The stock of SSR Mining Inc. (NASDAQ:SSRM) is now priced at $21.1 and the shares are -0.35 points down or -1.63% lower compared to its previous closing price of $21.45. The stock had 1.452 million contracts set over the past session. SSRM shares’ daily volume is compared to its average trading volume at 1.884 million shares. However, it has a float of 123 million and although its performance was 8.73% over the week, it’s one to watch. Analysts have given the SSRM stock a yearly average price target of $11.75 per share. It means the stock’s downside potential is -44.31% with the SSRM share price recently placing at $20.89 to $21.86. However, some brokerage firms have priced the stock below the average, including one that has called $26.51.
The shorts are running away from the SSR Mining Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the SSRM shares have declined. Short interest in the stock represents just 4.17% of its float, but the volume has dropped by -125168. The volume of shorted shares dropped to 5.117 million from 5.242 million shares over the last two weeks. The average intraday trading volume has been 2.077 million shares, which means that days to cover moved to roughly 2.463248.
In the last trading session, SSR Mining Inc. (NASDAQ:SSRM) raised by $1.69 over the week and lost -$3.39 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $25.32. The stock recorded its established 52-week high on 08/05/20.
Since 03/16/20, the stock has traded to a low of $9 at 134.44%, 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 0.98. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, SSR Mining Inc.’s two-week RSI is 51.98. This suggests that the stock is neutral at the moment and that SSRM shares’ price movement remains stable. The stochastic readings are equally revealing at 83.73% meaning the SSRM share price is currently in oversold territory.
The technical chart shows that the SSRM stock will likely settle at between $21.68 and $22.25 per share. However, if the stock dips below $20.71, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $20.31.
Currently, the stock is trading in the green of MACD, with a reading of 1.03. 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 Canaccord Genuity raised their recommendation for SSRM from Hold to Buy in July 21 review. Canaccord Genuity analysts downgraded their recommendation of the stock from Buy to Hold in a flash note released to investors on February 24. Scotiabank seeing the stock struggling downgraded it from Sector Outperform to Sector Perform on February 21.
The average rating for the SSRM equity is 2 and is currently gathering a bullish momentum. Of 5 analysts tracking SSR Mining Inc. polled by Reuters, 1 rated SSRM 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 SSRM stock price is 9.48X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 44.9 above the group’s average of 23.7. SSR Mining Inc. has its P/E ratio at 2.2, which means that the stock is currently trading at a discount relative to the 2.7 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for SSR Mining Inc. (NASDAQ:SSRM) will decrease by about -99.92%, which will see them reach $100 million. The company’s full-year revenues are, however, expected to diminish by about -1.34%, down from $449 million to $443 million. SSRM’s expected adjusted earnings should drop almost -100% to end up at $0 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -14.71% to record $0.29/share.