Hycroft Mining (NASDAQ:HYMC) Shares Gap Up – Here’s Why

Hycroft Mining Holding Corporation (NASDAQ:HYMC) shares gapped up before the market opened on Wednesday. The stock had previously closed at $16.09, but opened at $17.54. Hycroft Mining shares last traded at $17.3140, with a volume of 400,561 shares trading hands.

Wall Street Analysts Forecast Growth

Several research firms recently commented on HYMC. B. Riley Financial began coverage on Hycroft Mining in a research report on Monday, August 3rd. They set a “buy” rating and a $25.00 price objective on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Hycroft Mining in a research report on Friday, September 11th. Finally, Zacks Research raised Hycroft Mining to a “hold” rating in a research report on Monday, July 13th. One research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $25.00.

Hycroft Mining Stock Performance

The stock has a market cap of $1.64 billion, a PE ratio of -17.75 and a beta of 2.89. The company’s 50-day moving average price is $19.43 and its 200 day moving average price is $29.66.

Hycroft Mining (NASDAQ:HYMC) last posted its quarterly earnings data on Tuesday, October 27th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.11). On average, sell-side analysts anticipate that Hycroft Mining Holding Corporation will post -0.90 earnings per share for the current fiscal year.

Insider Buying and Selling at Hycroft Mining

In other Hycroft Mining news, Director Blake Rhodes purchased 3,000 shares of the company’s stock in a transaction dated Wednesday, October 28th. The shares were acquired at an average price of $16.69 per share, for a total transaction of $50,070.00. Following the purchase, the director directly owned 7,068 shares of the company’s stock, valued at $117,964.92. The trade was a 73.75% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.77% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Hycroft Mining

Institutional investors and hedge funds have recently bought and sold shares of the stock. Alps Advisors Inc. raised its stake in Hycroft Mining by 693.9% during the 3rd quarter. Alps Advisors Inc. now owns 707,574 shares of the company’s stock worth $13,472,000 after acquiring an additional 618,447 shares during the period. Ninepoint Partners LP purchased a new position in Hycroft Mining during the second quarter valued at approximately $14,705,000. Amundi purchased a new position in Hycroft Mining during the first quarter valued at approximately $14,471,000. Renaissance Technologies LLC boosted its position in shares of Hycroft Mining by 5.6% in the first quarter. Renaissance Technologies LLC now owns 303,264 shares of the company’s stock worth $10,675,000 after purchasing an additional 16,200 shares during the period. Finally, Cetera Investment Advisers boosted its position in shares of Hycroft Mining by 1.9% in the first quarter. Cetera Investment Advisers now owns 220,201 shares of the company’s stock worth $7,751,000 after purchasing an additional 4,121 shares during the period. 7.38% of the stock is currently owned by hedge funds and other institutional investors.

Hycroft Mining Company Profile

Hycroft Mining Holding Corporation is a precious metals exploration and development company focused on the Hycroft Mine, an open-pit gold and silver property in Humboldt County, Nevada, near Winnemucca. The company owns and operates the Hycroft project, which includes extensive mineral rights and processing infrastructure.

The Hycroft Mine has a history of commercial gold and silver production using conventional open-pit mining and heap-leach processing methods. Hycroft Mining is currently focused primarily on exploration, technical studies and evaluating potential redevelopment and processing strategies for the property rather than operating as a conventional producing mine.

The company was formed through the restructuring of Allied Nevada Gold and has continued advancing the Hycroft project as a large-scale precious metals asset in the United States.