Santacruz Silver Mining (NASDAQ:SCZM) Shares Up 8.1% – Here’s What Happened

Santacruz Silver Mining (NASDAQ:SCZM) rose 8.1% during trading on Thursday . The company traded as high as $8.95 and last traded at $8.9850. Approximately 103,540 shares were traded during trading, a decline of 80% from the average daily volume of 527,877 shares. The stock had previously closed at $8.31.

Analyst Upgrades and Downgrades

SCZM has been the topic of several research analyst reports. Maxim Group decreased their target price on shares of Santacruz Silver Mining from $12.00 to $10.00 and set a “buy” rating on the stock in a research report on Friday, July 17th. Weiss Ratings downgraded shares of Santacruz Silver Mining from a “hold (c+)” rating to a “hold (c)” rating in a research note on Wednesday, September 2nd. Finally, Wall Street Zen downgraded Santacruz Silver Mining from a “buy” rating to a “hold” rating in a report on Saturday, August 29th. One equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $10.00.

Santacruz Silver Mining Price Performance

The firm has a market capitalization of $827.98 million and a PE ratio of 27.83. The business has a 50-day simple moving average of $8.21.

Santacruz Silver Mining (NASDAQ:SCZM) last released its quarterly earnings data on Friday, August 14th. The company reported $0.02 EPS for the quarter, missing the consensus estimate of $0.37 by ($0.35). The company had revenue of $113.46 million during the quarter, compared to analysts’ expectations of $135.00 million. Santacruz Silver Mining had a net margin of 9.97% and a return on equity of 21.55%. Equities analysts expect that Santacruz Silver Mining will post 1.06 EPS for the current fiscal year.

Hedge Funds Weigh In On Santacruz Silver Mining

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Susquehanna International Group LLP purchased a new position in Santacruz Silver Mining in the 2nd quarter worth approximately $401,000. Squarepoint Ops LLC acquired a new position in shares of Santacruz Silver Mining during the second quarter worth $238,000. NewEdge Advisors LLC acquired a new position in shares of Santacruz Silver Mining during the second quarter worth $212,000. Engineers Gate Manager LP purchased a new position in shares of Santacruz Silver Mining in the second quarter valued at $148,000. Finally, Tidal Investments LLC purchased a new stake in Santacruz Silver Mining during the 2nd quarter worth $122,000.

About Santacruz Silver Mining

Santacruz Silver Mining Ltd. is a Canadian mining company focused on the acquisition, exploration, development and operation of silver and polymetallic properties. The company produces silver along with lead, zinc and other associated metals from its mining operations and processing facilities.

Santacruz’s principal operating activities are located in Mexico, a country with a long-established mining industry. Its portfolio has included the Zimapan mining complex in Hidalgo, the Rosario mine in San Luis Potosí and the Veta Grande project in Zacatecas.