McEwen Mining Inc. (NYSE: MUX) stock jumped 1.73% on Friday to $7.05 against a previous-day closing price of $6.93. With 0.67 million shares changed hands, the volume of the stock remained heavier than its average volume of 0.38 million shares. During the session, the Other Precious Metals & Mining company that operates in wider Basic Materials sector, reached to the highest price of $7.28 whereas the lowest price it dropped to was $7.05. The 52-week range on MUX shows that it touched its highest point at $10.00 and its lowest point at $2.87 during that stretch. It currently has a 1-year price target of $13.19. Beta for the stock currently stands at 1.28.
Price Performance and Earnings:
Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of MUX was up-trending over the past week, with a rise of 1.73%, but this was up by 5.07% over a month. Three-month performance dropped to -0.84% while six-month performance fell -2.22%. The stock gained 100.85% in the past year, while it has gained 20.31% so far this year. A look at the trailing 12-month EPS for MUX yields -2.40 with Next year EPS estimates of -1.03. For the next quarter, that number is -0.72. This implies an EPS growth rate of -37.10% for this year and 62.70% for next year.
Float and Shares Shorts:
At present, 47.43 million MUX shares are outstanding with a float of 39.20 million shares on hand for trading. On Aug 30, 2023, short shares totaled 1.68 million, which was 3.54% higher than short shares on Jul 30, 2023. In addition to Mr. Robert Ross McEwen as the firm’s Chairman, CEO, Pres & Chief Owner, Mr. Perry Y. Ing B.Com., B.Comm, C.A., C.F.A., CPA, CA, CFA, CPA serves as its Interim Chief Financial Officer.
Through their ownership of 21.23% of MUX’s outstanding shares, institutional investors have minority control over the company. Other institutions hold 9.89% of MUX, in contrast to 11.15% held by mutual funds. Shares owned by individuals account for 0.01%. As the largest shareholder in MUX with 4.21% of the stake, Van Eck Associates Corp. holds 1,997,841 shares worth 1,997,841. A second-largest stockholder of MUX, Global X Management Co. LLC, holds 1,020,565 shares, controlling over 2.15% of the firm’s shares. D. F. Dent & Co., Inc. is the third largest shareholder in MUX, holding 585,000 shares or 1.23% stake. With a 3.95% stake in MUX, the VanEck Junior Gold Miners ETF is the largest stakeholder. A total of 1,872,819 shares are owned by the mutual fund manager. The Global X Silver Miners ETF, which owns about 2.03% of MUX stock, is the second-largest Mutual Fund holder. It holds 963,794 shares valued at 7.8 million. Vanguard Extended Market Index Fu holds 1.16% of the stake in MUX, owning 552,830 shares worth 4.47 million.
An Overview of Recent Financials:
Understanding a company as a customer does not mean you will understand it as an investor. The wise investor uses quantitative research to analyze metrics such as revenue, net income, and earnings. In its fiscal quarter reported on Jun 29, 2023, MUX reported revenue of $30.65M and operating income of -$19.08M. The EBITDA in the recently reported quarter was -$13.12M and diluted EPS was -$0.26.
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for MUX since 0 analysts follow the stock currently. In the same way, a target price assigned to a stock can also reveal much about its potential. With MUX analysts setting a high price target of $19.00 and a low target of $10.75, the average target price over the next 12 months is $13.19. Based on these targets, MUX could surge 169.5% to reach the target high and rise by 52.48% to reach the target low. Reaching the average price target will result in a growth of 87.09% from current levels.
EPS: Estimates vs Actual
It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy.
Summary of Insider Activity:
Insiders traded MUX stock several times over the past three months with 1 Buys and 0 Sells. In these transactions, 2,656 shares were bought while 0 shares were sold. The number of buy transactions has increased to 1 while that of sell transactions has remained unmoved to 0 over the past year. The total number of shares bought during that period was 2,656 while 0 shares were sold.