SSR Mining (NASDAQ:SSRM) Stock Price Up 12.8% – Still a Buy?

Shares of SSR Mining Inc. (NASDAQ:SSRM) (TSE:SSO) rose 12.8% on Wednesday . The company traded as high as $9.22 and last traded at $9.24. Approximately 1,042,899 shares were traded during trading, a decline of 55% from the average daily volume of 2,330,056 shares. The stock had previously closed at $8.19.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on SSRM shares. StockNews.com upgraded SSR Mining from a “sell” rating to a “hold” rating in a report on Friday, January 17th. Royal Bank of Canada upgraded SSR Mining from an “underperform” rating to a “sector perform” rating and upped their price target for the company from $5.50 to $8.00 in a research report on Wednesday. Finally, UBS Group upped their target price on SSR Mining from $6.30 to $6.80 and gave the company a “buy” rating in a report on Tuesday, October 15th. Six research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $6.85.

SSR Mining Price Performance

The business has a 50-day moving average of $7.26 and a 200 day moving average of $6.16. The firm has a market capitalization of $1.86 billion, a P/E ratio of -3.81 and a beta of 0.62. The company has a current ratio of 3.91, a quick ratio of 1.97 and a debt-to-equity ratio of 0.08.

Institutional Investors Weigh In On SSR Mining

Several hedge funds and other institutional investors have recently made changes to their positions in SSRM. CIBC Asset Management Inc boosted its stake in SSR Mining by 0.5% during the 4th quarter. CIBC Asset Management Inc now owns 248,064 shares of the basic materials company’s stock valued at $1,729,000 after purchasing an additional 1,282 shares during the last quarter. US Bancorp DE raised its position in SSR Mining by 62.4% in the 4th quarter. US Bancorp DE now owns 3,540 shares of the basic materials company’s stock valued at $25,000 after buying an additional 1,360 shares during the last quarter. HB Wealth Management LLC raised its position in SSR Mining by 11.3% in the 4th quarter. HB Wealth Management LLC now owns 14,376 shares of the basic materials company’s stock valued at $100,000 after buying an additional 1,463 shares during the last quarter. HighTower Advisors LLC lifted its stake in SSR Mining by 24.8% during the 3rd quarter. HighTower Advisors LLC now owns 13,163 shares of the basic materials company’s stock valued at $75,000 after acquiring an additional 2,619 shares in the last quarter. Finally, Quantinno Capital Management LP grew its stake 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 worth $177,000 after acquiring an additional 2,788 shares in the last quarter. 68.30% of the stock is owned by institutional investors.

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.