CIBC Forecasts Strong Price Appreciation for SSR Mining (NASDAQ:SSRM) Stock

SSR Mining (NASDAQ:SSRM) (TSE:SSO) had its price target raised by research analysts at CIBC from $8.25 to $9.75 in a report issued on Wednesday,Benzinga reports. The brokerage currently has a “neutral” rating on the basic materials company’s stock. CIBC’s price target points to a potential downside of 7.14% from the company’s previous close.

Several other analysts also recently issued reports on SSRM. UBS Group lifted their price target on shares of SSR Mining from $7.15 to $12.05 and gave the company a “buy” rating in a research report on Tuesday. StockNews.com upgraded SSR Mining from a “sell” rating to a “hold” rating in a research note on Friday, January 17th. Finally, Royal Bank of Canada upgraded SSR Mining from an “underperform” rating to a “sector perform” rating and raised their price objective for the company from $5.50 to $8.00 in a research note on Wednesday, February 5th. Four investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $9.93.

SSR Mining Stock Performance

Shares of SSRM stock opened at $10.50 on Wednesday. The company has a market cap of $2.12 billion, a price-to-earnings ratio of -8.14 and a beta of 0.62. SSR Mining has a 52 week low of $3.90 and a 52 week high of $10.91. The company has a quick ratio of 1.97, a current ratio of 3.91 and a debt-to-equity ratio of 0.08. The firm has a 50 day moving average of $7.89 and a 200-day moving average of $6.47.

SSR Mining (NASDAQ:SSRM) (TSE:SSO) last announced its quarterly earnings data on Tuesday, February 18th. The basic materials company reported $0.10 EPS for the quarter, missing the consensus estimate of $0.18 by ($0.08). The company had revenue of $323.19 million for the quarter, compared to analyst estimates of $262.20 million. SSR Mining had a positive return on equity of 1.46% and a negative net margin of 26.24%. On average, equities analysts forecast that SSR Mining will post 0.73 earnings per share for the current year.

Institutional Investors Weigh In On SSR Mining

A number of hedge funds have recently made changes to their positions in the business. The Manufacturers Life Insurance Company raised its stake in shares of SSR Mining by 0.5% during the 4th quarter. The Manufacturers Life Insurance Company now owns 241,415 shares of the basic materials company’s stock worth $1,686,000 after purchasing an additional 1,200 shares during the period. Xponance Inc. raised its stake in shares of SSR Mining by 9.3% during the 4th quarter. Xponance Inc. now owns 14,387 shares of the basic materials company’s stock worth $100,000 after purchasing an additional 1,222 shares during the period. CIBC Asset Management Inc raised its stake in shares of SSR Mining by 0.5% during the 4th quarter. CIBC Asset Management Inc now owns 248,064 shares of the basic materials company’s stock worth $1,729,000 after purchasing an additional 1,282 shares during the period. US Bancorp DE raised its stake in SSR Mining by 62.4% in the 4th quarter. US Bancorp DE now owns 3,540 shares of the basic materials company’s stock valued at $25,000 after acquiring an additional 1,360 shares during the period. Finally, HB Wealth Management LLC raised its stake in SSR Mining by 11.3% in the 4th quarter. HB Wealth Management LLC now owns 14,376 shares of the basic materials company’s stock valued at $100,000 after acquiring an additional 1,463 shares during the period. 68.30% of the stock is currently owned by institutional investors.

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.