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

Key Points

• Hycroft Mining shares jumped at the open, rising from a prior close of $23.80 to $26.43 and last trading near $25.96 on volume of 592,267 shares.
• Analyst sentiment remains mixed, with ratings ranging from buy to sell; the overall consensus is “Hold” with a $25.00 price target. The company also missed quarterly EPS expectations, reporting a loss of $0.23 versus the forecasted $0.15 loss.
• Insiders sold nearly 100,000 shares worth $2.88 million during the latest quarter, while institutional ownership stands at 7.38%; the stock has a market capitalization of $2.39 billion and a beta of 2.78.

Hycroft Mining Holding Corporation (NASDAQ:HYMC - Get Free Report) gapped up prior to trading on Friday . The stock had previously closed at $23.80, but opened at $26.43. Hycroft Mining shares last traded at $25.9590, with a volume of 592,267 shares.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on HYMC shares. Weiss Ratings reissued a "sell (d-)" rating on shares of Hycroft Mining in a research report on Tuesday, June 16th. Wall Street Zen raised Hycroft Mining from a "strong sell" rating to a "sell" rating in a research note on Saturday, May 30th. B. Riley Financial began coverage on Hycroft Mining in a report on Monday. They set a "buy" rating and a $25.00 price objective on the stock. Finally, Zacks Research upgraded Hycroft Mining to a "hold" rating in a report on Monday, July 13th. One equities research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $25.00.

Hycroft Mining Price Performance

The firm has a fifty day moving average of $23.61 and a two-hundred day moving average of $33.65. The stock has a market capitalization of $2.39 billion, a P/E ratio of -25.91 and a beta of 2.78.

Hycroft Mining (NASDAQ:HYMC - Get Free Report) last issued its earnings results on Tuesday, July 28th. The company reported ($0.23) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.15) by ($0.08). As a group, sell-side analysts forecast that Hycroft Mining Holding Corporation will post -0.9 EPS for the current fiscal year.

Insider Buying and Selling at Hycroft Mining

In related news, SVP David Brian Thomas sold 25,000 shares of the business's stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $26.32, for a total value of $658,000.00. Following the completion of the transaction, the senior vice president owned 168,374 shares of the company's stock, valued at $4,431,603.68. The trade was a 12.93% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Diane R. Garrett sold 21,550 shares of the company's stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $31.50, for a total value of $678,825.00. Following the sale, the chief executive officer owned 928,352 shares of the company's stock, valued at approximately $29,243,088. This represents a 2.27% decrease in their position. 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 over the last quarter. 0.77% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in shares of Hycroft Mining by 150.2% during the 4th quarter. Vanguard Group Inc. now owns 2,835,578 shares of the company's stock worth $67,402,000 after purchasing an additional 1,702,288 shares during the last quarter. Franklin Resources Inc. purchased a new position in Hycroft Mining in the fourth quarter valued at about $39,815,000. Schroder Investment Management Group purchased a new position in Hycroft Mining in the fourth quarter valued at about $36,366,000. Tidal Investments LLC grew its stake in Hycroft Mining by 125.3% in the third quarter. Tidal Investments LLC now owns 1,566,287 shares of the company's stock valued at $9,711,000 after purchasing an additional 871,030 shares during the last quarter. Finally, UBS Group AG raised its holdings in Hycroft Mining by 711.9% in the third quarter. UBS Group AG now owns 945,022 shares of the company's stock worth $5,859,000 after purchasing an additional 828,625 shares in the last quarter. 7.38% of the stock is currently owned by hedge funds and other institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source