Cormark Has Pessimistic View of SSR Mining FY2024 Earnings

SSR Mining Inc. (NASDAQ:SSRM) (TSE:SSO) – Cormark reduced their FY2024 earnings per share (EPS) estimates for SSR Mining in a report released on Monday, November 11th. Cormark analyst R. Gray now anticipates that the basic materials company will post earnings of $0.38 per share for the year, down from their previous forecast of $0.58. The consensus estimate for SSR Mining’s current full-year earnings is $0.33 per share. Cormark also issued estimates for SSR Mining’s FY2025 earnings at $0.71 EPS and FY2026 earnings at $0.68 EPS.

Separately, UBS Group upped their target price on SSR Mining from $6.30 to $6.80 and gave the stock a “buy” rating in a research note on Tuesday, October 15th. Two 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 stock. According to MarketBeat.com, SSR Mining has a consensus rating of “Hold” and an average price target of $7.01.

SSR Mining Price Performance

Shares of NASDAQ SSRM opened at $5.37 on Wednesday. The company has a quick ratio of 1.97, a current ratio of 3.91 and a debt-to-equity ratio of 0.08. SSR Mining has a 52 week low of $3.76 and a 52 week high of $12.04. The business’s 50 day moving average price is $5.82 and its 200 day moving average price is $5.35. The firm has a market cap of $1.09 billion, a P/E ratio of -2.25, a P/E/G ratio of 0.90 and a beta of 0.72.

Hedge Funds Weigh In On SSR Mining

A number of hedge funds have recently modified their holdings of SSRM. Point72 Asia Singapore Pte. Ltd. purchased a new position in SSR Mining during the second quarter worth about $32,000. Abich Financial Wealth Management LLC acquired a new position in shares of SSR Mining in the 1st quarter worth approximately $41,000. Quarry LP lifted its holdings in shares of SSR Mining by 119.7% in the 2nd quarter. Quarry LP now owns 10,368 shares of the basic materials company’s stock worth $47,000 after acquiring an additional 5,649 shares during the last quarter. HB Wealth Management LLC acquired a new position in shares of SSR Mining in the 2nd quarter worth approximately $56,000. Finally, SeaCrest Wealth Management LLC acquired a new position in shares of SSR Mining in the 3rd quarter worth approximately $57,000. 68.30% of the stock is currently owned by hedge funds and other institutional investors.

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.