Short Interest in SSR Mining Inc (SSRM) Declines By 46.7%

SSR Mining Inc (NASDAQ:SSRM) (TSE:SSO) was the target of a significant drop in short interest in October. As of October 31st, there was short interest totalling 1,929,925 shares, a drop of 46.7% from the October 15th total of 3,621,006 shares. Based on an average trading volume of 844,757 shares, the days-to-cover ratio is presently 2.3 days.

NASDAQ:SSRM opened at $10.42 on Friday. SSR Mining has a one year low of $7.64 and a one year high of $11.44. The company has a quick ratio of 6.20, a current ratio of 8.67 and a debt-to-equity ratio of 0.24. The company has a market capitalization of $1.19 billion, a P/E ratio of 30.65 and a beta of -0.41.

SSR Mining (NASDAQ:SSRM) (TSE:SSO) last posted its earnings results on Thursday, November 8th. The basic materials company reported $0.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.06. The company had revenue of $115.03 million during the quarter, compared to analysts’ expectations of $113.00 million. SSR Mining had a return on equity of 2.51% and a net margin of 4.98%. The firm’s quarterly revenue was up 8.5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.04 earnings per share. As a group, equities research analysts anticipate that SSR Mining will post 0.22 earnings per share for the current year.

A number of hedge funds have recently bought and sold shares of the business. Van ECK Associates Corp increased its stake in SSR Mining by 6.2% during the second quarter. Van ECK Associates Corp now owns 16,948,833 shares of the basic materials company’s stock worth $167,285,000 after acquiring an additional 994,862 shares during the last quarter. Investec Asset Management LTD increased its stake in SSR Mining by 7.3% during the second quarter. Investec Asset Management LTD now owns 2,508,532 shares of the basic materials company’s stock worth $24,759,000 after acquiring an additional 169,963 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its stake in SSR Mining by 69.2% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,349,595 shares of the basic materials company’s stock worth $23,166,000 after acquiring an additional 961,179 shares during the last quarter. Bank of Montreal Can increased its stake in SSR Mining by 1.3% during the third quarter. Bank of Montreal Can now owns 1,835,412 shares of the basic materials company’s stock worth $15,987,000 after acquiring an additional 23,725 shares during the last quarter. Finally, TD Asset Management Inc. increased its stake in SSR Mining by 23.9% during the second quarter. TD Asset Management Inc. now owns 1,162,632 shares of the basic materials company’s stock worth $11,463,000 after acquiring an additional 224,100 shares during the last quarter. 47.08% of the stock is owned by institutional investors.

Several equities research analysts recently commented on SSRM shares. Zacks Investment Research cut SSR Mining from a “buy” rating to a “hold” rating in a report on Tuesday, October 30th. Canaccord Genuity reaffirmed a “buy” rating on shares of SSR Mining in a report on Sunday, October 21st. ValuEngine raised SSR Mining from a “hold” rating to a “buy” rating in a report on Friday, October 12th. Howard Weil raised SSR Mining from a “sector perform” rating to a “sector outperform” rating in a report on Friday, October 12th. Finally, BMO Capital Markets increased their price target on SSR Mining from $11.75 to $12.50 and gave the company an “outperform” rating in a report on Friday, October 12th. They noted that the move was a valuation call. Three analysts have rated the stock with a hold rating and six have given a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $11.88.

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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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