McEwen (NYSE:MUX) Shares Gap Down - What's Next?

Key Points

• McEwen Inc. shares gapped down from $22.52 to $20.19 before trading, with the latest price at $19.30 and a trading volume of 727,456 shares.
• Analysts have mixed ratings on McEwen, with targets ranging from $21.50 to $25.00, and an average price target of $20.50.
• In recent insider activity, Director Richard W. Brissenden sold over 11,000 shares, reducing his stake by 54.36%, while institutional investors have shown increased purchasing behavior.

McEwen Inc. (NYSE:MUX - Get Free Report) TSE: MUX's share price gapped down prior to trading on Tuesday . The stock had previously closed at $22.52, but opened at $20.19. McEwen shares last traded at $19.30, with a volume of 727,456 shares changing hands.

Analysts Set New Price Targets

Several brokerages have weighed in on MUX. National Bankshares reissued an "outperform" rating on shares of McEwen in a report on Wednesday, July 16th. Roth Capital set a $23.00 price target on shares of McEwen in a research report on Thursday, October 9th. Canaccord Genuity Group set a $25.00 price objective on shares of McEwen and gave the company a "buy" rating in a report on Wednesday, October 15th. HC Wainwright raised their price objective on shares of McEwen from $17.00 to $21.50 and gave the company a "buy" rating in a research note on Friday, October 10th. Finally, Weiss Ratings reaffirmed a "sell (d+)" rating on shares of McEwen in a report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, McEwen presently has an average rating of "Moderate Buy" and an average price target of $20.50.

McEwen Trading Down 11.6%

The company has a market capitalization of $1.08 billion, a P/E ratio of -79.86 and a beta of 0.99. The business has a 50 day moving average price of $14.69 and a 200 day moving average price of $11.03. The company has a current ratio of 2.35, a quick ratio of 1.82 and a debt-to-equity ratio of 0.26.

McEwen (NYSE:MUX - Get Free Report) TSE: MUX last issued its quarterly earnings data on Wednesday, August 6th. The basic materials company reported $0.06 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.09 by ($0.03). McEwen had a negative net margin of 8.05% and a negative return on equity of 2.76%. The firm had revenue of $46.70 million for the quarter, compared to analyst estimates of $49.05 million. Analysts anticipate that McEwen Inc. will post -0.72 EPS for the current year.

Insider Activity

In related news, Director Richard W. Brissenden sold 11,203 shares of the company's stock in a transaction on Monday, September 22nd. The shares were sold at an average price of $14.89, for a total value of $166,812.67. Following the completion of the sale, the director owned 9,405 shares in the company, valued at $140,040.45. This represents a 54.36% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Ian J. Ball sold 2,656 shares of McEwen stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $10.49, for a total value of $27,861.44. The disclosure for this sale can be found here. Insiders have sold 77,192 shares of company stock worth $1,110,702 in the last 90 days. Corporate insiders own 16.10% of the company's stock.

Institutional Trading of McEwen

Large investors have recently bought and sold shares of the business. Tower Research Capital LLC TRC raised its holdings in McEwen by 17,204.9% during the 2nd quarter. Tower Research Capital LLC TRC now owns 10,556 shares of the basic materials company's stock worth $101,000 after buying an additional 10,495 shares during the period. SBI Securities Co. Ltd. increased its position in shares of McEwen by 9,935.0% during the first quarter. SBI Securities Co. Ltd. now owns 14,350 shares of the basic materials company's stock worth $108,000 after acquiring an additional 14,207 shares in the last quarter. Private Advisor Group LLC raised its holdings in shares of McEwen by 16.6% during the first quarter. Private Advisor Group LLC now owns 14,743 shares of the basic materials company's stock worth $111,000 after acquiring an additional 2,098 shares during the period. Pale Fire Capital SE bought a new stake in McEwen in the 2nd quarter valued at $119,000. Finally, Everstar Asset Management LLC acquired a new position in McEwen in the 1st quarter worth $128,000. 17.03% of the stock is owned by institutional investors.

About McEwen

McEwen Mining Inc engages in the exploration, development, production, and sale of gold and silver. It also explores for copper deposits. The company owns 100% interests in the El Gallo and Fenix projects located in Mexico; and the Black Fox Mine and Stock Mill, Grey Fox, and Froome and Tamarack properties in Canada.

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