SSR Mining Inc. (NASDAQ:SSRM) Short Interest Down 18.8% in March

SSR Mining Inc. (NASDAQ:SSRM) (TSE:SSO) was the target of a large drop in short interest in March. As of March 15th, there was short interest totalling 6,250,000 shares, a drop of 18.8% from the February 28th total of 7,700,000 shares. Based on an average trading volume of 2,740,000 shares, the short-interest ratio is currently 2.3 days. Approximately 3.1% of the company’s stock are short sold.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on SSRM. UBS Group boosted their price target on shares of SSR Mining from $7.15 to $12.05 and gave the company a “buy” rating in a research report on Tuesday, February 18th. Royal Bank of Canada raised SSR Mining from an “underperform” rating to a “sector perform” rating and upped their target price for the company from $5.50 to $8.00 in a research report on Wednesday, February 5th. National Bank Financial upgraded SSR Mining to a “hold” rating in a research note on Friday, March 21st. CIBC increased their price objective on SSR Mining from $8.25 to $9.75 and gave the company a “neutral” rating in a report on Wednesday, February 19th. Finally, StockNews.com upgraded shares of SSR Mining from a “sell” rating to a “hold” rating in a research report on Friday, January 17th. Four investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, SSR Mining presently has a consensus rating of “Hold” and a consensus target price of $9.93.

Hedge Funds Weigh In On SSR Mining

Several hedge funds and other institutional investors have recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of SSR Mining by 21.8% during 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. Federated Hermes Inc. lifted its stake in shares of SSR Mining by 53.9% in the 4th quarter. Federated Hermes Inc. now owns 3,671,138 shares of the basic materials company’s stock worth $25,551,000 after acquiring an additional 1,285,347 shares during the period. Cibc World Market Inc. raised its holdings in 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 purchasing an additional 674,793 shares in the last quarter. Two Sigma Advisers LP boosted its stake in SSR Mining by 16.2% during the third quarter. Two Sigma Advisers LP now owns 3,320,384 shares of the basic materials company’s stock valued at $18,860,000 after buying an additional 462,000 shares in the last quarter. Finally, Tidal Investments LLC grew its holdings in shares of SSR Mining by 14.7% in the 4th quarter. Tidal Investments LLC now owns 3,174,367 shares of the basic materials company’s stock worth $22,094,000 after acquiring an additional 407,920 shares during the last quarter. Institutional investors and hedge funds own 68.30% of the company’s stock.

SSR Mining Price Performance

SSR Mining stock traded up $0.11 during mid-day trading on Wednesday, reaching $10.10. The company had a trading volume of 1,046,437 shares, compared to its average volume of 2,802,724. SSR Mining has a 1 year low of $4.32 and a 1 year high of $11.48. The company has a market capitalization of $2.04 billion, a P/E ratio of -7.83, a P/E/G ratio of 0.37 and a beta of 0.53. The stock’s 50-day simple moving average is $9.69 and its 200-day simple moving average is $7.54. The company has a debt-to-equity ratio of 0.08, a current ratio of 4.70 and a quick ratio of 1.97.

SSR Mining (NASDAQ:SSRM) (TSE:SSO) last released its quarterly earnings data on Tuesday, February 18th. The basic materials company reported $0.10 EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.08). The firm had revenue of $323.19 million for the quarter, compared to analyst estimates of $262.20 million. SSR Mining had a positive return on equity of 1.46% and a negative net margin of 26.24%. On average, equities analysts predict that SSR Mining will post 0.73 EPS for the current year.

About SSR Mining

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.