Merit Financial Group LLC Invests $113,000 in SSR Mining Inc. (NASDAQ:SSRM)

Merit Financial Group LLC purchased a new position in shares of SSR Mining Inc. (NASDAQ:SSRM) (TSE:SSO) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 11,278 shares of the basic materials company’s stock, valued at approximately $113,000.

Several other hedge funds have also modified their holdings of SSRM. US Bancorp DE boosted its position in shares of SSR Mining by 62.4% in the fourth quarter. US Bancorp DE now owns 3,540 shares of the basic materials company’s stock worth $25,000 after acquiring an additional 1,360 shares during the last quarter. SBI Securities Co. Ltd. bought a new stake in shares of SSR Mining in the fourth quarter worth $29,000. Allianz SE bought a new stake in shares of SSR Mining in the fourth quarter worth $30,000. Olympiad Research LP bought a new stake in shares of SSR Mining in the fourth quarter worth $94,000. Finally, Tower Research Capital LLC TRC increased its stake in shares of SSR Mining by 187.7% in the fourth quarter. Tower Research Capital LLC TRC now owns 13,599 shares of the basic materials company’s stock worth $95,000 after buying an additional 8,872 shares during the last quarter. 68.30% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

SSRM has been the subject of a number of research reports. National Bankshares reaffirmed a “sector perform” rating on shares of SSR Mining in a report on Wednesday, April 23rd. National Bank Financial upgraded shares of SSR Mining to a “hold” rating in a research report on Friday, March 21st. Cormark upgraded SSR Mining from a “hold” rating to a “moderate buy” rating in a report on Tuesday, April 22nd. CIBC boosted their price objective on SSR Mining from $8.25 to $9.75 and gave the stock a “neutral” rating in a report on Wednesday, February 19th. Finally, Wall Street Zen cut SSR Mining from a “strong-buy” rating to a “buy” rating in a research note on Friday, June 6th. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $10.03.

SSR Mining Stock Up 2.3%

Shares of SSR Mining stock opened at $12.71 on Friday. The stock has a market capitalization of $2.58 billion, a P/E ratio of -9.85, a PEG ratio of 0.37 and a beta of -0.13. The company has a quick ratio of 1.97, a current ratio of 4.70 and a debt-to-equity ratio of 0.08. The stock has a 50 day moving average price of $11.05 and a two-hundred day moving average price of $9.39. SSR Mining Inc. has a 12-month low of $4.32 and a 12-month high of $13.33.

SSR Mining (NASDAQ:SSRM) (TSE:SSO) last issued its quarterly earnings results on Tuesday, May 6th. The basic materials company reported $0.29 EPS for the quarter, topping analysts’ consensus estimates of $0.08 by $0.21. SSR Mining had a positive return on equity of 1.46% and a negative net margin of 26.24%. The company had revenue of $303.43 million during the quarter, compared to analyst estimates of $332.64 million. Equities analysts expect that SSR Mining Inc. will post 0.73 earnings per share for the current year.

SSR Mining Profile

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.