SilverCrest Metals (NYSE:SILV) Trading Up 10.1% – Here’s Why

SilverCrest Metals Inc. (NYSE:SILV) rose 10.1% during mid-day trading on Monday . The stock traded as high as $11.45 and last traded at $11.44. Approximately 615,522 shares changed hands during mid-day trading, a decline of 65% from the average daily volume of 1,741,364 shares. The stock had previously closed at $10.39.

Analysts Set New Price Targets

Several research analysts recently weighed in on SILV shares. Scotiabank upped their price target on shares of SilverCrest Metals from $8.50 to $9.00 and gave the stock a “sector perform” rating in a research report on Monday, August 19th. Ventum Cap Mkts downgraded SilverCrest Metals from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 4th.

SilverCrest Metals Price Performance

The stock has a market capitalization of $1.70 billion, a PE ratio of 20.07 and a beta of 1.19. The company’s 50 day moving average price is $10.20 and its two-hundred day moving average price is $9.23.

Institutional Investors Weigh In On SilverCrest Metals

Several hedge funds and other institutional investors have recently made changes to their positions in SILV. Mackenzie Financial Corp boosted its holdings in SilverCrest Metals by 137.4% in the 2nd quarter. Mackenzie Financial Corp now owns 2,510,176 shares of the company’s stock valued at $20,516,000 after purchasing an additional 1,452,622 shares during the last quarter. Van ECK Associates Corp raised its position in shares of SilverCrest Metals by 8.3% during the 3rd quarter. Van ECK Associates Corp now owns 14,114,981 shares of the company’s stock valued at $130,564,000 after buying an additional 1,083,681 shares during the period. Vienna Powszechne Towarzystwo Emerytalne S.A. Vienna Insurance Group acquired a new position in SilverCrest Metals in the second quarter valued at approximately $3,653,000. Renaissance Technologies LLC grew its position in SilverCrest Metals by 2,768.5% in the second quarter. Renaissance Technologies LLC now owns 445,300 shares of the company’s stock worth $3,629,000 after acquiring an additional 429,776 shares during the period. Finally, Allspring Global Investments Holdings LLC acquired a new stake in SilverCrest Metals during the second quarter worth $2,467,000. Institutional investors and hedge funds own 44.75% of the company’s stock.

About SilverCrest Metals

SilverCrest Metals Inc engages in the acquiring, exploration, and development of precious metal properties in Mexico. The company primarily explores for silver and gold properties. Its focuses on principal property the Las Chispas Mine that consists of 28 concessions totaling of approximately 1,401 hectares located in Sonora, Mexico, as well as operates a portfolio of El Picacho, Cruz de Mayo, and Angel de Plata properties in Sonora Mexico.