Ero Copper (NYSE:ERO) Shares Up 5.8% – Should You Buy?

Shares of Ero Copper Corp. (NYSE:ERO) shot up 5.8% during trading on Wednesday . The company traded as high as $13.85 and last traded at $13.77. 251,448 shares changed hands during trading, a decline of 45% from the average session volume of 458,895 shares. The stock had previously closed at $13.02.

Wall Street Analyst Weigh In

A number of research firms have recently commented on ERO. TD Cowen raised shares of Ero Copper from a “hold” rating to a “buy” rating in a research note on Wednesday. The Goldman Sachs Group began coverage on shares of Ero Copper in a research note on Monday, December 2nd. They set a “buy” rating and a $19.00 target price for the company. TD Securities raised shares of Ero Copper from a “hold” rating to a “strong-buy” rating in a research note on Wednesday. Finally, StockNews.com raised shares of Ero Copper from a “sell” rating to a “hold” rating in a research note on Friday, October 25th. One investment analyst has rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $26.33.

Ero Copper Stock Performance

The company has a market cap of $1.50 billion, a PE ratio of 84.54 and a beta of 1.14. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.45 and a current ratio of 0.68. The firm’s 50 day moving average is $13.78 and its 200-day moving average is $17.25.

Hedge Funds Weigh In On Ero Copper

Several institutional investors and hedge funds have recently bought and sold shares of the company. Exchange Traded Concepts LLC acquired a new position in shares of Ero Copper in the 3rd quarter worth approximately $38,000. Van ECK Associates Corp lifted its holdings in Ero Copper by 3.1% during the 3rd quarter. Van ECK Associates Corp now owns 136,990 shares of the company’s stock worth $3,051,000 after buying an additional 4,097 shares in the last quarter. Intact Investment Management Inc. acquired a new stake in Ero Copper during the 3rd quarter worth approximately $670,000. Sentry Investment Management LLC acquired a new stake in Ero Copper during the 3rd quarter worth approximately $457,000. Finally, Old West Investment Management LLC lifted its holdings in Ero Copper by 100.0% during 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 in the last quarter. 71.30% of the stock is currently owned by institutional investors and hedge funds.

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.