Santacruz Silver Mining (NASDAQ:SCZM) Stock Price Down 9.7% – Here’s Why

Santacruz Silver Mining (NASDAQ:SCZM) shares traded down 9.7% during trading on Thursday. The stock traded as low as $7.36 and last traded at $7.3780. 95,137 shares changed hands during mid-day trading, a decline of 81% from the average session volume of 512,811 shares. The stock had previously closed at $8.17.

Analyst Ratings Changes

SCZM has been the topic of several research analyst reports. Maxim Group lowered their price target on Santacruz Silver Mining from $12.00 to $10.00 and set a “buy” rating on the stock in a research report on Friday, July 17th. Wall Street Zen cut Santacruz Silver Mining from a “buy” rating to a “hold” rating in a research report on Saturday, August 29th. Weiss Ratings raised Santacruz Silver Mining from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, October 8th. Finally, Zacks Research raised Santacruz Silver Mining from a “hold” rating to a “strong-buy” rating in a report on Friday, October 16th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $10.00.

Santacruz Silver Mining Stock Performance

The firm has a market capitalization of $663.09 million and a PE ratio of 22.28. The stock’s fifty day simple moving average is $9.13.

Santacruz Silver Mining (NASDAQ:SCZM) last released its quarterly earnings data on Friday, August 14th. The company reported $0.02 EPS for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.35). The business had revenue of $113.46 million for the quarter, compared to the consensus estimate of $135.00 million. Santacruz Silver Mining had a return on equity of 21.55% and a net margin of 9.97%. Analysts anticipate that Santacruz Silver Mining will post 1.06 earnings per share for the current year.

Institutional Investors Weigh In On Santacruz Silver Mining

A number of institutional investors have recently added to or reduced their stakes in SCZM. Tidal Investments LLC bought a new position in shares of Santacruz Silver Mining during the 2nd quarter worth approximately $122,000. Engineers Gate Manager LP bought a new stake in Santacruz Silver Mining in the second quarter valued at $148,000. NewEdge Advisors LLC bought a new stake in Santacruz Silver Mining in the second quarter valued at $212,000. Squarepoint Ops LLC acquired a new position in Santacruz Silver Mining during the second quarter worth $238,000. Finally, TD Waterhouse Canada Inc. acquired a new position in Santacruz Silver Mining during the second quarter worth $51,000.

About Santacruz Silver Mining

Santacruz Silver Mining Ltd. is a Canadian mining company focused on the exploration, development and operation of silver, lead and zinc properties in Mexico. The company produces mineral concentrates containing silver and base metals, which are sold to smelters and other processing customers.

Santacruz’s Mexican operating portfolio has included the Zimapan mine complex in Hidalgo, the La Encantada mine in Coahuila and the Rosario mine in San Luis Potosi, along with the Veta Grande property in Zacatecas.