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

Hycroft Mining Holding Corporation (NASDAQ:HYMC)’s share price gapped up prior to trading on Wednesday . The stock had previously closed at $33.84, but opened at $35.44. Hycroft Mining shares last traded at $34.6860, with a volume of 849,092 shares.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. Wall Street Zen upgraded shares of Hycroft Mining from a “sell” rating to a “hold” rating in a research note on Saturday, November 1st. Weiss Ratings reaffirmed 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, the stock presently has a consensus rating of “Sell”.

Hycroft Mining Stock Performance

The company has a debt-to-equity ratio of 2.83, a current ratio of 19.04 and a quick ratio of 18.87. The stock has a fifty day moving average price of $17.32 and a two-hundred day moving average price of $9.46. The company has a market cap of $2.88 billion, a P/E ratio of -21.38 and a beta of 2.64.

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

Insider Activity at Hycroft Mining

In related news, major shareholder Eric Sprott acquired 2,340,824 shares of the business’s stock in a transaction that occurred on Wednesday, December 3rd. The shares were acquired at an average cost of $10.30 per share, for a total transaction of $24,110,487.20. Following the completion of the purchase, the insider directly owned 29,466,352 shares in the company, valued at $303,503,425.60. This trade represents a 8.63% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Over the last quarter, insiders acquired 5,455,824 shares of company stock worth $73,819,837 and sold 38,859 shares worth $517,545. Company insiders own 1.31% of the company’s stock.

Hedge Funds Weigh In On Hycroft Mining

Hedge funds have recently made changes to their positions in the business. FNY Investment Advisers LLC raised its holdings in shares of Hycroft Mining by 1,666.7% in the 4th quarter. FNY Investment Advisers LLC now owns 1,060 shares of the company’s stock worth $25,000 after purchasing an additional 1,000 shares in the last quarter. Bank of America Corp DE grew its position in Hycroft Mining by 166.6% in the third quarter. Bank of America Corp DE now owns 4,060 shares of the company’s stock worth $25,000 after buying an additional 2,537 shares during the last quarter. Occudo Quantitative Strategies LP bought a new position in shares of Hycroft Mining in the third quarter valued at $96,000. Virtu Financial LLC lifted its position 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 valued at $99,000 after acquiring an additional 2,700 shares during the last quarter. Finally, XTX Topco Ltd acquired a new stake in shares of Hycroft Mining during the 2nd quarter valued at $101,000. Institutional investors and hedge funds own 7.38% of the company’s stock.

About Hycroft Mining

Hycroft Mining PLC is a precious metals company focused on the exploration, development and operation of the Hycroft Mine, a large oxide gold and silver deposit in northwestern Nevada. The company’s primary activities include open-pit mining, heap leach extraction and carbon adsorption/desorption processing designed to recover gold and silver from crushed ore. Hycroft’s technical team employs conventional mining methods and metallurgical processes to advance resource conversion and optimize recovery rates.

Located on approximately 28,800 hectares in Humboldt County, Nevada, the Hycroft Mine ranks among the largest undeveloped oxide gold-silver deposits in North America.