McEwen (NYSE:MUX) Shares Gap Up - Time to Buy?

Key Points

• McEwen's share price gapped up significantly, opening at $22.95 from a previous close of $21.51, with last trades at $24.71 and a volume of 1.15 million shares.
• Wall Street analysts have mixed opinions on McEwen, with ratings ranging from Strong Buy to Sell, and varying target prices between $21.50 and $25.00.
• The company reported disappointing quarterly earnings, missing EPS estimates and generating revenue lower than expected, reflecting a negative return on equity of 2.76%.

McEwen Inc. (NYSE:MUX - Get Free Report) TSE: MUX's share price gapped up before the market opened on Thursday . The stock had previously closed at $21.51, but opened at $22.95. McEwen shares last traded at $24.71, with a volume of 1,151,115 shares trading hands.

Wall Street Analyst Weigh In

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

McEwen Price Performance

The business's 50 day moving average is $13.98 and its two-hundred day moving average is $10.67. The firm has a market cap of $1.29 billion, a P/E ratio of -94.99 and a beta of 0.99. The company has a quick ratio of 1.82, a current ratio of 2.35 and a debt-to-equity ratio of 0.26.

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

Insider Buying and Selling at McEwen

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

Institutional Trading of McEwen

Hedge funds and other institutional investors have recently modified their holdings of the business. Tower Research Capital LLC TRC raised its position in shares of McEwen by 17,204.9% in the second quarter. Tower Research Capital LLC TRC now owns 10,556 shares of the basic materials company's stock valued at $101,000 after purchasing an additional 10,495 shares during the period. SBI Securities Co. Ltd. increased its holdings in McEwen by 9,935.0% during the 1st 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 during the period. Private Advisor Group LLC increased its holdings in McEwen by 16.6% during the 1st 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 during the 2nd quarter worth approximately $119,000. Finally, Everstar Asset Management LLC bought a new stake in McEwen during the 1st quarter worth approximately $128,000. Institutional investors own 17.03% of the company's stock.

McEwen Company Profile

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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