Hycroft Mining (NASDAQ:HYMC) Shares Down 8.4% – Here’s Why

Hycroft Mining Holding Corporation (NASDAQ:HYMC)’s share price was down 8.4% on Thursday . The stock traded as low as $9.87 and last traded at $9.8290. Approximately 755,996 shares were traded during mid-day trading, an increase of 11% from the average daily volume of 683,892 shares. The stock had previously closed at $10.73.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Hycroft Mining in a research report on Wednesday, October 8th. Wall Street Zen upgraded Hycroft Mining from a “sell” rating to a “hold” rating in a research note on Saturday, November 1st. One research analyst has rated the stock with a Sell rating, According to MarketBeat, the company currently has a consensus rating of “Sell”.

Hycroft Mining Price Performance

The firm has a market capitalization of $803.22 million, a P/E ratio of -6.12 and a beta of 2.47. The business’s 50-day simple moving average is $7.42 and its 200 day simple moving average is $4.98. The company has a quick ratio of 18.87, a current ratio of 19.04 and a debt-to-equity ratio of 2.83.

Hycroft Mining (NASDAQ:HYMC) last released its quarterly earnings data on Tuesday, October 28th. The company reported ($0.22) EPS for the quarter, topping the consensus estimate of ($0.24) by $0.02.

Insider Activity

In other news, major shareholder Eric Sprott bought 500,000 shares of the business’s stock in a transaction dated Thursday, November 13th. The shares were purchased at an average price of $9.41 per share, for a total transaction of $4,705,000.00. Following the completion of the acquisition, the insider owned 26,725,528 shares of the company’s stock, valued at approximately $251,487,218.48. This trade represents a 1.91% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP David Brian Thomas sold 20,000 shares of Hycroft Mining stock in a transaction on Thursday, October 23rd. The stock was sold at an average price of $7.39, for a total transaction of $147,800.00. Following the completion of the transaction, the senior vice president directly owned 96,070 shares in the company, valued at approximately $709,957.30. The trade was a 17.23% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders purchased 18,034,704 shares of company stock valued at $98,720,333. 1.31% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Hycroft Mining

A number of large investors have recently made changes to their positions in the business. Bank of America Corp DE lifted its stake in Hycroft Mining by 166.6% in the third quarter. Bank of America Corp DE now owns 4,060 shares of the company’s stock worth $25,000 after acquiring an additional 2,537 shares during the period. Occudo Quantitative Strategies LP bought a new position in Hycroft Mining in the 3rd quarter worth $96,000. Virtu Financial LLC lifted its position in shares of Hycroft Mining by 20.3% in the 3rd quarter. Virtu Financial LLC now owns 16,023 shares of the company’s stock worth $99,000 after purchasing an additional 2,700 shares during the period. XTX Topco Ltd bought a new stake in shares of Hycroft Mining during the 2nd quarter valued at about $101,000. Finally, Jane Street Group LLC purchased a new position in shares of Hycroft Mining during the first quarter valued at about $124,000. 7.38% of the stock is currently owned by institutional investors.

About Hycroft Mining

Hycroft Mining Holding Corporation, together with its subsidiaries, operates as a gold and silver development company in the United States. The company holds interests in the Hycroft mine that consists of 30 private parcels with patented claims comprising approximately 1,787 acres, and 3,247 unpatented mining claims that encompass approximately 62,298 acres located in the state of Nevada.