Hycroft Mining (NASDAQ:HYMC) Trading Down 14.2% – Here’s Why

Hycroft Mining Holding Corporation (NASDAQ:HYMC) shares dropped 14.2% during trading on Thursday . The stock traded as low as $33.04 and last traded at $33.72. Approximately 4,882,003 shares traded hands during mid-day trading, a decline of 15% from the average daily volume of 5,771,757 shares. The stock had previously closed at $39.31.

Analyst Upgrades and Downgrades

HYMC has been the topic of a number of analyst reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Hycroft Mining in a report on Thursday, January 22nd. Wall Street Zen upgraded Hycroft Mining from a “sell” rating to a “hold” rating in a research note on Saturday, November 1st. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat, Hycroft Mining presently has a consensus rating of “Sell”.

Hycroft Mining Stock Performance

The company’s fifty day simple moving average is $26.77 and its 200 day simple moving average is $13.40. The stock has a market capitalization of $2.80 billion, a P/E ratio of -20.81 and a beta of 2.62. The company has a current ratio of 19.04, a quick ratio of 18.87 and a debt-to-equity ratio of 2.83.

Insiders Place Their Bets

In other Hycroft Mining news, major shareholder Eric Sprott purchased 2,340,824 shares of the stock in a transaction on Wednesday, December 3rd. The shares were purchased at an average price of $10.30 per share, with a total value of $24,110,487.20. Following the acquisition, the insider directly owned 29,466,352 shares in the company, valued at approximately $303,503,425.60. The trade was a 8.63% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In the last 90 days, insiders bought 5,755,824 shares of company stock valued at $88,013,837. 1.31% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. FNY Investment Advisers LLC lifted its position in Hycroft Mining by 1,666.7% during the fourth quarter. FNY Investment Advisers LLC now owns 1,060 shares of the company’s stock valued at $25,000 after purchasing an additional 1,000 shares during the last quarter. Bank of America Corp DE raised its position 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 valued at $25,000 after buying an additional 2,537 shares in the last quarter. Virtu Financial LLC lifted its holdings in shares of Hycroft Mining by 20.3% during the 3rd quarter. Virtu Financial LLC now owns 16,023 shares of the company’s stock worth $99,000 after acquiring an additional 2,700 shares during the last quarter. Geode Capital Management LLC grew its position in Hycroft Mining by 1.4% in the second quarter. Geode Capital Management LLC now owns 227,603 shares of the company’s stock worth $713,000 after acquiring an additional 3,146 shares in the last quarter. Finally, Mountain Capital Investment Advisors Inc. bought a new position in Hycroft Mining in the fourth quarter valued at $156,000. 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.