SSR Mining (NASDAQ:SSRM) Raised to Sector Perform at Royal Bank of Canada

SSR Mining (NASDAQ:SSRM) (TSE:SSO) was upgraded by investment analysts at Royal Bank of Canada from an “underperform” rating to a “sector perform” rating in a report released on Wednesday, MarketBeat reports. The firm currently has a $8.00 target price on the basic materials company’s stock, up from their previous target price of $5.50. Royal Bank of Canada’s price objective would suggest a potential downside of 12.28% from the company’s current price.

SSRM has been the subject of a number of other reports. UBS Group upped their price target on shares of SSR Mining from $6.30 to $6.80 and gave the company a “buy” rating in a report on Tuesday, October 15th. StockNews.com upgraded shares of SSR Mining from a “sell” rating to a “hold” rating in a research note on Friday, January 17th. Six equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $6.85.

SSR Mining Stock Up 0.1 %

SSRM stock opened at $9.12 on Wednesday. The company has a debt-to-equity ratio of 0.08, a current ratio of 3.91 and a quick ratio of 1.97. SSR Mining has a 52-week low of $3.76 and a 52-week high of $9.82. The company has a 50-day moving average of $7.26 and a two-hundred day moving average of $6.16. The stock has a market capitalization of $1.85 billion, a price-to-earnings ratio of -3.82 and a beta of 0.62.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. US Bancorp DE increased its holdings in shares of SSR Mining by 62.4% during the fourth quarter. US Bancorp DE now owns 3,540 shares of the basic materials company’s stock worth $25,000 after buying an additional 1,360 shares in the last quarter. SBI Securities Co. Ltd. acquired a new stake in shares of SSR Mining during the fourth quarter worth approximately $29,000. Point72 DIFC Ltd acquired a new stake in shares of SSR Mining during the third quarter worth approximately $47,000. SeaCrest Wealth Management LLC acquired a new stake in shares of SSR Mining during the third quarter worth approximately $57,000. Finally, Allspring Global Investments Holdings LLC acquired a new stake in shares of SSR Mining during the third quarter worth approximately $60,000. Institutional investors own 68.30% of the company’s stock.

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.