Sunshine Silver Mining & Refining (NYSE:SSMR) Shares Gap Down Following Weak Earnings

Sunshine Silver Mining & Refining Company (NYSE:SSMR) shares gapped down prior to trading on Friday following a weaker than expected earnings announcement. The stock had previously closed at $13.51, but opened at $12.94. Sunshine Silver Mining & Refining shares last traded at $13.18, with a volume of 26,412 shares.

The company reported ($0.15) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.14) by ($0.01).

Analyst Ratings Changes

Several analysts have weighed in on SSMR shares. Royal Bank Of Canada boosted their price objective on Sunshine Silver Mining & Refining from $15.00 to $16.00 and gave the stock a “sector perform” rating in a report on Wednesday, September 16th. Morgan Stanley lowered their target price on shares of Sunshine Silver Mining & Refining from $23.00 to $20.00 and set an “overweight” rating for the company in a report on Wednesday, October 7th. Canaccord Genuity Group initiated coverage on shares of Sunshine Silver Mining & Refining in a research report on Tuesday, August 18th. They set a “speculative buy” rating and a $20.00 target price for the company. Weiss Ratings assumed coverage on Sunshine Silver Mining & Refining in a research note on Monday, August 31st. They issued a “sell (d)” rating on the stock. Finally, Wall Street Zen downgraded Sunshine Silver Mining & Refining from a “hold” rating to a “sell” rating in a research note on Saturday, August 15th. Five investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Sunshine Silver Mining & Refining currently has an average rating of “Moderate Buy” and an average target price of $18.58.

Hedge Funds Weigh In On Sunshine Silver Mining & Refining

Several institutional investors have recently modified their holdings of SSMR. Russell Investments Group Ltd. acquired a new position in shares of Sunshine Silver Mining & Refining during the 3rd quarter worth about $25,000. BOKF NA bought a new stake in shares of Sunshine Silver Mining & Refining in the 3rd quarter valued at about $59,000. Squarepoint Ops LLC acquired a new stake in shares of Sunshine Silver Mining & Refining in the 2nd quarter valued at approximately $318,000. The Manufacturers Life Insurance Company acquired a new stake in shares of Sunshine Silver Mining & Refining in the 2nd quarter valued at approximately $795,000. Finally, Groupe la Francaise acquired a new stake in shares of Sunshine Silver Mining & Refining in the 2nd quarter valued at approximately $3,969,000.

Sunshine Silver Mining & Refining Trading Down 1.0%

The stock has a 50 day moving average of $14.54.

Sunshine Silver Mining & Refining Company Profile

Sunshine Silver Mining & Refining is a silver-focused mining company associated with the Sunshine Mine in Idaho and the Los Gatos silver project in Chihuahua, Mexico. Its business centers on developing and advancing silver mining assets. The Sunshine Mine is a historic silver property in Idaho’s Silver Valley. The company has also pursued development of the Los Gatos project, which is part of a mineral-rich district in northern Mexico.