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

Shares of Hycroft Mining Holding Corporation (NASDAQ:HYMC) gapped up prior to trading on Tuesday . The stock had previously closed at $20.43, but opened at $21.85. Hycroft Mining shares last traded at $21.9760, with a volume of 168,068 shares trading hands.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. B. Riley Financial started coverage on shares of Hycroft Mining in a research note on Friday. They issued a “buy” rating and a $28.00 price objective on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Hycroft Mining in a research note on Tuesday, June 16th. Finally, Wall Street Zen raised Hycroft Mining from a “strong sell” rating to a “sell” rating in a report on Saturday, May 30th. One equities research analyst has rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $28.00.

Hycroft Mining Trading Up 5.7%

The firm has a market cap of $1.97 billion, a PE ratio of -18.11 and a beta of 2.71. The company has a 50-day simple moving average of $29.34 and a 200 day simple moving average of $34.57.

Hycroft Mining (NASDAQ:HYMC) last posted its earnings results on Monday, April 27th. The company reported ($0.54) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.45).

Insider Buying and Selling

In other news, SVP David Brian Thomas sold 25,000 shares of the stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $26.32, for a total transaction of $658,000.00. Following the sale, the senior vice president directly owned 168,374 shares of the company’s stock, valued at $4,431,603.68. This represents a 12.93% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Eric Sprott bought 100,000 shares of the stock in a transaction dated Friday, April 24th. The shares were purchased at an average cost of $37.84 per share, for a total transaction of $3,784,000.00. Following the completion of the purchase, the insider owned 37,403,704 shares in the company, valued at approximately $1,415,356,159.36. This represents a 0.27% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have sold 99,873 shares of company stock valued at $2,884,778 in the last ninety days. Company insiders own 0.77% of the company’s stock.

Hedge Funds Weigh In On Hycroft Mining

A number of large investors have recently bought and sold shares of HYMC. FNY Investment Advisers LLC grew its holdings in Hycroft Mining by 1,666.7% in the fourth quarter. FNY Investment Advisers LLC now owns 1,060 shares of the company’s stock valued at $25,000 after purchasing an additional 1,000 shares during the period. Bank of America Corp DE increased its position in shares of Hycroft Mining by 166.6% in the third quarter. Bank of America Corp DE now owns 4,060 shares of the company’s stock valued at $25,000 after buying an additional 2,537 shares in the last quarter. Contravisory Investment Management Inc. acquired a new position in shares of Hycroft Mining during the 1st quarter worth approximately $34,000. Hollencrest Capital Management acquired a new position in shares of Hycroft Mining during the 1st quarter worth approximately $35,000. Finally, Legacy Wealth Managment LLC ID purchased a new position in shares of Hycroft Mining during the 1st quarter valued at approximately $44,000. Institutional investors and hedge funds own 7.38% of the company’s stock.

Hycroft Mining Company Profile

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.