Sunshine Silver Mining & Refining Company (NYSE:SSMR) Sees Large Growth in Short Interest

Key Points

• Short interest surged 77% to 1.30 million shares as of September 15, representing 0.9% of shares outstanding and 3.9 days of average trading volume.
• Several institutional investors initiated positions during the second quarter, including Amundi’s approximately $17.3 million investment and additional stakes from Groupe la Francaise, Moore Capital, and others.
• Analyst sentiment is broadly positive, with a consensus “Moderate Buy” rating and a $19.08 price target, although the company missed quarterly earnings expectations and its shares were trading at $14.89.

Sunshine Silver Mining & Refining Company (NYSE:SSMR - Get Free Report) was the recipient of a large increase in short interest in the month of September. As of September 15th, there was short interest totaling 1,300,688 shares, an increase of 77.0% from the August 31st total of 734,894 shares. Based on an average daily trading volume, of 336,659 shares, the short-interest ratio is currently 3.9 days. Currently, 0.9% of the company's stock are short sold.

Institutional Investors Weigh In On Sunshine Silver Mining & Refining

A number of large investors have recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company purchased a new position in Sunshine Silver Mining & Refining in the 2nd quarter valued at about $795,000. Squarepoint Ops LLC purchased a new stake in shares of Sunshine Silver Mining & Refining during the second quarter worth about $318,000. Amundi acquired a new position in shares of Sunshine Silver Mining & Refining in the second quarter worth about $17,259,000. Groupe la Francaise acquired a new position in shares of Sunshine Silver Mining & Refining in the second quarter worth about $3,969,000. Finally, Moore Capital Management LP purchased a new position in Sunshine Silver Mining & Refining in the second quarter valued at about $3,966,000.

Wall Street Analyst Weigh In

SSMR has been the topic of a number of recent analyst reports. Citigroup began coverage on Sunshine Silver Mining & Refining in a report on Monday, June 29th. They issued a "buy" rating and a $18.00 price objective on the stock. Canaccord Genuity Group began coverage on Sunshine Silver Mining & Refining in a research note on Tuesday, August 18th. They set a "speculative buy" rating and a $20.00 price target for the company. Morgan Stanley assumed coverage on Sunshine Silver Mining & Refining in a research note on Monday, June 29th. They issued an "overweight" rating and a $23.00 price target on the stock. BMO Capital Markets began coverage on shares of Sunshine Silver Mining & Refining in a research report on Monday, June 29th. They set an "outperform" rating and a $16.50 target price on the stock. Finally, Zacks Research raised Sunshine Silver Mining & Refining to a "hold" rating in a research note on Tuesday, June 30th. Five investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Sunshine Silver Mining & Refining currently has an average rating of "Moderate Buy" and a consensus target price of $19.08.

Sunshine Silver Mining & Refining Price Performance

Shares of NYSE SSMR remained flat at $14.89 during trading on Tuesday. 251,976 shares of the stock traded hands, compared to its average volume of 328,901. The business's 50-day moving average price is $16.32. Sunshine Silver Mining & Refining has a one year low of $12.51 and a one year high of $19.61.

Sunshine Silver Mining & Refining (NYSE:SSMR - Get Free Report) last issued its earnings results on Wednesday, August 12th. The company reported ($0.13) earnings per share for the quarter, missing analysts' consensus estimates of ($0.07) by ($0.06). On average, sell-side analysts forecast that Sunshine Silver Mining & Refining will post -0.44 earnings per share for the current fiscal year.

Sunshine Silver Mining & Refining Company Profile

Sunshine Silver Mining & Refining Company operates as a silver mining company principally in the United States. The company is the owner and developer of the Sunshine Mine and the Sunshine Silver/Copper Refinery. Sunshine Silver Mining & Refining Company is based in Kellogg, Idaho.

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