Hycroft Mining (NASDAQ:HYMC) Trading Down 6.6% – Here’s Why

Hycroft Mining Holding Corporation (NASDAQ:HYMC)’s stock price was down 6.6% during trading on Wednesday . The company traded as low as $36.75 and last traded at $39.31. Approximately 3,945,029 shares were traded during trading, a decline of 32% from the average daily volume of 5,808,758 shares. The stock had previously closed at $42.07.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. Wall Street Zen raised Hycroft Mining from a “sell” rating to a “hold” rating in a research note on Saturday, November 1st. Weiss Ratings reissued a “sell (d-)” rating on shares of Hycroft Mining in a research report on Thursday, January 22nd. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat, the company currently has a consensus rating of “Sell”.

Hycroft Mining Stock Down 6.6%

The business’s 50 day moving average is $26.19 and its 200 day moving average is $13.21. The company has a quick ratio of 18.87, a current ratio of 19.04 and a debt-to-equity ratio of 2.83. The company has a market cap of $3.26 billion, a P/E ratio of -24.27 and a beta of 2.62.

Insider Activity at Hycroft Mining

In related news, major shareholder Eric Sprott acquired 2,340,824 shares of the firm’s stock in a transaction that occurred on Wednesday, December 3rd. The stock was purchased at an average cost of $10.30 per share, for a total transaction of $24,110,487.20. Following the purchase, the insider directly owned 29,466,352 shares of the company’s stock, valued at $303,503,425.60. This trade represents a 8.63% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. Over the last three months, insiders acquired 5,755,824 shares of company stock valued at $88,013,837. Insiders own 1.31% of the company’s stock.

Hedge Funds Weigh In On Hycroft Mining

A number of large investors have recently added to or reduced their stakes in HYMC. FNY Investment Advisers LLC boosted its holdings in shares of Hycroft Mining by 1,666.7% in the 4th quarter. FNY Investment Advisers LLC now owns 1,060 shares of the company’s stock valued at $25,000 after buying an additional 1,000 shares in the last quarter. Bank of America Corp DE raised its stake in shares of Hycroft Mining by 166.6% during the 3rd 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 in the last quarter. Occudo Quantitative Strategies LP purchased a new stake in Hycroft Mining during the third quarter valued at approximately $96,000. Virtu Financial LLC boosted its stake in Hycroft Mining by 20.3% in the third quarter. Virtu Financial LLC now owns 16,023 shares of the company’s stock valued at $99,000 after acquiring an additional 2,700 shares in the last quarter. Finally, XTX Topco Ltd acquired a new stake in Hycroft Mining in the second quarter valued at approximately $101,000. 7.38% of the stock is currently 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.