Hycroft Mining (NASDAQ:HYMC) Trading Up 9.1% – Here’s Why

Hycroft Mining Holding Corporation (NASDAQ:HYMC) shares were up 9.1% on Wednesday . The company traded as high as $24.55 and last traded at $24.39. 473,547 shares changed hands during trading, a decline of 85% from the average daily volume of 3,223,277 shares. The stock had previously closed at $22.36.

Wall Street Analysts Forecast Growth

HYMC has been the subject of several recent research reports. B. Riley Financial started coverage on shares of Hycroft Mining in a research report on Monday. They issued a “buy” rating and a $25.00 price target for the company. Wall Street Zen raised Hycroft Mining from a “strong sell” rating to a “sell” rating in a report on Saturday, May 30th. Zacks Research upgraded Hycroft Mining to a “hold” rating in a research note on Monday, July 13th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Hycroft Mining in a research report on Tuesday, June 16th. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $25.00.

Hycroft Mining Price Performance

The company’s 50 day moving average price is $23.61 and its 200 day moving average price is $33.65. The firm has a market capitalization of $2.40 billion, a P/E ratio of -26.01 and a beta of 2.78.

Hycroft Mining (NASDAQ:HYMC) last posted its quarterly earnings results on Tuesday, July 28th. The company reported ($0.23) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.15) by ($0.08). On average, research analysts anticipate that Hycroft Mining Holding Corporation will post -0.9 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, SVP David Brian Thomas sold 25,000 shares of the firm’s stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $26.32, for a total transaction of $658,000.00. Following the sale, the senior vice president owned 168,374 shares of the company’s stock, valued at $4,431,603.68. This trade represents a 12.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Stanton K. Rideout sold 16,500 shares of Hycroft Mining stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $30.18, for a total transaction of $497,970.00. Following the completion of the transaction, the chief financial officer directly owned 481,947 shares in the company, valued at approximately $14,545,160.46. The trade was a 3.31% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 99,873 shares of company stock worth $2,884,778. 0.77% of the stock is owned by corporate insiders.

Institutional Trading of Hycroft Mining

Institutional investors and hedge funds have recently bought and sold shares of the stock. Bank of America Corp DE increased its position in Hycroft Mining by 166.6% during the third quarter. Bank of America Corp DE now owns 4,060 shares of the company’s stock worth $25,000 after buying an additional 2,537 shares during the last quarter. Contravisory Investment Management Inc. acquired a new stake in shares of Hycroft Mining in the first quarter valued at approximately $34,000. Hollencrest Capital Management acquired a new stake in shares of Hycroft Mining in the first quarter valued at approximately $35,000. FNY Investment Advisers LLC boosted its stake in shares of Hycroft Mining by 50.0% during the 2nd quarter. FNY Investment Advisers LLC now owns 1,500 shares of the company’s stock worth $35,000 after acquiring an additional 500 shares during the period. Finally, Legacy Wealth Managment LLC ID bought a new position in shares of Hycroft Mining during the 1st quarter worth approximately $44,000. Institutional investors own 7.38% of the company’s stock.

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.