Hycroft Mining (NASDAQ:HYMC) Trading 8.4% Higher – Here’s Why

Hycroft Mining Holding Corporation (NASDAQ:HYMC)’s share price shot up 8.4% during mid-day trading on Thursday . The company traded as high as $15.25 and last traded at $15.1740. 1,428,868 shares traded hands during trading, an increase of 86% from the average session volume of 767,320 shares. The stock had previously closed at $14.00.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on HYMC. Wall Street Zen raised shares of Hycroft Mining from a “sell” rating to a “hold” rating in a research note on Saturday, November 1st. Weiss Ratings restated a “sell (d-)” rating on shares of Hycroft Mining in a report on Wednesday, October 8th. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the stock presently has an average rating of “Sell”.

Hycroft Mining Trading Up 9.7%

The company’s fifty day simple moving average is $9.52 and its two-hundred day simple moving average is $6.16. The company has a market capitalization of $1.24 billion, a price-to-earnings ratio of -9.48 and a beta of 2.71. The company has a quick ratio of 18.87, a current ratio of 19.04 and a debt-to-equity ratio of 2.83.

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

Insider Activity

In other Hycroft Mining news, SVP David Brian Thomas sold 20,000 shares of Hycroft Mining stock in a transaction that occurred on Thursday, October 23rd. The shares were sold at an average price of $7.39, for a total value of $147,800.00. Following the transaction, the senior vice president owned 96,070 shares of the company’s stock, valued at approximately $709,957.30. The trade was a 17.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, major shareholder Eric Sprott purchased 7,690,000 shares of Hycroft Mining stock in a transaction dated Tuesday, October 14th. The stock was bought at an average price of $6.50 per share, with a total value of $49,985,000.00. Following the acquisition, the insider directly owned 25,225,528 shares of the company’s stock, valued at approximately $163,965,932. This trade represents a 43.85% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have bought a total of 11,750,824 shares of company stock worth $91,675,087 in the last quarter. 1.31% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Hycroft Mining

Several institutional investors have recently added to or reduced their stakes in HYMC. LM Asset IM Inc. bought a new position in shares of Hycroft Mining during the second quarter worth about $1,189,000. Clear Harbor Asset Management LLC bought a new stake in Hycroft Mining in the 2nd quarter valued at approximately $141,000. Timelo Investment Management Inc. acquired a new position in Hycroft Mining during the 2nd quarter worth approximately $470,000. Bank of America Corp DE boosted its position in Hycroft Mining by 166.6% during the 3rd quarter. Bank of America Corp DE now owns 4,060 shares of the company’s stock worth $25,000 after acquiring an additional 2,537 shares during the last quarter. Finally, Virtu Financial LLC grew its stake in shares of Hycroft Mining by 20.3% during the 3rd quarter. Virtu Financial LLC now owns 16,023 shares of the company’s stock worth $99,000 after acquiring an additional 2,700 shares in the last quarter. 7.38% of the stock is owned by institutional investors.

About Hycroft Mining

Hycroft Mining Holding Corporation, together with its subsidiaries, operates as a gold and silver development company in the United States. The company holds interests in the Hycroft mine that consists of 30 private parcels with patented claims comprising approximately 1,787 acres, and 3,247 unpatented mining claims that encompass approximately 62,298 acres located in the state of Nevada.