Hycroft Mining (NASDAQ:HYMC) Shares Gap Down – Here’s What Happened

Hycroft Mining Holding Corporation (NASDAQ:HYMC) shares gapped down before the market opened on Tuesday . The stock had previously closed at $23.43, but opened at $22.13. Hycroft Mining shares last traded at $22.4230, with a volume of 372,802 shares trading hands.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on HYMC. Zacks Research raised Hycroft Mining to a “hold” rating in a report on Monday, July 13th. Wall Street Zen upgraded Hycroft Mining from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 30th. B. Riley Financial started coverage on shares of Hycroft Mining in a report on Monday, August 3rd. They issued a “buy” rating and a $25.00 price target on the stock. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Hycroft Mining in a research report on Tuesday, June 16th. One research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Hycroft Mining currently has an average rating of “Hold” and a consensus price target of $25.00.

Hycroft Mining Stock Up 7.3%

The firm has a 50 day moving average price of $23.09 and a 200 day moving average price of $31.58. The stock has a market cap of $2.16 billion, a PE ratio of -23.44 and a beta of 2.83.

Hycroft Mining (NASDAQ:HYMC) last released its quarterly earnings data on Monday, July 27th. The company reported ($0.23) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.08). Equities analysts forecast that Hycroft Mining Holding Corporation will post -0.9 earnings per share for the current year.

Insider Buying and Selling

In related news, SVP David Brian Thomas sold 25,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $26.32, for a total value of $658,000.00. Following the completion of the transaction, the senior vice president owned 168,374 shares of the company’s stock, valued at $4,431,603.68. The trade was a 12.93% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Rebecca Jennings sold 15,329 shares of the company’s stock in a transaction on Friday, June 12th. The stock was sold at an average price of $26.25, for a total value of $402,386.25. Following the sale, the senior vice president owned 202,498 shares of the company’s stock, valued at approximately $5,315,572.50. This represents a 7.04% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 41,523 shares of company stock worth $1,094,582. Insiders own 0.77% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in HYMC. Bank of America Corp DE boosted its position in Hycroft Mining by 166.6% during the third quarter. Bank of America Corp DE now owns 4,060 shares of the company’s stock valued at $25,000 after purchasing an additional 2,537 shares in the last quarter. Contravisory Investment Management Inc. bought a new position in Hycroft Mining in the first quarter worth about $34,000. Hollencrest Capital Management bought a new position in Hycroft Mining in the first quarter worth about $35,000. FNY Investment Advisers LLC lifted its position in shares of Hycroft Mining by 50.0% during the second quarter. FNY Investment Advisers LLC now owns 1,500 shares of the company’s stock valued at $35,000 after buying an additional 500 shares during the last quarter. Finally, Legacy Wealth Managment LLC ID bought a new stake in shares of Hycroft Mining in the 1st quarter valued at about $44,000. 7.38% of the stock is owned by institutional investors.

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.