SSR Mining (NASDAQ:SSRM) Shares Gap Down – Here’s Why

SSR Mining Inc. (NASDAQ:SSRM) (TSE:SSO)’s stock price gapped down prior to trading on Monday . The stock had previously closed at $5.91, but opened at $5.73. SSR Mining shares last traded at $5.79, with a volume of 121,341 shares.

Analysts Set New Price Targets

Separately, UBS Group increased their target price on shares of SSR Mining from $6.30 to $6.80 and gave the company a “buy” rating in a report on Tuesday, October 15th. One equities research analyst has rated the stock with a sell rating, five have assigned 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 price target of $5.18.

SSR Mining Stock Performance

The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.97 and a current ratio of 3.91. The firm has a market capitalization of $1.18 billion, a price-to-earnings ratio of -2.41, a price-to-earnings-growth ratio of 0.92 and a beta of 0.72. The stock’s fifty day moving average is $5.88 and its two-hundred day moving average is $5.37.

Institutional Investors Weigh In On SSR Mining

Several hedge funds and other institutional investors have recently modified their holdings of SSRM. HighTower Advisors LLC lifted its stake in SSR Mining by 24.8% during the third quarter. HighTower Advisors LLC now owns 13,163 shares of the basic materials company’s stock worth $75,000 after purchasing an additional 2,619 shares during the last quarter. Quantinno Capital Management LP boosted its holdings in shares of SSR Mining by 9.8% in the 3rd quarter. Quantinno Capital Management LP now owns 31,107 shares of the basic materials company’s stock valued at $177,000 after buying an additional 2,788 shares during the period. Principal Financial Group Inc. boosted its holdings in shares of SSR Mining by 23.3% in the 2nd quarter. Principal Financial Group Inc. now owns 19,899 shares of the basic materials company’s stock valued at $90,000 after buying an additional 3,760 shares during the period. Quarry LP raised its stake in SSR Mining by 119.7% during the second quarter. Quarry LP now owns 10,368 shares of the basic materials company’s stock worth $47,000 after acquiring an additional 5,649 shares during the period. Finally, Cadence Wealth Management LLC raised its stake in SSR Mining by 17.1% during the second quarter. Cadence Wealth Management LLC now owns 47,068 shares of the basic materials company’s stock worth $213,000 after acquiring an additional 6,860 shares during the period. Institutional investors 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.