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

Hycroft Mining Holding Corporation (NASDAQ:HYMC)’s share price gapped down prior to trading on Wednesday. The stock had previously closed at $19.09, but opened at $18.08. Hycroft Mining shares last traded at $18.0050, with a volume of 352,665 shares.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on HYMC. Zacks Research raised shares of Hycroft Mining to a “hold” rating in a report on Monday, July 13th. Weiss Ratings reissued a “sell (d-)” rating on shares of Hycroft Mining in a research note on Friday, September 11th. Finally, B. Riley Financial started coverage on Hycroft Mining in a research report on Monday, August 3rd. They set a “buy” rating and a $25.00 price objective on the stock. One equities research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $25.00.

Hycroft Mining Price Performance

The company has a market capitalization of $1.67 billion, a P/E ratio of -18.07 and a beta of 2.78. The business has a 50-day moving average of $22.82 and a 200-day moving average of $27.93.

Hycroft Mining (NASDAQ:HYMC) last posted its quarterly earnings data on Monday, July 27th. The company reported ($0.23) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.08). Sell-side analysts predict that Hycroft Mining Holding Corporation will post -0.9 EPS for the current fiscal year.

Institutional Trading of Hycroft Mining

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Engineers Gate Manager LP purchased a new stake in Hycroft Mining in the 2nd quarter worth about $248,000. Integrated Wealth Concepts LLC purchased a new position in shares of Hycroft Mining during the second quarter valued at approximately $25,000. Arizona State Retirement System grew its stake in shares of Hycroft Mining by 9.0% during the second quarter. Arizona State Retirement System now owns 14,446 shares of the company’s stock valued at $338,000 after buying an additional 1,198 shares during the last quarter. Continuum Advisory LLC bought a new position in shares of Hycroft Mining during the second quarter valued at approximately $58,000. Finally, Headlands Technologies LLC raised its holdings in shares of Hycroft Mining by 109.5% in the second quarter. Headlands Technologies LLC now owns 37,098 shares of the company’s stock worth $868,000 after buying an additional 19,392 shares during the period. 7.38% of the stock is owned by hedge funds and other institutional investors.

About Hycroft Mining

Hycroft Mining Holding Corporation is a U.S.-based precious metals exploration and development company focused on the Hycroft Mine, a large gold and silver property in Humboldt County, Nevada, near Winnemucca. The company’s activities include mineral exploration, resource evaluation, mine planning, permitting and the development of processing methods intended to support future production.

The Hycroft Mine is an open-pit property that historically produced gold and silver using heap-leach processing.