Hycroft Mining (NASDAQ:HYMC) Trading Down 9.2% – Here’s Why

Hycroft Mining Holding Corporation (NASDAQ:HYMC)’s stock price was down 9.2% during mid-day trading on Wednesday . The company traded as low as $20.09 and last traded at $19.8540. Approximately 606,116 shares were traded during trading, a decline of 82% from the average daily volume of 3,418,294 shares. The stock had previously closed at $21.86.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the stock. Zacks Research upgraded shares of Hycroft Mining to a “hold” rating in a research note on Monday. Wall Street Zen upgraded shares of Hycroft Mining from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 30th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Hycroft Mining in a report on Tuesday, June 16th. Finally, B. Riley Financial initiated coverage on shares of Hycroft Mining in a report on Friday, July 10th. They issued a “buy” rating and a $28.00 price objective for the company. One equities research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $28.00.

Hycroft Mining Trading Down 4.1%

The company’s 50 day simple moving average is $29.07 and its 200-day simple moving average is $34.55. The firm has a market cap of $1.92 billion, a P/E ratio of -17.62 and a beta of 2.71.

Hycroft Mining (NASDAQ:HYMC) last released its quarterly earnings data on Monday, April 27th. The company reported ($0.54) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.45). On average, sell-side analysts anticipate that Hycroft Mining Holding Corporation will post -0.9 earnings per share for the current year.

Insider Activity

In other news, CFO Stanton K. Rideout sold 16,500 shares of the firm’s stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $30.18, for a total value of $497,970.00. Following the transaction, the chief financial officer directly owned 481,947 shares in the company, valued at $14,545,160.46. This trade represents a 3.31% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Diane R. Garrett sold 21,550 shares of the company’s stock in a transaction on Thursday, June 4th. The shares were sold at an average price of $31.50, for a total value of $678,825.00. Following the sale, the chief executive officer owned 928,352 shares of the company’s stock, valued at approximately $29,243,088. This trade represents a 2.27% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 99,873 shares of company stock worth $2,884,778. Insiders own 0.77% of the company’s stock.

Institutional Investors Weigh In On Hycroft Mining

Several hedge funds and other institutional investors have recently made changes to their positions in HYMC. FNY Investment Advisers LLC boosted its holdings in shares of Hycroft Mining by 1,666.7% in the fourth quarter. FNY Investment Advisers LLC now owns 1,060 shares of the company’s stock worth $25,000 after buying an additional 1,000 shares during the last quarter. Bank of America Corp DE raised its position 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. Contravisory Investment Management Inc. bought a new position in Hycroft Mining in the first quarter worth approximately $34,000. Hollencrest Capital Management purchased a new position in shares of Hycroft Mining during the 1st quarter worth $35,000. Finally, Legacy Wealth Managment LLC ID purchased a new position in shares of Hycroft Mining during the 1st quarter worth $44,000. Hedge funds and other institutional investors own 7.38% of the company’s stock.

Hycroft Mining Company Profile

Hycroft Mining PLC is a precious metals company focused on the exploration, development and operation of the Hycroft Mine, a large oxide gold and silver deposit in northwestern Nevada. The company’s primary activities include open-pit mining, heap leach extraction and carbon adsorption/desorption processing designed to recover gold and silver from crushed ore. Hycroft’s technical team employs conventional mining methods and metallurgical processes to advance resource conversion and optimize recovery rates.

Located on approximately 28,800 hectares in Humboldt County, Nevada, the Hycroft Mine ranks among the largest undeveloped oxide gold-silver deposits in North America.