Aris Mining (NYSE:ARMN) Hits New 1-Year High – Here’s Why

Aris Mining Co. (NYSE:ARMN) shares hit a new 52-week high during trading on Monday . The company traded as high as $14.67 and last traded at $14.3010, with a volume of 294607 shares changing hands. The stock had previously closed at $14.04.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on ARMN. National Bankshares reissued an “outperform” rating on shares of Aris Mining in a report on Monday, November 3rd. Zacks Research raised Aris Mining from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 10th. Canaccord Genuity Group increased their target price on Aris Mining from $16.50 to $17.00 and gave the stock a “buy” rating in a research note on Thursday, September 4th. Finally, BMO Capital Markets restated an “outperform” rating on shares of Aris Mining in a research note on Thursday, October 30th. One investment analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the company. According to data from MarketBeat.com, Aris Mining currently has a consensus rating of “Buy” and a consensus target price of $17.00.

Aris Mining Price Performance

The stock has a market cap of $2.86 billion, a P/E ratio of -705.00 and a beta of -0.53. The company’s 50 day moving average price is $10.79 and its 200-day moving average price is $8.60. The company has a quick ratio of 1.13, a current ratio of 1.45 and a debt-to-equity ratio of 0.32.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Woodline Partners LP bought a new stake in shares of Aris Mining in the 3rd quarter valued at about $13,361,000. XTX Topco Ltd lifted its stake in shares of Aris Mining by 42.6% in the third quarter. XTX Topco Ltd now owns 157,376 shares of the company’s stock worth $1,542,000 after acquiring an additional 46,991 shares during the period. Voleon Capital Management LP acquired a new position in shares of Aris Mining in the third quarter worth approximately $126,000. Verition Fund Management LLC boosted its holdings in Aris Mining by 41.5% in the third quarter. Verition Fund Management LLC now owns 85,558 shares of the company’s stock valued at $838,000 after acquiring an additional 25,106 shares during the last quarter. Finally, Qube Research & Technologies Ltd acquired a new stake in Aris Mining during the 3rd quarter valued at approximately $572,000. 35.81% of the stock is owned by institutional investors and hedge funds.

About Aris Mining

Aris Mining Corporation, together with its subsidiaries, engages in the acquisition, exploration, development, and operation of gold properties in Canada, Colombia, and Guyana. It also explores for silver and copper deposits. The company was formerly known as GCM Mining Corp. and changed its name to Aris Mining Corporation in September 2022.