Santacruz Silver Mining (NASDAQ:SCZM) Shares Up 5.5% - Here's What Happened

Key Points

• Santacruz Silver Mining shares rose 5.5% to $9.4150 in Friday’s trading, while volume was about 60% below its average daily level.
• Analyst sentiment is mixed: Maxim maintained a “Buy” rating but cut its price target to $10, while Weiss Ratings and Wall Street Zen downgraded the stock to “Hold.” The overall consensus is “Hold,” with an average price target of $10.
• The company reported quarterly EPS of $0.02, well below the $0.37 consensus estimate, and revenue of $113.46 million versus expectations of $135 million. Several institutional investors nevertheless initiated positions during the second quarter.

Shares of Santacruz Silver Mining (NASDAQ:SCZM - Get Free Report) rose 5.5% during mid-day trading on Friday. The stock traded as high as $9.41 and last traded at $9.4150. Approximately 211,922 shares traded hands during trading, a decline of 60% from the average daily volume of 528,477 shares. The stock had previously closed at $8.92.

Analyst Ratings Changes

A number of brokerages have weighed in on SCZM. Maxim Group dropped their target price on shares of Santacruz Silver Mining from $12.00 to $10.00 and set a "buy" rating on the stock in a report on Friday, July 17th. Weiss Ratings lowered shares of Santacruz Silver Mining from a "hold (c+)" rating to a "hold (c)" rating in a report on Wednesday, September 2nd. Finally, Wall Street Zen lowered shares of Santacruz Silver Mining from a "buy" rating to a "hold" rating in a research note on Saturday, August 29th. One analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, Santacruz Silver Mining currently has an average rating of "Hold" and an average price target of $10.00.

Santacruz Silver Mining Stock Performance

The stock has a 50-day moving average price of $8.54. The stock has a market cap of $882.66 million and a PE ratio of 29.61.

Santacruz Silver Mining (NASDAQ:SCZM - Get Free Report) last issued its quarterly earnings data on Friday, August 14th. The company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.37 by ($0.35). Santacruz Silver Mining had a return on equity of 21.55% and a net margin of 9.97%.The business had revenue of $113.46 million for the quarter, compared to analyst estimates of $135.00 million. Sell-side analysts expect that Santacruz Silver Mining will post 1.06 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of SCZM. Susquehanna International Group LLP bought a new stake in shares of Santacruz Silver Mining during the second quarter valued at about $401,000. Squarepoint Ops LLC bought a new position in Santacruz Silver Mining in the 2nd quarter valued at about $238,000. NewEdge Advisors LLC acquired a new position in Santacruz Silver Mining during the 2nd quarter valued at about $212,000. Engineers Gate Manager LP bought a new stake in shares of Santacruz Silver Mining during the 2nd quarter worth about $148,000. Finally, Tidal Investments LLC bought a new stake in shares of Santacruz Silver Mining during the 2nd quarter worth about $122,000.

Santacruz Silver Mining Company Profile

Santacruz Silver Mining Ltd. is a Canadian mining company focused on the acquisition, exploration, development and operation of silver and polymetallic properties. The company produces silver along with lead, zinc and other associated metals from its mining operations and processing facilities.

Santacruz's principal operating activities are located in Mexico, a country with a long-established mining industry. Its portfolio has included the Zimapan mining complex in Hidalgo, the Rosario mine in San Luis Potosí and the Veta Grande project in Zacatecas.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.