SSR Mining (NASDAQ:SSRM) Stock Price Down 13.7% Following Weak Earnings

SSR Mining Inc. (NASDAQ:SSRM) (TSE:SSO)’s share price fell 13.7% during trading on Thursday following a weaker than expected earnings announcement. The company traded as low as $5.06 and last traded at $5.30. 1,604,616 shares changed hands during trading, a decline of 54% from the average session volume of 3,475,186 shares. The stock had previously closed at $6.14.

The basic materials company reported $0.03 EPS for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.12). The firm had revenue of $257.36 million during the quarter. SSR Mining had a positive return on equity of 5.01% and a negative net margin of 39.15%.

Wall Street Analysts Forecast Growth

Separately, UBS Group upped their target price on SSR Mining from $6.30 to $6.80 and gave the company a “buy” rating in a research note on Tuesday, October 15th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $7.01.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of SSRM. D. E. Shaw & Co. Inc. raised its stake in SSR Mining by 45.9% during the second quarter. D. E. Shaw & Co. Inc. now owns 8,228,572 shares of the basic materials company’s stock worth $37,124,000 after acquiring an additional 2,587,212 shares in the last quarter. Tidal Investments LLC acquired a new stake in shares of SSR Mining in the first quarter valued at $6,485,000. National Bank of Canada FI increased its stake 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 buying an additional 1,118,417 shares in the last quarter. Hsbc Holdings PLC acquired a new stake in shares of SSR Mining in the second quarter valued at $3,289,000. Finally, Acadian Asset Management LLC increased its stake in shares of SSR Mining by 111.3% in the second quarter. Acadian Asset Management LLC now owns 1,209,763 shares of the basic materials company’s stock valued at $5,440,000 after buying an additional 637,161 shares in the last quarter. 68.30% of the stock is currently owned by institutional investors and hedge funds.

SSR Mining Stock Performance

The company has a market capitalization of $1.07 billion, a price-to-earnings ratio of -2.23, a price-to-earnings-growth ratio of 0.90 and a beta of 0.72. The company has a debt-to-equity ratio of 0.08, a current ratio of 3.54 and a quick ratio of 1.78. The stock has a 50 day moving average price of $5.79 and a two-hundred day moving average price of $5.35.

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.