As of Wednesday, McEwen Mining Inc.’s (NYSE:MUX) stock closed at $5.61, up from $5.10 the previous day. While McEwen Mining Inc. has overperformed by 10.00%, investors are advised to look at stock chart patterns for technical insight. Within its last year performance, MUX fell by -47.08%, with highs and lows ranging from $10.90 to $2.81, whereas the simple moving average jumped by 5.37% in the last 200 days.
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On September 14, 2020, ROTH Capital started tracking McEwen Mining Inc. (NYSE: MUX) recommending Buy. A report published by B. Riley FBR on September 10, 2019, Initiated its previous ‘Buy’ rating for MUX. ROTH Capital also rated MUX shares as ‘Buy’, setting a target price of $3.25 on the company’s shares in an initiating report dated December 11, 2017. H.C. Wainwright Initiated an Buy rating on June 29, 2015, and assigned a price target of $1.30. H.C. Wainwright initiated its ‘Buy’ rating for MUX, as published in its report on April 20, 2015. Stifel Nicolaus’s report from February 08, 2013 suggests a price prediction of $3.75 for MUX shares, giving the stock a ‘Buy’ rating.
Analysis of McEwen Mining Inc. (MUX)
Further, the quarter-over-quarter decrease in sales is -29.90%, showing a negative trend in the upcoming months.
One of the most important indicators of McEwen Mining Inc.’s future performance is equity, which can be evaluated using several well-rounded types of analysis and research techniques. The goal here is to ensure that your current return on equity of -17.70% is sufficient for you to turn a profit off your investment. Taking into account the quick ratio of the company, currently set at 1.10, you can see that the company can cover any debts it may have, which can easily be seen in the annual report of the company.
For any stock, average volume can also provide valuable insight into volatility, and MUX is recording 362.89K average volume. On a monthly basis, the volatility of the stock is set at 8.32%, whereas on a weekly basis, it is put at 6.62%, with a gain of 8.30% over the past seven days. Furthermore, long-term investors anticipate a median target price of $10.38, showing growth from the present price of $5.61, which can serve as yet another indication of whether MUX is worth investing in or should be passed over.
How Do You Analyze McEwen Mining Inc. Shares?
Along with the fundamentals, it is also important to consider how many employees own shares of the company. This is because the values should be in line with investors’ expectations. As such, the current holdings of company stock inside the company are set at 17.61%. This can enable you to see the extent to which executives own the company’s stock. As opposed to executive stock, institutional ownership accounts for 22.70% of the company’s shares, contributing to an indication of company value, since large shareholders may signify strength within the organization.
Are institutional investors increasing their holdings in MUX shares?
The recent increase in stakes in MUX appears to be a result of several institutional investors and hedge funds increasing their positions. Van Eck Associates Corp.’s position in MUX has decreased by -3.19% in the first quarter. The company now owns 2,042,421 shares of the stock, with a value of $7.45 million, following the sale of -67,242 additional shares during the last quarter. Global X Management Co. LLC made another increased to its shares in MUX during the first quarter, upping its stake by 10.75%. During the last quarter, the company picked up 113,018 additional shares for a total stake of worth $4.25 million, bringing number of shares owned by the company to 1,164,805.
During the first quarter, BlackRock Fund Advisors added a 2,464 position in MUX. Sprott Asset Management LP purchased an additional 0.29 million shares in the last quarter, increasing its holdings by 43.77%, now holding 0.96 million shares worth $3.49 million. At the end of the first quarter, ETF Managers Group LLC increased its MUX holdings by 22.74% and now holds 0.55 million MUX shares valued at $1.99 million with the added 0.1 million shares during the period. MUX shares are owned by institutional investors to the tune of 22.70% at present.