Zacks Investment Research Downgrades SSR Mining (SSRM) to Hold

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SSR Mining (NASDAQ:SSRM) (TSE:SSO) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Tuesday.

According to Zacks, “SSR Mining Inc. is a mining company. It focused on the operation, development, exploration and acquisition of precious metal projects. The company primarily explores for gold, silver, and mineral properties. It principally serves electronics, coin fabrication, dentistry, jewelry, other industrial, technology, pharmaceuticals and solar energy markets. SSR Mining Inc, formerly known as Silver Standard Resources Inc, is based in Vancouver, Canada. “

Other analysts also recently issued reports about the stock. BidaskClub downgraded shares of SSR Mining from a “hold” rating to a “sell” rating in a research note on Thursday, August 16th. ValuEngine raised shares of SSR Mining from a “hold” rating to a “buy” rating in a research note on Monday, July 2nd. Howard Weil raised shares of SSR Mining from a “sector perform” rating to a “sector outperform” rating in a research note on Friday, October 12th. Citigroup cut their target price on shares of SSR Mining from $11.00 to $10.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 29th. Finally, Canaccord Genuity reissued a “buy” rating on shares of SSR Mining in a research note on Sunday, October 21st. Three investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. SSR Mining has an average rating of “Buy” and an average price target of $11.88.

NASDAQ SSRM opened at $9.79 on Tuesday. The firm has a market capitalization of $1.21 billion, a price-to-earnings ratio of 28.79 and a beta of -0.36. SSR Mining has a 1 year low of $7.64 and a 1 year high of $11.44. The company has a current ratio of 8.67, a quick ratio of 6.20 and a debt-to-equity ratio of 0.24.

SSR Mining (NASDAQ:SSRM) (TSE:SSO) last posted its quarterly earnings results on Thursday, August 9th. The basic materials company reported $0.10 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.02 by $0.08. The company had revenue of $104.00 million for the quarter, compared to analysts’ expectations of $107.90 million. SSR Mining had a return on equity of 2.51% and a net margin of 4.98%. The firm’s revenue was down 11.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.11 earnings per share. As a group, analysts anticipate that SSR Mining will post 0.22 EPS for the current year.

Large investors have recently made changes to their positions in the business. Raymond James & Associates raised its stake in SSR Mining by 36.6% during the 2nd quarter. Raymond James & Associates now owns 23,536 shares of the basic materials company’s stock valued at $232,000 after purchasing an additional 6,300 shares during the period. Tower Research Capital LLC TRC grew its holdings in shares of SSR Mining by 2,013.8% during the 2nd quarter. Tower Research Capital LLC TRC now owns 23,717 shares of the basic materials company’s stock valued at $234,000 after acquiring an additional 22,595 shares in the last quarter. BlackRock Inc. grew its holdings in shares of SSR Mining by 133.3% during the 2nd quarter. BlackRock Inc. now owns 25,553 shares of the basic materials company’s stock valued at $252,000 after acquiring an additional 14,600 shares in the last quarter. Bank of America Corp DE grew its holdings in shares of SSR Mining by 76.0% during the 2nd quarter. Bank of America Corp DE now owns 26,823 shares of the basic materials company’s stock valued at $265,000 after acquiring an additional 11,580 shares in the last quarter. Finally, Oxbow Advisors LLC purchased a new position in shares of SSR Mining during the 2nd quarter valued at $348,000. 47.52% of the stock is currently owned by institutional investors.

About SSR Mining

SSR Mining Inc engages in the acquisition, exploration, development, and operation of precious metal resource properties in the Americas. The company primarily explores for gold and silver deposits. Its projects include the Marigold mine located in Humboldt County, Nevada, the United States; and the Seabee Gold Operation located in Saskatchewan, Canada.

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