Zacks Investment Research Downgrades SSR Mining (NASDAQ:SSRM) to Hold

SSR Mining (NASDAQ:SSRM) (TSE:SSO) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Wednesday, Zacks.com reports.

According to Zacks, “SSR Mining Inc. is a mining company. It focused on the operation, development, exploration and acquisition of precious metal projects. The company primarily explores for gold, silver, and mineral properties. It principally serves electronics, coin fabrication, dentistry, jewelry, other industrial, technology, pharmaceuticals and solar energy markets. SSR Mining Inc, formerly known as Silver Standard Resources Inc, is based in Vancouver, Canada. “

SSRM has been the topic of a number of other reports. B. Riley increased their target price on shares of SSR Mining from $16.70 to $18.70 and gave the stock a “neutral” rating in a report on Monday, September 9th. Citigroup upped their price target on shares of SSR Mining from $14.00 to $16.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 11th. BidaskClub lowered shares of SSR Mining from a “buy” rating to a “hold” rating in a research report on Tuesday, September 17th. TheStreet upgraded shares of SSR Mining from a “c” rating to a “b-” rating in a research report on Monday, August 12th. Finally, BMO Capital Markets increased their target price on shares of SSR Mining to $19.50 and gave the company an “outperform” rating in a research report on Tuesday, July 23rd. Five research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $17.31.

Shares of NASDAQ:SSRM traded down $0.49 on Wednesday, reaching $15.38. 214,567 shares of the company’s stock were exchanged, compared to its average volume of 1,174,025. The firm has a market capitalization of $1.91 billion, a price-to-earnings ratio of 66.65 and a beta of -0.36. SSR Mining has a fifty-two week low of $8.43 and a fifty-two week high of $17.56. The business’s 50-day moving average is $15.84 and its two-hundred day moving average is $13.58. The company has a quick ratio of 2.91, a current ratio of 4.02 and a debt-to-equity ratio of 0.15.

SSR Mining (NASDAQ:SSRM) (TSE:SSO) last issued its earnings results on Thursday, August 8th. The basic materials company reported $0.15 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.06 by $0.09. The company had revenue of $155.15 million for the quarter, compared to analysts’ expectations of $143.00 million. SSR Mining had a net margin of 4.18% and a return on equity of 4.84%. The firm’s revenue was up 49.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.10 earnings per share. Analysts predict that SSR Mining will post 0.64 earnings per share for the current fiscal year.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Investec Asset Management LTD lifted its holdings in SSR Mining by 6.0% in the 2nd quarter. Investec Asset Management LTD now owns 5,119,599 shares of the basic materials company’s stock valued at $69,985,000 after acquiring an additional 289,535 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its stake in SSR Mining by 9.8% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 4,122,916 shares of the basic materials company’s stock valued at $56,539,000 after buying an additional 367,800 shares in the last quarter. Vanguard Group Inc. lifted its stake in SSR Mining by 3.8% during the second quarter. Vanguard Group Inc. now owns 3,234,557 shares of the basic materials company’s stock valued at $44,216,000 after buying an additional 117,919 shares in the last quarter. Bank of Montreal Can lifted its stake in SSR Mining by 92.6% during the second quarter. Bank of Montreal Can now owns 2,577,586 shares of the basic materials company’s stock valued at $35,236,000 after buying an additional 1,239,501 shares in the last quarter. Finally, Fiera Capital Corp lifted its stake in SSR Mining by 4.3% during the second quarter. Fiera Capital Corp now owns 1,328,851 shares of the basic materials company’s stock valued at $18,188,000 after buying an additional 54,748 shares in the last quarter. 56.47% of the stock is owned by institutional investors.

About SSR Mining

SSR Mining Inc engages in the acquisition, exploration, development, and operation of precious metal resource properties in the Americas. The company primarily explores for gold and silver deposits. Its projects include the Marigold mine located in Humboldt County, Nevada, the United States; the Seabee Gold Operation located in Saskatchewan, Canada; and the Puna Operations in Jujuy, Argentina.

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