McEwen (NYSE:MUX) Stock Price Down 10.4% – Should You Sell?

McEwen Inc. (NYSE:MUX) (TSE:MUX)’s stock price dropped 10.4% on Tuesday . The stock traded as low as $23.12 and last traded at $23.0290. Approximately 241,626 shares changed hands during mid-day trading, a decline of 83% from the average daily volume of 1,383,434 shares. The stock had previously closed at $25.71.

Analyst Ratings Changes

MUX has been the topic of several research analyst reports. Roth Mkm reissued a “buy” rating and set a $30.00 target price (up from $23.00) on shares of McEwen in a research note on Friday, January 30th. Weiss Ratings reiterated a “sell (d+)” rating on shares of McEwen in a report on Monday, December 29th. Four research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $25.50.

McEwen Stock Performance

The firm has a market cap of $1.38 billion, a P/E ratio of -115.55 and a beta of 1.13. The company has a current ratio of 2.10, a quick ratio of 1.58 and a debt-to-equity ratio of 0.26. The company’s 50-day moving average is $22.53 and its two-hundred day moving average is $18.12.

Institutional Investors Weigh In On McEwen

Institutional investors and hedge funds have recently bought and sold shares of the stock. Y Intercept Hong Kong Ltd purchased a new stake in shares of McEwen during the second quarter valued at approximately $947,000. Catalyst Funds Management Pty Ltd purchased a new position in McEwen in the second quarter worth $338,000. North of South Capital LLP bought a new position in McEwen in the 3rd quarter valued at $855,000. Entropy Technologies LP bought a new position in McEwen in the 2nd quarter valued at $161,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of McEwen during the 3rd quarter valued at $598,000. 17.03% of the stock is owned by hedge funds and other institutional investors.

McEwen Company Profile

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.