McEwen Inc. (NYSE:MUX) Sees Significant Increase in Short Interest

McEwen Inc. (NYSE:MUX) (TSE:MUX) saw a significant growth in short interest in the month of January. As of January 15th, there was short interest totaling 10,633,915 shares, a growth of 19.9% from the December 31st total of 8,870,376 shares. Based on an average daily volume of 1,269,805 shares, the days-to-cover ratio is presently 8.4 days. Currently, 23.3% of the shares of the company are short sold. Currently, 23.3% of the shares of the company are short sold. Based on an average daily volume of 1,269,805 shares, the days-to-cover ratio is presently 8.4 days.

Institutional Investors Weigh In On McEwen

Several hedge funds have recently made changes to their positions in the company. CoreCap Advisors LLC purchased a new position in McEwen during the 3rd quarter worth approximately $27,000. National Bank of Canada FI boosted its position in shares of McEwen by 3,328.3% in the third quarter. National Bank of Canada FI now owns 3,634 shares of the basic materials company’s stock worth $62,000 after buying an additional 3,528 shares during the period. Kercheville Advisors LLC acquired a new stake in shares of McEwen in the fourth quarter worth $185,000. Tower Research Capital LLC TRC grew its holdings in shares of McEwen by 17,204.9% during the second quarter. Tower Research Capital LLC TRC now owns 10,556 shares of the basic materials company’s stock valued at $101,000 after buying an additional 10,495 shares in the last quarter. Finally, Pale Fire Capital SE acquired a new position in McEwen during the second quarter valued at $119,000. Hedge funds and other institutional investors own 17.03% of the company’s stock.

McEwen Trading Down 0.0%

Shares of McEwen stock traded down $0.01 on Wednesday, reaching $25.63. 963,691 shares of the company were exchanged, compared to its average volume of 1,560,927. McEwen has a fifty-two week low of $6.38 and a fifty-two week high of $29.70. The firm has a market capitalization of $1.40 billion, a price-to-earnings ratio of -116.50 and a beta of 1.13. The company has a current ratio of 2.10, a quick ratio of 1.58 and a debt-to-equity ratio of 0.26. The stock has a fifty day moving average price of $21.03 and a 200-day moving average price of $17.06.

McEwen (NYSE:MUX) (TSE:MUX) last issued its quarterly earnings results on Wednesday, November 5th. The basic materials company reported ($0.01) earnings per share for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.32). McEwen had a negative return on equity of 2.45% and a negative net margin of 7.16%.The company had revenue of $50.53 million during the quarter, compared to analysts’ expectations of $60.00 million. On average, analysts expect that McEwen will post -0.72 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. HC Wainwright raised their target price on McEwen from $17.00 to $21.50 and gave the company a “buy” rating in a research report on Friday, October 10th. Canaccord Genuity Group set a $25.00 price target on McEwen and gave the stock a “buy” rating in a research note on Wednesday, October 15th. Weiss Ratings restated a “sell (d+)” rating on shares of McEwen in a research note on Monday, December 29th. Finally, Roth Mkm reissued a “buy” rating and set a $30.00 target price (up previously from $23.00) on shares of McEwen in a report on Friday, January 30th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, McEwen presently has a consensus rating of “Moderate Buy” and an average target price of $25.50.

About McEwen

McEwen Mining Inc (NYSE: MUX) is a Canada-based precious metals company focused on the exploration, development and production of gold, silver and copper. Headquartered in Toronto, the company pursues a diversified portfolio of assets across the Americas, with operations and projects spanning Argentina, Mexico, Canada and the United States. McEwen Mining employs an integrated approach that combines in-house technical expertise with strategic partnerships to advance its assets from resource definition through to commercial production.

The company’s flagship producing asset is the San José mine in Argentina, a high-grade silver-gold operation.