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

Seven Eight Capital LP raised its holdings in shares of SSR Mining Inc. (NASDAQ:SSRM) (TSE:SSO) by 200.3% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 68,240 shares of the basic materials company’s stock after acquiring an additional 45,514 shares during the quarter. Seven Eight Capital LP’s holdings in SSR Mining were worth $308,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Norges Bank acquired a new position in shares of SSR Mining during the 4th quarter worth approximately $24,398,000. Tidal Investments LLC purchased a new stake in shares of SSR Mining in the first quarter valued at $6,485,000. National Bank of Canada FI lifted its position in shares of SSR Mining by 73.7% in the second quarter. National Bank of Canada FI now owns 2,636,902 shares of the basic materials company’s stock valued at $11,815,000 after acquiring an additional 1,118,417 shares in the last quarter. Van ECK Associates Corp boosted its stake in shares of SSR Mining by 4.5% during the first 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. Finally, Hsbc Holdings PLC purchased a new stake in SSR Mining during the 2nd quarter worth about $3,289,000. Institutional investors and hedge funds own 68.30% of the company’s stock.

Wall Street Analysts Forecast Growth

SSRM has been the topic of several analyst reports. UBS Group decreased their price target on shares of SSR Mining from $6.50 to $6.30 and set a “buy” rating on the stock in a research note on Thursday, August 8th. CIBC lifted their target price on shares of SSR Mining from $5.50 to $5.75 and gave the stock a “neutral” rating in a research note on Wednesday, July 10th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $6.89.

SSR Mining Stock Performance

NASDAQ:SSRM opened at $6.00 on Monday. The company has a market cap of $1.21 billion, a P/E ratio of -2.90, a P/E/G ratio of 0.58 and a beta of 0.73. The firm’s 50 day moving average is $5.25 and its two-hundred day moving average is $5.03. SSR Mining Inc. has a fifty-two week low of $3.76 and a fifty-two week high of $14.73. The company has a quick ratio of 1.78, a current ratio of 3.54 and a debt-to-equity ratio of 0.08.

SSR Mining (NASDAQ:SSRM) (TSE:SSO) last issued its earnings results on Wednesday, July 31st. The basic materials company reported $0.04 earnings per share for the quarter, topping the consensus estimate of $0.02 by $0.02. The business had revenue of $184.84 million for the quarter. SSR Mining had a positive return on equity of 5.01% and a negative net margin of 39.15%. Analysts expect that SSR Mining Inc. will post 0.58 EPS for the current 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.