The stock of McEwen Mining Inc. (NYSE:MUX) is now priced at $1.37 and the shares are -0.03 points down or -2.14% lower compared to its previous closing price of $1.4. The stock had 4.931 million contracts set over the past session. MUX shares’ daily volume is compared to its average trading volume at 4.959 million shares. However, it has a float of 316 million and although its performance was 1.48% over the week, it’s one to watch. Analysts have given the MUX stock a yearly average price target of $2.14 per share. It means the stock’s upside potential is 56.2% with the MUX share price recently placing at $1.355 to $1.45. However, some brokerage firms have priced the stock below the average, including one that has called $1.7.
The shorts are running away from the McEwen Mining Inc. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the MUX shares have declined. Short interest in the stock represents just 16.87% of its float, but the volume has dropped by 0.
In the last trading session, McEwen Mining Inc. (NYSE:MUX) raised by $0.02 over the week and gained $0.33 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $2.14. The stock recorded its established 52-week high on 08/28/19.
Since 03/16/20, the stock has traded to a low of $0.53 at 158.49%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 1.02. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, McEwen Mining Inc.’s two-week RSI is 59.65. This suggests that the stock is neutral at the moment and that MUX shares’ price movement remains stable. The stochastic readings are equally revealing at 59.05% meaning the MUX share price is currently in neutral territory.
The technical chart shows that the MUX stock will likely settle at between $1.4283 and $1.4867 per share. However, if the stock dips below $1.3333, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $1.2967.
Currently, the stock is trading in the green of MACD, with a reading of 0.0011. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Maxim Group assigned MUX a rating of Buy in their intiating review released on September 10. ROTH Capital analysts see the stock as a Buy with a target price of $3.25 in a flash note released to investors on December 11 initiating covering the stock. H.C. Wainwright analysts see the stock as Buy when the analysts resumed the share price coverage on June 29, placing it at $1.3.
The average rating for the MUX equity is 2 and is currently gathering a bullish momentum. Of 4 analysts tracking McEwen Mining Inc. polled by Reuters, 0 rated MUX as a hold. The remaining 4 analysts were split evenly. However, the split wasn’t equal as a majority (4) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the MUX stock price is 17.13X ahead of its 12-month Consensus earnings per share estimates.
Zacks Consensus Estimate forecasts that the current-quarter revenues for McEwen Mining Inc. (NYSE:MUX) will decrease by about -99.85%, which will see them reach $28.3 million. The company’s full-year revenues are, however, expected to diminish by about -8.53%, down from $117.02 million to $107.04 million. MUX’s expected adjusted earnings should drop almost -33.33% to end up at -$0.02 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 76.47% to record -$0.3/share.