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

McEwen Inc. (NYSE:MUX) (TSE:MUX) shares gapped up prior to trading on Monday . The stock had previously closed at $19.35, but opened at $20.30. McEwen shares last traded at $20.1450, with a volume of 192,334 shares trading hands.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on MUX shares. Roth Capital reaffirmed a “buy” rating and set a $23.00 price target (up previously from $21.00) on shares of McEwen in a research report on Wednesday. HC Wainwright upped their price target on McEwen from $17.00 to $21.50 and gave the company a “buy” rating in a research report on Friday, October 10th. Weiss Ratings reiterated a “sell (d+)” rating on shares of McEwen in a research note on Monday, December 15th. Finally, Canaccord Genuity Group set a $25.00 price target on shares of McEwen and gave the stock a “buy” rating in a research report on Wednesday, October 15th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, McEwen has a consensus rating of “Moderate Buy” and an average target price of $20.50.

McEwen Trading Up 2.9%

The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.58 and a current ratio of 2.10. The business has a 50 day simple moving average of $18.60 and a 200-day simple moving average of $14.30. The stock has a market capitalization of $1.08 billion, a P/E ratio of -90.68 and a beta of 1.06.

McEwen (NYSE:MUX) (TSE:MUX) last released its 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 business had revenue of $50.53 million during the quarter, compared to the consensus estimate of $60.00 million. On average, analysts predict that McEwen Inc. will post -0.72 EPS for the current year.

Hedge Funds Weigh In On McEwen

Several institutional investors and hedge funds have recently bought and sold shares of MUX. CoreCap Advisors LLC bought a new stake in shares of McEwen during the 3rd quarter worth about $27,000. National Bank of Canada FI lifted its position in McEwen by 3,328.3% in the third quarter. National Bank of Canada FI now owns 3,634 shares of the basic materials company’s stock worth $62,000 after purchasing an additional 3,528 shares during the period. Tower Research Capital LLC TRC increased its holdings in McEwen by 17,204.9% in the 2nd quarter. Tower Research Capital LLC TRC now owns 10,556 shares of the basic materials company’s stock valued at $101,000 after buying an additional 10,495 shares during the period. Pale Fire Capital SE acquired a new stake in shares of McEwen during the 2nd quarter valued at about $119,000. Finally, Everstar Asset Management LLC bought a new stake in McEwen in the first quarter valued at about $128,000. Hedge funds and other institutional investors own 17.03% of the company’s stock.

About McEwen

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.