SSR Mining (NASDAQ:SSRM) Shares Gap Down - Here's What Happened

SSR Mining Inc. (NASDAQ:SSRM - Get Free Report) TSE: SSO's share price gapped down prior to trading on Monday . The stock had previously closed at $11.59, but opened at $11.09. SSR Mining shares last traded at $10.59, with a volume of 531,525 shares traded.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. Cormark upgraded shares of SSR Mining from a "hold" rating to a "moderate buy" rating in a research note on Tuesday, April 22nd. Royal Bank of Canada raised shares of SSR Mining from an "underperform" rating to a "sector perform" rating and raised their price target for the company from $5.50 to $8.00 in a report on Wednesday, February 5th. National Bank Financial raised shares of SSR Mining to a "hold" rating in a report on Friday, March 21st. National Bankshares reissued a "sector perform" rating on shares of SSR Mining in a report on Wednesday, April 23rd. Finally, CIBC raised their target price on shares of SSR Mining from $8.25 to $9.75 and gave the stock a "neutral" rating in a research note on Wednesday, February 19th. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $10.03.

SSR Mining Trading Down 1.8%

The stock's 50 day moving average is $10.50 and its two-hundred day moving average is $8.60. The company has a market capitalization of $2.18 billion, a PE ratio of -8.33, a price-to-earnings-growth ratio of 0.37 and a beta of -0.15. The company has a quick ratio of 1.97, a current ratio of 4.70 and a debt-to-equity ratio of 0.08.

SSR Mining (NASDAQ:SSRM - Get Free Report) TSE: SSO last released its quarterly earnings results on Tuesday, May 6th. The basic materials company reported $0.29 EPS for the quarter, beating the consensus estimate of $0.08 by $0.21. The business had revenue of $303.43 million during the quarter, compared to analyst estimates of $332.64 million. SSR Mining had a negative net margin of 26.24% and a positive return on equity of 1.46%. As a group, sell-side analysts predict that SSR Mining Inc. will post 0.73 EPS for the current fiscal year.

Hedge Funds Weigh In On SSR Mining

Hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its stake in SSR Mining by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 10,346,480 shares of the basic materials company's stock valued at $72,216,000 after acquiring an additional 71,364 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of SSR Mining by 21.8% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,079,816 shares of the basic materials company's stock valued at $70,265,000 after purchasing an additional 1,802,821 shares during the period. Cibc World Market Inc. grew its position in shares of SSR Mining by 22.1% during the fourth quarter. Cibc World Market Inc. now owns 3,730,876 shares of the basic materials company's stock worth $25,967,000 after buying an additional 674,793 shares in the last quarter. Federated Hermes Inc. grew its position in shares of SSR Mining by 53.9% during the fourth quarter. Federated Hermes Inc. now owns 3,671,138 shares of the basic materials company's stock worth $25,551,000 after buying an additional 1,285,347 shares in the last quarter. Finally, Tidal Investments LLC grew its position in shares of SSR Mining by 14.7% during the fourth quarter. Tidal Investments LLC now owns 3,174,367 shares of the basic materials company's stock worth $22,094,000 after buying an additional 407,920 shares in the last quarter. Institutional investors and hedge funds own 68.30% of the company's stock.

SSR Mining Company Profile

SSR Mining Inc, together with its subsidiaries, engages in the operation, acquisition, exploration, and development of precious metal resource properties in the United States, Türkiye, Canada, and Argentina. The company explores for gold doré, copper, silver, lead, and zinc deposits. Its mines include the Çöpler, located in Erzincan province, Turkey; the Marigold, located in Nevada, the United States; the Seabee, located in Saskatchewan, Canada; and the Puna, located in Jujuy province, Argentina.