Hycroft Mining (NASDAQ:HYMC) Stock Price Up 7.5% – Here’s Why

Hycroft Mining Holding Corporation (NASDAQ:HYMC)’s stock price traded up 7.5% during mid-day trading on Tuesday . The stock traded as high as $21.58 and last traded at $22.0670. 1,010,192 shares changed hands during trading, a decline of 67% from the average daily volume of 3,017,236 shares. The stock had previously closed at $20.53.

Analyst Ratings Changes

Several equities analysts recently commented on HYMC shares. Wall Street Zen upgraded 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 research report on Friday, September 11th. Zacks Research raised Hycroft Mining to a “hold” rating in a report on Monday, July 13th. Finally, B. Riley Financial started coverage on shares of Hycroft Mining in a research report on Monday, August 3rd. They issued a “buy” rating and a $25.00 price objective on the stock. One analyst has rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Hycroft Mining has a consensus rating of “Hold” and an average target price of $25.00.

Hycroft Mining Price Performance

The firm’s 50 day simple moving average is $22.90 and its 200 day simple moving average is $29.23. The stock has a market capitalization of $1.98 billion, a PE ratio of -21.47 and a beta of 2.83.

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

Institutional Trading of Hycroft Mining

Hedge funds and other institutional investors have recently bought and sold shares of the stock. FNY Investment Advisers LLC increased its stake in shares of Hycroft Mining by 50.0% in the second quarter. FNY Investment Advisers LLC now owns 1,500 shares of the company’s stock worth $35,000 after buying an additional 500 shares during the period. Contravisory Investment Management Inc. purchased a new stake in Hycroft Mining during the 1st quarter valued at $34,000. Hollencrest Capital Management purchased a new stake in Hycroft Mining during the 1st quarter valued at $35,000. Integrated Wealth Concepts LLC bought a new stake in Hycroft Mining in the 2nd quarter worth $25,000. Finally, Arizona State Retirement System grew its holdings in Hycroft Mining by 9.0% in the 2nd quarter. Arizona State Retirement System now owns 14,446 shares of the company’s stock worth $338,000 after acquiring an additional 1,198 shares during the last quarter. Institutional investors own 7.38% of the company’s stock.

Hycroft Mining Company Profile

Hycroft Mining Holding Corporation is a U.S.-based precious metals exploration and development company focused on the Hycroft Mine, a large open-pit gold and silver project in Humboldt County, Nevada, near Winnemucca. The company owns and operates the project through its subsidiary, Hycroft Mining Corporation.

The Hycroft Mine historically produced gold and silver using open-pit mining and heap-leach processing. Following a period of operations under previous ownership, mining activities were suspended, and Hycroft has since focused primarily on exploration, resource evaluation, metallurgical testing, and technical studies intended to assess potential future development and production options.

Hycroft’s activities are concentrated in the United States, particularly at its Nevada property.