Hycroft Mining (NASDAQ:HYMC) Trading 10.5% Higher - Here's What Happened

Key Points

• Hycroft Mining shares jumped 10.5% to approximately $23.90, though trading volume was 85% below the average session volume.
• Analyst sentiment remains mixed: ratings include Buy, Hold, and Sell, producing an overall “Hold” consensus and an average price target of $25.00.
• The company reported a quarterly loss of $0.23 per share, missing estimates by $0.08, while insiders sold nearly 100,000 shares worth approximately $2.9 million over the past 90 days.

Shares of Hycroft Mining Holding Corporation (NASDAQ:HYMC - Get Free Report) shot up 10.5% on Wednesday . The company traded as high as $23.63 and last traded at $23.8950. Approximately 464,785 shares changed hands during trading, a decline of 85% from the average session volume of 3,074,158 shares. The stock had previously closed at $21.63.

Analyst Upgrades and Downgrades

A number of research firms have commented on HYMC. Wall Street Zen raised Hycroft Mining from a "strong sell" rating to a "sell" rating in a report on Saturday, May 30th. Zacks Research raised shares of Hycroft Mining to a "hold" rating in a research note on Monday, July 13th. B. Riley Financial started coverage on shares of Hycroft Mining in a report on Monday, August 3rd. They issued a "buy" rating and a $25.00 price target for the company. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Hycroft Mining in a report on Tuesday, June 16th. One analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $25.00.

Hycroft Mining Stock Performance

The business has a 50-day moving average of $23.06 and a 200 day moving average of $31.65. The stock has a market cap of $2.13 billion, a PE ratio of -23.04 and a beta of 2.83.

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

Insider Activity

In other Hycroft Mining news, SVP Rebecca Jennings sold 15,329 shares of the business's stock in a transaction on Friday, June 12th. The stock was sold at an average price of $26.25, for a total value of $402,386.25. Following the completion of the transaction, the senior vice president directly owned 202,498 shares in the company, valued at approximately $5,315,572.50. The trade was a 7.04% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Diane R. Garrett sold 21,550 shares of the 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 transaction, the chief executive officer directly owned 928,352 shares in the company, valued at approximately $29,243,088. This represents a 2.27% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 99,873 shares of company stock worth $2,884,778. 0.77% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Hycroft Mining

Several institutional investors have recently added to or reduced their stakes in the business. Bank of America Corp DE lifted its position in Hycroft Mining by 166.6% during the third quarter. Bank of America Corp DE now owns 4,060 shares of the company's stock worth $25,000 after buying an additional 2,537 shares during the period. Contravisory Investment Management Inc. purchased a new stake in Hycroft Mining in the 1st quarter valued at about $34,000. Hollencrest Capital Management acquired a new position in shares of Hycroft Mining during the 1st quarter valued at about $35,000. FNY Investment Advisers LLC increased its stake in shares of Hycroft Mining by 50.0% during the 2nd quarter. FNY Investment Advisers LLC now owns 1,500 shares of the company's stock valued at $35,000 after acquiring an additional 500 shares during the last quarter. Finally, Legacy Wealth Managment LLC ID purchased a new position in shares of Hycroft Mining during the 1st quarter worth about $44,000. 7.38% of the stock is currently owned by institutional investors and hedge funds.

Hycroft Mining Company Profile

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.

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