Hycroft Mining (NASDAQ:HYMC) Shares Down 9.2% – Here’s What Happened

Hycroft Mining Holding Corporation (NASDAQ:HYMC)’s share price dropped 9.2% during trading on Wednesday . The company traded as low as $20.09 and last traded at $19.8540. 606,116 shares traded hands during mid-day trading, a decline of 82% from the average session volume of 3,418,294 shares. The stock had previously closed at $21.86.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Zacks Research raised Hycroft Mining to a “hold” rating in a report on Monday. Wall Street Zen raised Hycroft Mining from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 30th. B. Riley Financial started coverage on Hycroft Mining in a research report on Friday, July 10th. They set a “buy” rating and a $28.00 price objective on the stock. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Hycroft Mining in a research note on Tuesday, June 16th. One research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $28.00.

Hycroft Mining Stock Performance

The company’s 50-day moving average price is $29.07 and its 200 day moving average price is $34.55. The stock has a market capitalization of $1.92 billion, a P/E ratio of -17.62 and a beta of 2.71.

Hycroft Mining (NASDAQ:HYMC) last issued its earnings results on Monday, April 27th. The company reported ($0.54) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.45). Analysts predict that Hycroft Mining Holding Corporation will post -0.9 earnings per share for the current year.

Insider Transactions at Hycroft Mining

In related news, SVP David Brian Thomas sold 25,000 shares of the stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $26.32, for a total transaction of $658,000.00. Following the completion of the sale, the senior vice president owned 168,374 shares in the company, valued at approximately $4,431,603.68. This trade represents a 12.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Stanton K. Rideout sold 16,500 shares of Hycroft Mining stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $30.18, for a total value of $497,970.00. Following the sale, the chief financial officer directly owned 481,947 shares in the company, valued at $14,545,160.46. This trade represents a 3.31% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 99,873 shares of company stock valued at $2,884,778. 0.77% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Hycroft Mining

Several hedge funds have recently modified their holdings of the stock. Lincoln Capital Corp purchased a new position in shares of Hycroft Mining in the 4th quarter worth $952,000. Centiva Capital LP purchased a new stake in shares of Hycroft Mining during the 3rd quarter valued at about $284,000. SG Americas Securities LLC bought a new position in shares of Hycroft Mining in the 4th quarter valued at about $320,000. UBS Group AG lifted its holdings in shares of Hycroft Mining by 5.4% in the 4th quarter. UBS Group AG now owns 996,148 shares of the company’s stock valued at $23,678,000 after acquiring an additional 51,126 shares during the last quarter. Finally, Foundations Investment Advisors LLC purchased a new position in Hycroft Mining in the fourth quarter worth about $2,574,000. Hedge funds and other institutional investors own 7.38% of the company’s stock.

About Hycroft Mining

Hycroft Mining PLC is a precious metals company focused on the exploration, development and operation of the Hycroft Mine, a large oxide gold and silver deposit in northwestern Nevada. The company’s primary activities include open-pit mining, heap leach extraction and carbon adsorption/desorption processing designed to recover gold and silver from crushed ore. Hycroft’s technical team employs conventional mining methods and metallurgical processes to advance resource conversion and optimize recovery rates.

Located on approximately 28,800 hectares in Humboldt County, Nevada, the Hycroft Mine ranks among the largest undeveloped oxide gold-silver deposits in North America.