SSR Mining (NASDAQ:SSRM) Shares Down 13.7% Following Weak Earnings

Shares of SSR Mining Inc. (NASDAQ:SSRM) (TSE:SSO) fell 13.7% during trading on Thursday after the company announced weaker than expected quarterly earnings. The company traded as low as $5.06 and last traded at $5.30. 1,604,616 shares changed hands during trading, a decline of 54% from the average session volume of 3,475,186 shares. The stock had previously closed at $6.14.

The basic materials company reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.12). The firm had revenue of $257.36 million during the quarter. SSR Mining had a negative net margin of 39.15% and a positive return on equity of 5.01%.

Analyst Ratings Changes

A number of brokerages recently weighed in on SSRM. UBS Group upped their price objective on SSR Mining from $6.30 to $6.80 and gave the stock a “buy” rating in a report on Tuesday, October 15th. CIBC raised their price objective on shares of SSR Mining from $5.50 to $5.75 and gave the company a “neutral” rating in a research note on Wednesday, July 10th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, SSR Mining presently has a consensus rating of “Hold” and an average price target of $7.01.

Hedge Funds Weigh In On SSR Mining

Several institutional investors have recently added to or reduced their stakes in the business. Principal Financial Group Inc. grew its stake in shares of SSR Mining by 23.3% during 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 grew 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 buying an additional 5,649 shares during the period. Cadence Wealth Management LLC increased its position in shares of SSR Mining by 17.1% in 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 in the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new stake in SSR Mining during the 2nd quarter worth $32,000. Finally, Price T Rowe Associates Inc. MD raised its position in SSR Mining by 18.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 46,324 shares of the basic materials company’s stock valued at $207,000 after purchasing an additional 7,277 shares during the period. 68.30% of the stock is currently owned by institutional investors and hedge funds.

SSR Mining Trading Down 13.7 %

The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.78 and a current ratio of 3.54. The firm has a fifty day moving average of $5.79 and a 200 day moving average of $5.35. The firm has a market capitalization of $1.07 billion, a PE ratio of -2.22, a P/E/G ratio of 0.90 and a beta of 0.72.

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.