Value Hunters: Look To SSR Mining Inc. (SSRM)


    Renaissance Technologies LLC recently announced the acquisition of new stake in SSR Mining Inc. (NASDAQ:SSRM). The institutional investor has increased its shareholding in the Basic Materials company by 18.38% to 6.99 million shares with purchase of 1.09 million shares. This fresh investment now brings its stake to 5.67% valued currently at $149.09 million. In addition, Ninety One UK Ltd. raised its holdings by 0.68 million to 5.15 million shares. And Connor, Clark & Lunn Investment M. has lifted its position by 9.73% or 0.33 million shares – to 3.72 million shares.

    With over 1.98 million SSR Mining Inc. (SSRM) shares trading Friday and a closing price of $24.50 on the day, the dollar volume was approximately $48.44 million. The shares have shown a positive weekly performance of 8.46% and its price on 07/24/20 gained nearly 4.03%. Currently, there are 123.23M common shares owned by the public and among those 123.02M shares have been available to trade.

    An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 8 analysts who have offered their price forecasts for SSRM have a consensus price objective of $27.41. The analysts have set the share’s price value over the next 12 months at a high of $45.00 and a low of $20.00 should the stock experience a downside. Incidentally, analysts’ outlook for the SSR Mining Inc. stock is 2.30 for the next 12 months. The average price target is -108.51% below its last price level and a downside to the estimated low will see the stock lose -22.5% over that period. But an upside of 45.56% will see the stock hit the forecast high price target while mean target price for the stock is $25.95.

    The top 3 mutual fund holders in SSR Mining Inc. are VanEck Vectors – Gold Miners ETF, VanEck Vectors – Junior Gold Mine, and Fidelity Select Port. – Gold Port. VanEck Vectors – Gold Miners ETF owns 6.74 million shares of the company’s stock, all valued at over $143.78 million. The company sold 9324.0 shares recently to bring their total holdings to about 5.47% of the shares outstanding. VanEck Vectors – Junior Gold Mine sold 5061.0 shares to see its total holdings shrink to 5.4 million shares valued at over $115.23 million and representing 4.38% of the shares outstanding. Fidelity Select Port. – Gold Port bought 0.44 million shares to bring its total holdings to over 3.0 million shares at a value of $63.99 million. Fidelity Select Port. – Gold Port now owns shares totaling to 2.43% of the shares outstanding.

    Shares of SSR Mining Inc. (NASDAQ: SSRM) opened at $23.31, down -$0.24 from a prior closing price of $23.55. However, the script later closed the day at $24.50, up 4.03%. The company’s stock has a 5-day price change of 8.46% and 40.16% over the past three months. SSRM shares are trading 27.21% year to date (YTD), with the 12-month market performance up to 53.99% higher. It has a 12-month low price of $9.00 and touched a high of $24.13 over the same period. Currently, 1.98 million shares have been traded, compared to an average intraday trading volume of 2.01 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 11.89%, 19.94%, and 42.76% respectively.

    Institutional ownership of SSR Mining Inc. (NASDAQ: SSRM) shares accounts for 78.60% of the company’s 123.23M shares outstanding. Mutual fund holders own 18.85%, while other institutional holders and individual stakeholders account for 52.41% and — respectively.

    It has a market capitalization of $2.93B and a beta (3y monthly) value of 0.98. The stock’s trailing 12-month PE ratio is 40.50, while the earnings-per-share (ttm) stands at $0.61. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.94% over the week and 4.68% over the month.

    Analysts forecast that SSR Mining Inc. (SSRM) will achieve an EPS of $0 for the current quarter, $0.05 for the next quarter and $0.46 for 2019. The lowest estimate earnings-per-share for the quarter is -$0.02 while analysts give the company a high EPS estimate of $0.02. Comparatively, EPS for the current quarter was $0.17 a year ago. Earnings per share for the fiscal year are expected to increase by 788.80%, and 48.11% over the next financial year.

    If you are looking to buy this stock, then you may note that the average analyst recommendation by 8 brokerage firm advisors rate SSR Mining Inc. (SSRM) as a “Moderate Buy” at a consensus score of 2.30. Specifically, 6 Wall Street analysts polled rate the stock as a buy, while 2 of the 8 advise that investors “hold,” and 0 rated it as a “Sell.”

    Looking at the support for the SSRM, a number of firms have released research notes about the stock. Canaccord Genuity stated their Buy rating for the stock in a research note on July 21, 2020, with the firm’s price target at. Canaccord Genuity coverage for the SSR Mining Inc. (SSRM) stock in a research note released on February 24, 2020 offered a Hold rating with a price target of. Scotiabank was of a view on February 21, 2020 that the stock is Sector Perform, while B. Riley FBR gave the stock Buy rating on November 13, 2019, issuing a price target of $16.70- $23. B. Riley FBR on their part issued Neutral rating on March 01, 2019.


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