McEwen Mining (NYSE:MUX) Shares Gap Up to $1.27

McEwen Mining Inc (NYSE:MUX) (TSE:MUX)’s share price gapped up before the market opened on Friday . The stock had previously closed at $1.24, but opened at $1.27. McEwen Mining shares last traded at $1.30, with a volume of 5,129,075 shares.

Several brokerages have recently weighed in on MUX. B. Riley boosted their target price on McEwen Mining from $3.80 to $4.00 and gave the stock a “buy” rating in a report on Thursday, February 6th. HC Wainwright restated a “buy” rating and set a $2.00 target price on shares of McEwen Mining in a report on Thursday, January 16th. Zacks Investment Research upgraded McEwen Mining from a “sell” rating to a “hold” rating in a report on Wednesday, January 15th. Finally, ValuEngine upgraded McEwen Mining from a “hold” rating to a “buy” rating in a report on Friday, December 27th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. McEwen Mining currently has a consensus rating of “Buy” and a consensus price target of $3.00.

The business has a 50-day moving average price of $1.18 and a two-hundred day moving average price of $1.47. The company has a quick ratio of 0.56, a current ratio of 1.41 and a debt-to-equity ratio of 0.11. The firm has a market cap of $438.66 million, a PE ratio of -8.13 and a beta of -0.58.

Several hedge funds have recently modified their holdings of the stock. Geode Capital Management LLC grew its stake in shares of McEwen Mining by 13.0% during the fourth quarter. Geode Capital Management LLC now owns 2,457,723 shares of the basic materials company’s stock worth $3,121,000 after purchasing an additional 283,680 shares in the last quarter. Profund Advisors LLC grew its stake in shares of McEwen Mining by 31.6% during the fourth quarter. Profund Advisors LLC now owns 54,638 shares of the basic materials company’s stock worth $69,000 after purchasing an additional 13,107 shares in the last quarter. Cubist Systematic Strategies LLC acquired a new position in shares of McEwen Mining during the fourth quarter worth $224,000. Jane Street Group LLC grew its stake in shares of McEwen Mining by 54.2% during the fourth quarter. Jane Street Group LLC now owns 141,122 shares of the basic materials company’s stock worth $179,000 after purchasing an additional 49,595 shares in the last quarter. Finally, Bank of America Corp DE grew its stake in shares of McEwen Mining by 542.3% during the fourth quarter. Bank of America Corp DE now owns 638,277 shares of the basic materials company’s stock worth $810,000 after purchasing an additional 538,901 shares in the last quarter. Hedge funds and other institutional investors own 27.66% of the company’s stock.

About McEwen Mining (NYSE:MUX)

McEwen Mining Inc engages in the exploration, development, production, and sale of gold and silver. It also explores for copper deposits. The company owns 100% interests in the El Gallo and Fenix projects located in Mexico; and the Black Fox Mine and Stock Mill, Grey Fox, and Froome and Tamarack properties in Canada.

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