Stock Traders Buy Large Volume of McEwen Mining Call Options (NYSE:MUX)

McEwen Mining Inc (NYSE:MUX) (TSE:MUX) was the recipient of unusually large options trading activity on Thursday. Stock investors purchased 3,451 call options on the stock. This represents an increase of 443% compared to the typical volume of 636 call options.

Institutional Trading of McEwen Mining

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Private Advisor Group LLC raised its holdings in McEwen Mining by 18.8% in the 4th quarter. Private Advisor Group LLC now owns 12,645 shares of the basic materials company’s stock valued at $98,000 after buying an additional 2,000 shares during the last quarter. Tidal Investments LLC lifted its holdings in shares of McEwen Mining by 1.8% during the third quarter. Tidal Investments LLC now owns 152,859 shares of the basic materials company’s stock worth $1,422,000 after purchasing an additional 2,632 shares during the period. Virtu Financial LLC grew its stake in shares of McEwen Mining by 32.3% in the third quarter. Virtu Financial LLC now owns 16,555 shares of the basic materials company’s stock worth $154,000 after purchasing an additional 4,046 shares during the last quarter. New Age Alpha Advisors LLC acquired a new stake in McEwen Mining in the fourth quarter valued at $38,000. Finally, Quarry LP bought a new position in McEwen Mining during the 3rd quarter worth $51,000. 17.03% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. HC Wainwright dropped their price target on McEwen Mining from $19.00 to $18.00 and set a “buy” rating for the company in a report on Thursday, January 30th. StockNews.com downgraded shares of McEwen Mining from a “hold” rating to a “sell” rating in a research note on Wednesday, February 19th.

McEwen Mining Price Performance

Shares of NYSE MUX traded up $0.16 during midday trading on Thursday, reaching $7.63. 193,912 shares of the company were exchanged, compared to its average volume of 898,197. McEwen Mining has a one year low of $6.46 and a one year high of $12.50. The stock has a market cap of $403.61 million, a P/E ratio of 3.47 and a beta of 1.39. The company has a quick ratio of 0.74, a current ratio of 1.17 and a debt-to-equity ratio of 0.06. The stock’s 50-day moving average price is $7.81 and its 200-day moving average price is $8.60.

About McEwen Mining

McEwen Mining Inc engages in the exploration, development, production, and sale of gold and silver. It also explores for copper deposits. The company owns 100% interests in the El Gallo and Fenix projects located in Mexico; and the Black Fox Mine and Stock Mill, Grey Fox, and Froome and Tamarack properties in Canada.