McEwen (NYSE:MUX) Shares Gap Up – Should You Buy?

McEwen Inc. (NYSE:MUX) (TSE:MUX)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $23.45, but opened at $25.74. McEwen shares last traded at $24.8080, with a volume of 132,686 shares traded.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the stock. Roth Mkm reissued a “buy” rating and set a $30.00 target price (up from $23.00) on shares of McEwen in a research report on Friday, January 30th. Canaccord Genuity Group set a $25.00 price objective on McEwen and gave the stock a “buy” rating in a research report on Wednesday, October 15th. HC Wainwright raised their target price on shares of McEwen from $17.00 to $21.50 and gave the company a “buy” rating in a research note on Friday, October 10th. Finally, Weiss Ratings reissued a “sell (d+)” rating on shares of McEwen in a report on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $25.50.

McEwen Trading Down 9.3%

The company has a quick ratio of 1.58, a current ratio of 2.10 and a debt-to-equity ratio of 0.26. The firm’s 50-day simple moving average is $21.18 and its 200-day simple moving average is $17.12. The firm has a market capitalization of $1.26 billion, a PE ratio of -105.50 and a beta of 1.13.

McEwen (NYSE:MUX) (TSE:MUX) last announced its quarterly earnings results on Wednesday, November 5th. The basic materials company reported ($0.01) EPS for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.32). McEwen had a negative return on equity of 2.45% and a negative net margin of 7.16%.The company had revenue of $50.53 million during the quarter, compared to analysts’ expectations of $60.00 million. Equities analysts expect that McEwen Inc. will post -0.72 earnings per share for the current year.

Hedge Funds Weigh In On McEwen

Hedge funds have recently bought and sold shares of the company. Y Intercept Hong Kong Ltd bought a new stake in McEwen during the second quarter valued at about $947,000. Catalyst Funds Management Pty Ltd purchased a new stake in McEwen in the 2nd quarter worth approximately $338,000. North of South Capital LLP bought a new stake in McEwen during the 3rd quarter worth approximately $855,000. Entropy Technologies LP purchased a new position in McEwen during the second quarter valued at approximately $161,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of McEwen in the third quarter worth approximately $598,000. Institutional investors own 17.03% of the company’s stock.

McEwen Company Profile

McEwen Mining Inc (NYSE: MUX) is a Canada-based precious metals company focused on the exploration, development and production of gold, silver and copper. Headquartered in Toronto, the company pursues a diversified portfolio of assets across the Americas, with operations and projects spanning Argentina, Mexico, Canada and the United States. McEwen Mining employs an integrated approach that combines in-house technical expertise with strategic partnerships to advance its assets from resource definition through to commercial production.

The company’s flagship producing asset is the San José mine in Argentina, a high-grade silver-gold operation.