Short Interest in McEwen Mining Inc (NYSE:MUX) Rises By 20.0%

McEwen Mining Inc (NYSE:MUXGet Free Report) (TSE:MUX) saw a significant increase in short interest in the month of April. As of April 30th, there was short interest totalling 2,460,000 shares, an increase of 20.0% from the April 15th total of 2,050,000 shares. Approximately 6.1% of the shares of the company are short sold. Based on an average daily trading volume, of 863,400 shares, the days-to-cover ratio is currently 2.8 days.

McEwen Mining Stock Performance

Shares of McEwen Mining stock traded down $0.01 during trading hours on Wednesday, reaching $10.69. 656,787 shares of the stock traded hands, compared to its average volume of 742,369. The company has a 50 day moving average price of $10.37 and a 200 day moving average price of $8.17. The firm has a market capitalization of $528.51 million, a price-to-earnings ratio of 6.52 and a beta of 1.48. McEwen Mining has a one year low of $5.92 and a one year high of $12.50. The company has a quick ratio of 0.85, a current ratio of 1.37 and a debt-to-equity ratio of 0.08.

McEwen Mining (NYSE:MUXGet Free Report) (TSE:MUX) last posted its quarterly earnings data on Thursday, February 29th. The basic materials company reported $2.90 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.32) by $3.22. McEwen Mining had a return on equity of 16.46% and a net margin of 44.83%. The firm had revenue of $58.68 million for the quarter, compared to analysts’ expectations of $53.00 million. On average, equities research analysts expect that McEwen Mining will post -0.7 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on MUX. HC Wainwright increased their price target on shares of McEwen Mining from $13.00 to $15.00 and gave the stock a “buy” rating in a report on Monday. Roth Mkm reiterated a “buy” rating and issued a $12.00 price objective (up from $11.00) on shares of McEwen Mining in a report on Friday, May 10th. Finally, TheStreet upgraded McEwen Mining from a “d” rating to a “c” rating in a report on Friday, March 1st.

View Our Latest Analysis on MUX

Institutional Investors Weigh In On McEwen Mining

Several hedge funds have recently made changes to their positions in the company. Quadrature Capital Ltd purchased a new stake in McEwen Mining in the third quarter valued at about $72,000. Rathbones Group PLC purchased a new stake in McEwen Mining in the third quarter valued at about $74,000. Private Advisor Group LLC purchased a new stake in McEwen Mining in the third quarter valued at about $75,000. Fifth Third Bancorp purchased a new stake in McEwen Mining in the fourth quarter valued at about $98,000. Finally, Stonehage Fleming Financial Services Holdings Ltd purchased a new stake in McEwen Mining in the fourth quarter valued at about $107,000. 17.03% of the stock is currently owned by hedge funds and other institutional investors.

About McEwen Mining

(Get Free Report)

McEwen Mining Inc engages in the exploration, development, production, and sale of gold and silver. It also explores for copper deposits. The company owns 100% interests in the El Gallo and Fenix projects located in Mexico; and the Black Fox Mine and Stock Mill, Grey Fox, and Froome and Tamarack properties in Canada.

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