Sunshine Silver Mining & Refining (NYSE:SSMR) Shares Gap Down Following Weak Earnings

Key Points

• Sunshine Silver Mining & Refining missed quarterly earnings expectations: It reported a loss of $0.15 per share versus analysts’ forecast of a $0.14 loss.
• Shares opened at $12.94, down from the prior close of $13.51, and last traded at $13.18.
• Analyst views were mixed, but the consensus rating remained “Moderate Buy,” with an average price target of $18.58.

Shares of Sunshine Silver Mining & Refining Company (NYSE:SSMR - Get Free Report) gapped down prior to trading on Friday following a dissappointing earnings announcement. The stock had previously closed at $13.51, but opened at $12.94. Sunshine Silver Mining & Refining shares last traded at $13.18, with a volume of 26,412 shares trading hands.

The company reported ($0.15) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.14) by ($0.01).

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Wall Street Zen cut Sunshine Silver Mining & Refining from a "hold" rating to a "sell" rating in a report on Saturday, August 15th. Canaccord Genuity Group initiated coverage on Sunshine Silver Mining & Refining in a research note on Tuesday, August 18th. They issued a "speculative buy" rating and a $20.00 price objective on the stock. Weiss Ratings initiated coverage on Sunshine Silver Mining & Refining in a report on Monday, August 31st. They set a "sell (d)" rating on the stock. Royal Bank Of Canada increased their target price on Sunshine Silver Mining & Refining from $15.00 to $16.00 and gave the stock a "sector perform" rating in a report on Wednesday, September 16th. Finally, Morgan Stanley lowered their target price on Sunshine Silver Mining & Refining from $23.00 to $20.00 and set an "overweight" rating for the company in a research note on Wednesday, October 7th. Five analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Sunshine Silver Mining & Refining currently has a consensus rating of "Moderate Buy" and a consensus target price of $18.58.

Hedge Funds Weigh In On Sunshine Silver Mining & Refining

A number of large investors have recently modified their holdings of SSMR. Amundi acquired a new stake in shares of Sunshine Silver Mining & Refining in the second quarter valued at approximately $17,259,000. Groupe la Francaise bought a new position in Sunshine Silver Mining & Refining in the 2nd quarter worth approximately $3,969,000. Moore Capital Management LP bought a new position in Sunshine Silver Mining & Refining in the 2nd quarter worth approximately $3,966,000. Ninepoint Partners LP bought a new position in Sunshine Silver Mining & Refining in the 2nd quarter worth approximately $9,254,000. Finally, Van ECK Associates Corp acquired a new position in Sunshine Silver Mining & Refining during the 2nd quarter worth $13,373,000.

Sunshine Silver Mining & Refining Stock Down 1.0%

The stock has a fifty day simple moving average of $14.54.

Sunshine Silver Mining & Refining Company Profile

Sunshine Silver Mining & Refining is a silver-focused mining company associated with the Sunshine Mine in Idaho and the Los Gatos silver project in Chihuahua, Mexico. Its business centers on developing and advancing silver mining assets. The Sunshine Mine is a historic silver property in Idaho's Silver Valley. The company has also pursued development of the Los Gatos project, which is part of a mineral-rich district in northern Mexico.

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