Santacruz Silver Mining (NASDAQ:SCZM) Shares Down 7.8% – Here’s What Happened

Santacruz Silver Mining (NASDAQ:SCZM) shares dropped 7.8% on Thursday . The company traded as low as $9.67 and last traded at $9.62. Approximately 336,172 shares traded hands during mid-day trading, a decline of 37% from the average daily volume of 531,004 shares. The stock had previously closed at $10.43.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Wall Street Zen downgraded Santacruz Silver Mining from a “buy” rating to a “hold” rating in a report on Saturday, August 29th. Maxim Group reduced their target price on Santacruz Silver Mining from $12.00 to $10.00 and set a “buy” rating on the stock in a report on Friday, July 17th. Finally, Weiss Ratings downgraded Santacruz Silver Mining from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday, September 2nd. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, Santacruz Silver Mining presently has an average rating of “Hold” and a consensus target price of $10.00.

Santacruz Silver Mining Stock Performance

The stock has a fifty day moving average of $7.96. The company has a market cap of $902.82 million and a PE ratio of 30.41.

Santacruz Silver Mining (NASDAQ:SCZM) last posted its quarterly earnings data on Friday, August 14th. The company reported $0.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.35). The firm had revenue of $113.46 million for the quarter, compared to analysts’ expectations of $135.00 million. Santacruz Silver Mining had a net margin of 9.97% and a return on equity of 21.55%. On average, equities analysts predict that Santacruz Silver Mining will post 1.06 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. TD Waterhouse Canada Inc. acquired a new stake in Santacruz Silver Mining during the 2nd quarter valued at approximately $51,000. Tidal Investments LLC acquired a new position in shares of Santacruz Silver Mining in the 2nd quarter valued at approximately $122,000. Engineers Gate Manager LP acquired a new position in shares of Santacruz Silver Mining in the 2nd quarter valued at approximately $148,000. NewEdge Advisors LLC purchased a new position in shares of Santacruz Silver Mining during the 2nd quarter valued at approximately $212,000. Finally, Squarepoint Ops LLC acquired a new stake in shares of Santacruz Silver Mining during the second quarter worth approximately $238,000.

About Santacruz Silver Mining

Santacruz Silver Mining Inc (Nasdaq: SCZM) is a precious metals company focused on the exploration, development and production of silver and gold resources. The company’s business centers on acquiring and advancing mineral properties, conducting exploration programs to expand resources, and operating or re‑starting mines to produce payable metal. As a publicly traded issuer, Santacruz reports results and project updates through routine regulatory filings and investor communications.

Operationally, Santacruz is primarily involved in the full cycle of mining activities that include drilling and resource definition, mine development and production, on‑site ore processing or concentrate production, and the sale of metal production to smelters and concentrate buyers.