SSR Mining Inc (NASDAQ:SSRM) Short Interest Down 9.8% in October

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

SSRM has been the subject of a number of research analyst reports. National Bank Financial raised their price target on SSR Mining from $28.00 to $28.50 and gave the stock an “outperform” rating in a research note on Monday, October 21st. Citigroup increased their price target on SSR Mining from $14.00 to $16.00 and gave the company a “neutral” rating in a report on Wednesday, September 11th. 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. ValuEngine raised SSR Mining from a “sell” rating to a “hold” rating in a report on Friday, November 1st. Finally, CIBC reaffirmed a “buy” rating and issued a $19.50 price target on shares of SSR Mining in a report on Tuesday, October 15th. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. SSR Mining currently has an average rating of “Buy” and an average target price of $19.56.

Shares of NASDAQ SSRM traded up $0.21 during trading on Monday, reaching $15.10. The stock had a trading volume of 105,546 shares, compared to its average volume of 984,464. SSR Mining has a fifty-two week low of $10.21 and a fifty-two week high of $17.56. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.86 and a current ratio of 3.98. The business’s 50-day moving average price is $14.72 and its 200-day moving average price is $14.11. The company has a market cap of $1.85 billion, a P/E ratio of 65.74 and a beta of -0.44.

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. Analysts forecast that SSR Mining will post 0.73 EPS for the current fiscal year.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Investec Asset Management LTD lifted its holdings in SSR Mining by 6.0% during the 2nd quarter. Investec Asset Management LTD now owns 5,119,599 shares of the basic materials company’s stock worth $69,985,000 after buying an additional 289,535 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in SSR Mining by 9.8% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 4,122,916 shares of the basic materials company’s stock worth $56,539,000 after buying an additional 367,800 shares during the last quarter. Vanguard Group Inc. lifted its holdings in SSR Mining by 3.8% during the 2nd quarter. Vanguard Group Inc. now owns 3,234,557 shares of the basic materials company’s stock worth $44,216,000 after buying an additional 117,919 shares during the last quarter. Bank of Montreal Can lifted its holdings in SSR Mining by 92.6% during the 2nd quarter. Bank of Montreal Can now owns 2,577,586 shares of the basic materials company’s stock worth $35,236,000 after buying an additional 1,239,501 shares during the last quarter. Finally, Fiera Capital Corp lifted its holdings in shares of SSR Mining by 4.3% in the 2nd quarter. Fiera Capital Corp now owns 1,328,851 shares of the basic materials company’s stock valued at $18,188,000 after purchasing an additional 54,748 shares during the last quarter. 58.44% of the stock is owned by institutional investors.

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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