Hycroft Mining (NASDAQ:HYMC) Stock Price Down 7.9% – Here’s Why

Shares of Hycroft Mining Holding Corporation (NASDAQ:HYMC) dropped 7.9% during trading on Thursday . The stock traded as low as $33.01 and last traded at $33.10. Approximately 3,294,527 shares traded hands during trading, a decline of 39% from the average daily volume of 5,368,079 shares. The stock had previously closed at $35.93.

Analyst Ratings Changes

Several brokerages recently issued reports on HYMC. Wall Street Zen upgraded shares of Hycroft Mining from a “sell” rating to a “hold” rating in a research report on Saturday, November 1st. Weiss Ratings reiterated 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.com, the stock presently has an average rating of “Sell”.

Hycroft Mining Stock Performance

The company has a debt-to-equity ratio of 2.83, a current ratio of 19.04 and a quick ratio of 18.87. The stock has a market capitalization of $2.95 billion, a price-to-earnings ratio of -21.94 and a beta of 2.62. The stock has a 50-day moving average of $30.13 and a 200 day moving average of $14.87.

Insiders Place Their Bets

In other news, major shareholder Eric Sprott bought 2,340,824 shares of the business’s stock in a transaction on Wednesday, December 3rd. The shares were bought at an average cost of $10.30 per share, for a total transaction of $24,110,487.20. Following the completion of the acquisition, the insider owned 29,466,352 shares in the company, valued at approximately $303,503,425.60. This trade represents a 8.63% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last 90 days, insiders have purchased 4,755,824 shares of company stock worth $79,273,837. 1.31% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. FNY Investment Advisers LLC increased 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 acquiring an additional 1,000 shares in the last quarter. Bank of America Corp DE increased its stake in 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 purchasing an additional 2,537 shares in the last quarter. Wells Fargo & Company MN acquired a new stake in Hycroft Mining during the 4th quarter worth approximately $71,000. Kestra Advisory Services LLC bought a new position in Hycroft Mining in the fourth quarter valued at approximately $81,000. Finally, Occudo Quantitative Strategies LP acquired a new position in shares of Hycroft Mining in the third quarter valued at approximately $96,000. 7.38% of the stock is currently owned by institutional investors.

About Hycroft Mining

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.