.97 billion, a PE ratio of -18.11 and a beta of 2.71. The stock has a 50 day moving average price of $29.34 and a two-hundred day moving average price of $34.57.

Hycroft Mining (NASDAQ:HYMC - Get Free Report) last announced its quarterly earnings data on Monday, April 27th. The company reported ($0.54) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.45).

Insiders Place Their Bets

In other news, CEO Diane R. Garrett sold 21,550 shares of Hycroft Mining stock in a transaction on Thursday, June 4th. The shares were sold at an average price of $31.50, for a total transaction 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 transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Rebecca Jennings sold 15,329 shares of the business's stock in a transaction on Friday, June 12th. The shares were sold at an average price of $26.25, for a total transaction of $402,386.25. Following the sale, the senior vice president directly owned 202,498 shares in the company, valued at $5,315,572.50. This trade represents a 7.04% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 99,873 shares of company stock valued at $2,884,778. Corporate insiders own 0.77% of the company's stock.

Institutional Trading of Hycroft Mining

Several large investors have recently added to or reduced their stakes in HYMC. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Hycroft Mining by 11.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 459,896 shares of the company's stock valued at $1,490,000 after purchasing an additional 47,385 shares during the period. Jane Street Group LLC acquired a new stake in shares of Hycroft Mining during the first quarter worth about $124,000. Geode Capital Management LLC lifted its holdings in shares of Hycroft Mining by 1.4% during the second quarter. Geode Capital Management LLC now owns 227,603 shares of the company's stock worth $713,000 after purchasing an additional 3,146 shares during the period. XTX Topco Ltd acquired a new stake in shares of Hycroft Mining during the second quarter worth about $101,000. Finally, Shay Capital LLC boosted its position in Hycroft Mining by 100.2% in the second quarter. Shay Capital LLC now owns 246,627 shares of the company's stock valued at $772,000 after buying an additional 123,453 shares during the last quarter. Hedge funds and other institutional investors own 7.38% of the company's stock.

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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