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

Hycroft Mining Holding Corporation (NASDAQ:HYMC)’s share price gapped up prior to trading on Wednesday . The stock had previously closed at $33.84, but opened at $35.44. Hycroft Mining shares last traded at $34.6860, with a volume of 849,092 shares.

Wall Street Analyst Weigh In

HYMC has been the topic of several recent research reports. Wall Street Zen raised shares of Hycroft Mining from a “sell” rating to a “hold” rating in a report on Saturday, November 1st. Weiss Ratings reissued a “sell (d-)” rating on shares of Hycroft Mining in a research report on Wednesday, October 8th. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock has an average rating of “Sell”.

Hycroft Mining Trading Down 3.7%

The firm’s fifty day simple moving average is $16.24 and its 200 day simple moving average is $9.11. The stock has a market capitalization of $2.71 billion, a P/E ratio of -20.09 and a beta of 2.64. The company has a debt-to-equity ratio of 2.83, a quick ratio of 18.87 and a current ratio of 19.04.

Hycroft Mining (NASDAQ:HYMC) last posted its quarterly earnings results on Tuesday, October 28th. The company reported ($0.22) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.24) by $0.02.

Insider Activity

In other Hycroft Mining news, major shareholder Eric Sprott purchased 2,340,824 shares of the stock in a transaction dated Wednesday, December 3rd. The stock was bought at an average price of $10.30 per share, with a total value of $24,110,487.20. Following the acquisition, the insider owned 29,466,352 shares of the company’s stock, valued at approximately $303,503,425.60. This represents a 8.63% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. In the last 90 days, insiders acquired 5,255,824 shares of company stock valued at $67,177,837 and sold 38,859 shares valued at $517,545. Insiders own 1.31% of the company’s stock.

Institutional Trading of Hycroft Mining

Several large investors have recently bought and sold shares of the business. Tidal Investments LLC grew its holdings in shares of Hycroft Mining by 125.3% during the 3rd quarter. Tidal Investments LLC now owns 1,566,287 shares of the company’s stock valued at $9,711,000 after purchasing an additional 871,030 shares during the last quarter. UBS Group AG lifted its stake in Hycroft Mining by 711.9% in the 3rd quarter. UBS Group AG now owns 945,022 shares of the company’s stock valued at $5,859,000 after purchasing an additional 828,625 shares during the last quarter. LM Asset IM Inc. acquired a new stake in Hycroft Mining in the second quarter valued at approximately $1,189,000. Millennium Management LLC bought a new stake in shares of Hycroft Mining during the third quarter worth $2,193,000. Finally, Two Sigma Investments LP grew its stake in shares of Hycroft Mining by 328.7% during the third quarter. Two Sigma Investments LP now owns 387,375 shares of the company’s stock worth $2,402,000 after buying an additional 297,007 shares during the last quarter. 7.38% of the stock is owned by institutional investors and hedge funds.

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.