Hycroft Mining (NASDAQ:HYMC) Shares Gap Down - Should You Sell?

Key Points

• Hycroft Mining shares fell sharply, opening at $21.77 versus a prior close of $22.69 and last trading near $21.27. The stock has a high beta of 2.83 and trades below its 50-day and 200-day moving averages.
• Analyst sentiment is mixed, with one Buy, one Hold and one Sell rating; the consensus view is “Hold” with a $25 price target. The company also missed its latest quarterly earnings estimate, reporting a loss of $0.23 per share versus an expected loss of $0.15.
• Hycroft is focused on exploring and evaluating its large gold and silver mine in Nevada rather than active production. Institutional investors own 7.38% of the company, with several firms recently initiating or increasing positions.

Hycroft Mining Holding Corporation (NASDAQ:HYMC - Get Free Report)'s share price gapped down prior to trading on Wednesday . The stock had previously closed at $22.69, but opened at $21.77. Hycroft Mining shares last traded at $21.2690, with a volume of 198,689 shares.

Analyst Ratings Changes

HYMC has been the topic of a number of research analyst reports. Zacks Research raised shares of Hycroft Mining to a "hold" rating in a research report on Monday, July 13th. Wall Street Zen raised shares of Hycroft Mining from a "strong sell" rating to a "sell" rating in a research report on Saturday, May 30th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Hycroft Mining in a research note on Friday, September 11th. Finally, B. Riley Financial started coverage on Hycroft Mining in a research report on Monday, August 3rd. They issued a "buy" rating and a $25.00 price target on the stock. One research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $25.00.

Hycroft Mining Price Performance

The firm's 50 day moving average price is $22.89 and its 200-day moving average price is $29.37. The stock has a market cap of $1.98 billion, a P/E ratio of -21.42 and a beta of 2.83.

Hycroft Mining (NASDAQ:HYMC - Get Free Report) last announced its quarterly earnings results on Monday, July 27th. The company reported ($0.23) earnings per share for the quarter, missing the consensus estimate of ($0.15) by ($0.08). On average, analysts expect that Hycroft Mining Holding Corporation will post -0.9 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Ninepoint Partners LP bought a new stake in Hycroft Mining during the second quarter valued at approximately $14,705,000. Amundi bought a new stake in shares of Hycroft Mining during the 1st quarter valued at $14,471,000. Renaissance Technologies LLC grew its position in shares of Hycroft Mining by 5.6% during the 1st quarter. Renaissance Technologies LLC now owns 303,264 shares of the company's stock valued at $10,675,000 after acquiring an additional 16,200 shares during the period. Cetera Investment Advisers increased its stake in shares of Hycroft Mining by 1.9% in the 1st quarter. Cetera Investment Advisers now owns 220,201 shares of the company's stock worth $7,751,000 after purchasing an additional 4,121 shares in the last quarter. Finally, Bank of America Corp DE raised its holdings in Hycroft Mining by 6,228.3% in the 1st quarter. Bank of America Corp DE now owns 100,999 shares of the company's stock worth $3,555,000 after purchasing an additional 99,403 shares during the period. Institutional investors own 7.38% of the company's stock.

About Hycroft Mining

Hycroft Mining Holding Corporation is a U.S.-based precious metals exploration and development company focused on the Hycroft Mine, a large open-pit gold and silver project in Humboldt County, Nevada, near Winnemucca. The company owns and operates the project through its subsidiary, Hycroft Mining Corporation.

The Hycroft Mine historically produced gold and silver using open-pit mining and heap-leach processing. Following a period of operations under previous ownership, mining activities were suspended, and Hycroft has since focused primarily on exploration, resource evaluation, metallurgical testing, and technical studies intended to assess potential future development and production options.

Hycroft's activities are concentrated in the United States, particularly at its Nevada property.

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