Ero Copper (NYSE:ERO) Stock Price Down 9.2% – Here’s Why

Ero Copper Corp. (NYSE:ERO)’s share price fell 9.2% during trading on Wednesday . The company traded as low as $16.52 and last traded at $16.90. 92,779 shares changed hands during trading, a decline of 72% from the average session volume of 326,941 shares. The stock had previously closed at $18.62.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. Ventum Cap Mkts upgraded Ero Copper from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 22nd. StockNews.com upgraded shares of Ero Copper from a “sell” rating to a “hold” rating in a research note on Friday, October 25th. Jefferies Financial Group raised shares of Ero Copper from a “hold” rating to a “buy” rating in a report on Monday, August 5th. Bank of America initiated coverage on shares of Ero Copper in a report on Tuesday, September 3rd. They issued a “buy” rating and a $28.00 price target on the stock. Finally, Raymond James raised Ero Copper from a “market perform” rating to an “outperform” rating in a report on Tuesday, September 3rd. One analyst has rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $30.00.

Ero Copper Stock Down 8.3 %

The business’s fifty day simple moving average is $20.21 and its two-hundred day simple moving average is $20.57. The company has a market cap of $1.76 billion, a PE ratio of -89.89 and a beta of 1.23. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.82 and a quick ratio of 0.60.

Hedge Funds Weigh In On Ero Copper

Several institutional investors and hedge funds have recently modified their holdings of the business. Boston Partners lifted its holdings in Ero Copper by 226.9% during the first quarter. Boston Partners now owns 726,068 shares of the company’s stock valued at $14,010,000 after purchasing an additional 503,972 shares in the last quarter. Goehring & Rozencwajg Associates LLC raised its position in shares of Ero Copper by 22.5% during the 2nd quarter. Goehring & Rozencwajg Associates LLC now owns 340,008 shares of the company’s stock worth $7,266,000 after purchasing an additional 62,500 shares during the last quarter. Lighthouse Investment Partners LLC purchased a new position in Ero Copper in the 2nd quarter valued at about $2,521,000. Old West Investment Management LLC boosted its holdings in Ero Copper by 100.0% in the 3rd quarter. Old West Investment Management LLC now owns 160,000 shares of the company’s stock worth $3,563,000 after buying an additional 80,000 shares during the last quarter. Finally, Intact Investment Management Inc. purchased a new stake in Ero Copper during the 3rd quarter worth approximately $670,000. Hedge funds and other institutional investors own 71.30% of the company’s stock.

About Ero Copper

Ero Copper Corp. engages in the exploration, development, and production of mining projects in Brazil. The company is involved in the production and sale of copper concentrate from the Caraíba operations located in the Curaçá Valley, northeastern Bahia state, Brazil, as well as gold and silver by-products.