SSR Mining Inc (NASDAQ:SSRM) (TSE:SSO) was the target of a significant drop in short interest in October. As of October 31st, there was short interest totalling 4,520,000 shares, a drop of 9.8% from the September 30th total of 5,010,000 shares. Approximately 3.7% of the shares of the stock are short sold. Based on an average trading volume of 1,140,000 shares, the days-to-cover ratio is presently 4.0 days.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. 1492 Capital Management LLC purchased a new stake in SSR Mining during the 3rd quarter worth about $509,000. Gabelli Funds LLC lifted its holdings in SSR Mining by 121.8% during the 3rd quarter. Gabelli Funds LLC now owns 756,500 shares of the basic materials company’s stock worth $10,984,000 after buying an additional 415,500 shares during the last quarter. Gamco Investors INC. ET AL purchased a new stake in SSR Mining during the 3rd quarter worth about $613,000. Sigma Planning Corp purchased a new stake in SSR Mining during the 3rd quarter worth about $890,000. Finally, Oppenheimer Asset Management Inc. purchased a new stake in SSR Mining during the 3rd quarter worth about $33,000. 56.21% of the stock is owned by institutional investors.

SSRM stock traded down $0.19 during midday trading on Friday, hitting $14.89. 470,200 shares of the company’s stock were exchanged, compared to its average volume of 984,464. The stock has a market capitalization of $1.85 billion, a PE ratio of 64.74 and a beta of -0.44. The business has a 50-day simple moving average of $14.72 and a two-hundred day simple moving average of $14.11. SSR Mining has a 1-year low of $10.21 and a 1-year high of $17.56. The company has a current ratio of 3.98, a quick ratio of 2.86 and a debt-to-equity ratio of 0.15.

SSR Mining (NASDAQ:SSRM) (TSE:SSO) last released its earnings results on Tuesday, November 5th. The basic materials company reported $0.23 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.14 by $0.09. The firm had revenue of $147.85 million during the quarter, compared to analyst estimates of $195.93 million. SSR Mining had a return on equity of 6.38% and a net margin of 6.13%. SSR Mining’s revenue was up 28.5% compared to the same quarter last year. During the same period last year, the business posted $0.09 earnings per share. As a group, research analysts expect that SSR Mining will post 0.73 EPS for the current fiscal year.

SSRM has been the topic of several research reports. Zacks Investment Research downgraded SSR Mining from a “strong-buy” rating to a “hold” rating in a research report on Thursday, November 7th. ValuEngine raised SSR Mining from a “sell” rating to a “hold” rating in a report on Friday, November 1st. BMO Capital Markets increased their price target on SSR Mining to $19.50 and gave the company an “outperform” rating in a report on Tuesday, July 23rd. Scotiabank raised SSR Mining from a “sector perform” rating to a “sector outperform” rating and set a $17.00 price target for the company in a report on Tuesday, September 10th. Finally, B. Riley raised SSR Mining from a “neutral” rating to a “buy” rating and increased their price target for the company from $16.70 to $23.00 in a report on Wednesday. Four research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. SSR Mining has an average rating of “Buy” and a consensus target price of $19.56.

SSR Mining Company Profile

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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