SSR Mining (NASDAQ:SSRM) Sets New 12-Month High on Earnings Beat

SSR Mining Inc. (NASDAQ:SSRM) (TSE:SSO)’s share price hit a new 52-week high during trading on Wednesday following a better than expected earnings announcement. The company traded as high as $11.57 and last traded at $11.43, with a volume of 1024422 shares traded. The stock had previously closed at $10.92.

The basic materials company reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.21. The company had revenue of $303.43 million for the quarter, compared to analyst estimates of $332.64 million. SSR Mining had a positive return on equity of 1.46% and a negative net margin of 26.24%.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on SSRM. UBS Group lifted their price target on shares of SSR Mining from $12.10 to $12.35 and gave the company a “buy” rating in a research report on Friday, April 11th. CIBC upped their price target on shares of SSR Mining from $8.25 to $9.75 and gave the stock a “neutral” rating in a research note on Wednesday, February 19th. National Bankshares reiterated a “sector perform” rating on shares of SSR Mining in a research note on Wednesday, April 23rd. StockNews.com upgraded shares of SSR Mining from a “sell” rating to a “hold” rating in a report on Friday, January 17th. Finally, Cormark raised SSR Mining from a “hold” rating to a “moderate buy” rating in a report on Tuesday, April 22nd. Five research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $10.03.

Institutional Investors Weigh In On SSR Mining

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Mackenzie Financial Corp grew its holdings in shares of SSR Mining by 6.4% in the first quarter. Mackenzie Financial Corp now owns 126,717 shares of the basic materials company’s stock worth $1,270,000 after acquiring an additional 7,646 shares during the period. TD Asset Management Inc grew its stake in shares of SSR Mining by 2.5% during the 1st quarter. TD Asset Management Inc now owns 578,386 shares of the basic materials company’s stock valued at $5,795,000 after purchasing an additional 14,214 shares during the period. Cadence Wealth Management LLC grew its stake in shares of SSR Mining by 2.8% during the 1st quarter. Cadence Wealth Management LLC now owns 50,290 shares of the basic materials company’s stock valued at $504,000 after purchasing an additional 1,374 shares during the period. Triasima Portfolio Management inc. purchased a new stake in shares of SSR Mining during the 1st quarter valued at about $117,000. Finally, Victory Capital Management Inc. bought a new position in shares of SSR Mining in the 1st quarter worth approximately $846,000. Hedge funds and other institutional investors own 68.30% of the company’s stock.

SSR Mining Stock Performance

The company has a market cap of $2.26 billion, a PE ratio of -8.67, a P/E/G ratio of 0.37 and a beta of -0.15. The company has a quick ratio of 1.97, a current ratio of 4.70 and a debt-to-equity ratio of 0.08. The business’s fifty day moving average is $10.38 and its 200-day moving average is $8.37.

About SSR Mining

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.