Seven Eight Capital LP Decreases Stock Position in SSR Mining Inc. (NASDAQ:SSRM)

Seven Eight Capital LP cut its holdings in SSR Mining Inc. (NASDAQ:SSRM) (TSE:SSO) by 74.9% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 22,726 shares of the basic materials company’s stock after selling 67,727 shares during the quarter. Seven Eight Capital LP’s holdings in SSR Mining were worth $101,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Norges Bank purchased a new stake in shares of SSR Mining during the fourth quarter valued at $24,398,000. Van ECK Associates Corp boosted its holdings in shares of SSR Mining by 4.5% during the 1st quarter. Van ECK Associates Corp now owns 21,439,627 shares of the basic materials company’s stock valued at $95,619,000 after acquiring an additional 929,850 shares during the last quarter. Acadian Asset Management LLC bought a new stake in shares of SSR Mining in the first quarter worth approximately $2,547,000. Vanguard Group Inc. grew its stake in shares of SSR Mining by 6.9% in the first quarter. Vanguard Group Inc. now owns 8,303,664 shares of the basic materials company’s stock worth $37,034,000 after acquiring an additional 533,880 shares during the period. Finally, Jump Financial LLC purchased a new position in shares of SSR Mining during the fourth quarter valued at approximately $4,306,000. Institutional investors own 68.30% of the company’s stock.

Wall Street Analysts Forecast Growth

SSRM has been the subject of a number of research analyst reports. StockNews.com raised shares of SSR Mining from a “sell” rating to a “hold” rating in a research report on Friday, May 24th. CIBC upped their price objective on SSR Mining from $5.50 to $5.75 and gave the company a “neutral” rating in a research report on Wednesday, July 10th. Finally, National Bank Financial reissued a “sector perform spec overwgt” rating on shares of SSR Mining in a research report on Monday, April 8th. Two research analysts have rated the stock with a sell rating and six have issued a hold rating to the company’s stock. According to data from MarketBeat, SSR Mining currently has an average rating of “Hold” and an average price target of $6.56.

SSR Mining Price Performance

Shares of SSR Mining stock opened at $5.22 on Thursday. The company has a quick ratio of 1.75, a current ratio of 3.07 and a debt-to-equity ratio of 0.08. The stock’s fifty day moving average is $5.02 and its 200 day moving average is $5.78. SSR Mining Inc. has a one year low of $3.76 and a one year high of $15.27.

SSR Mining (NASDAQ:SSRM) (TSE:SSO) last posted its quarterly earnings data on Wednesday, May 8th. The basic materials company reported $0.11 EPS for the quarter, topping the consensus estimate of ($0.02) by $0.13. SSR Mining had a positive return on equity of 6.37% and a negative net margin of 30.90%. The firm had revenue of $230.23 million for the quarter. On average, equities research analysts forecast that SSR Mining Inc. will post 0.54 EPS for the current fiscal year.

About SSR Mining

SSR Mining Inc, together with its subsidiaries, engages in the operation, acquisition, exploration, and development of precious metal resource properties in the United States, Türkiye, Canada, and Argentina. The company explores for gold doré, copper, silver, lead, and zinc deposits. Its mines include the Çöpler, located in Erzincan province, Turkey; the Marigold, located in Nevada, the United States; the Seabee, located in Saskatchewan, Canada; and the Puna, located in Jujuy province, Argentina.