In the last trading session, 4.27 million shares of the McEwen Mining Inc. (NYSE:MUX) were traded, and its beta was 1.21. Most recently the company’s share price was $1.12, and it changed around -$0.05 or -4.27% from the last close, which brings the market valuation of the company to $536.26M. MUX currently trades at a discount to its 52-week high of $1.71, offering almost -52.68% off that amount. The share price’s 52-week low was $0.90, which indicates that the current value has risen by an impressive 19.64% since then. We note from McEwen Mining Inc.’s average daily trading volume that its 10-day average is 3.73 million shares, with the 3-month average coming to 5.28 million.
McEwen Mining Inc. stock received a consensus recommendation rating of a Buy, based on a mean score of 2.00. If we narrow it down even further, the data shows that 0 out of 4 analysts rate the stock as a Sell; another 0 rate it as Overweight. Among the rest, 0 recommended MUX as a Hold, whereas 4 deemed it a Buy, and 0 rated it as Underweight. McEwen Mining Inc. is expected to report earnings per share of -$0.02 for the current quarter.
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Instantly MUX has showed a red trend with a performance of -4.27% at the end of last trading. The performance over the last five days has remained in the red territory. The rise to weekly highs of 1.2700 on Monday, 07/19/21 increased the stock’s daily price by 11.81%. The company’s shares are currently up 13.71% year-to-date, but still down -10.40% over the last five days. On the other hand, McEwen Mining Inc. (NYSE:MUX) is -23.81% down in the 30-day period. We can see from the shorts that 47.69 million shares have been sold at a short interest cover period of 8.33 day(s).
The consensus price target as assigned by Wall Street analysts is $1.84, which translates to bulls needing to increase their stock price by 39.13% from its current value. Analyst projections state that MUX is forecast to be at a low of $1.75 and a high of $2.10. In order for the stock price to hit the forecast high, the stock would need to plunge -87.5% from its current level, while the stock would need to crash -56.25% from its current level to reach the projected low.
McEwen Mining Inc. (MUX) estimates and forecasts
McEwen Mining Inc. share prices are performing particularly well compared to other companies within the same industry. As is evident from the statistics, the company’s shares have risen 17.08 percent over the past six months and at a 52.94% annual growth rate that is well above the industry average of 21.10%. Moreover, analysts have decided to roll up on their fiscal year 2021 revenue estimates. The rating firms predict that it will gain 50.00% in revenue this quarter, and will report an increase of 50.00% in the next quarter. The year-over-year growth rate is expected to be 28.60%, up from the previous year.
Consensus estimates provided by 2 financial analysts predict the company will bring in an average of $31.55 million in revenue for the current quarter. 2 analysts expect McEwen Mining Inc. to make $37.32 million in revenue for the quarter ending Sep 2021.
Looking at the company’s year-over-year earnings, the past five years showed a negative earnings growth rate of -40.90%.
McEwen Mining Inc.’s next quarterly earnings report is expected to be released around August 04 and August 09.
McEwen Mining Inc. (NYSE:MUX)’s Major holders
Upon looking at major shareholders, it appears that insiders hold 18.21% of McEwen Mining Inc. shares, and 24.44% of them are in the hands of institutional investors. The stock currently has a share float of 29.88%. McEwen Mining Inc. stock is held by 163 institutions, with Van Eck Associates Corporation being the largest institutional investor. By Mar 30, 2021, it held 4.87% of the shares, which is about 22.34 million shares worth $23.23 million.
Weiss Asset Management LP, with 3.30% or 15.17 million shares worth $15.77 million as of Mar 30, 2021, holds the second largest percentage of outstanding shares.
VanEck Vectors ETF Tr-Junior Gold Miners ETF and Global X Fds-Global X Silver Miners ETF were the top two Mutual Funds as of May 30, 2021. The former held 20.84 million shares worth $30.63 million, making up 4.54% of all outstanding shares. On the other hand, Global X Fds-Global X Silver Miners ETF held roughly 8.71 million shares worth around $12.8 million, which represents about 1.90% of the total shares outstanding.
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