SilverCrest Metals (NYSE:SILV) Shares Gap Down – Time to Sell?

SilverCrest Metals Inc. (NYSE:SILV)’s stock price gapped down prior to trading on Monday . The stock had previously closed at $10.31, but opened at $9.87. SilverCrest Metals shares last traded at $9.88, with a volume of 101,694 shares.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Scotiabank raised their price objective on shares of SilverCrest Metals from $8.50 to $9.00 and gave the company a “sector perform” rating in a research report on Monday, August 19th. Ventum Cap Mkts downgraded SilverCrest Metals from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 4th.

SilverCrest Metals Price Performance

The company has a 50 day simple moving average of $10.08 and a 200-day simple moving average of $9.12. The firm has a market cap of $1.49 billion, a PE ratio of 14.35 and a beta of 1.21.

Hedge Funds Weigh In On SilverCrest Metals

A number of large investors have recently added to or reduced their stakes in SILV. Mather Group LLC. purchased a new position in SilverCrest Metals in the 2nd quarter worth approximately $28,000. Toronto Dominion Bank grew its holdings in shares of SilverCrest Metals by 40.7% in the second quarter. Toronto Dominion Bank now owns 4,234 shares of the company’s stock worth $35,000 after purchasing an additional 1,225 shares during the last quarter. Blue Trust Inc. increased its stake in shares of SilverCrest Metals by 194.1% in the third quarter. Blue Trust Inc. now owns 5,120 shares of the company’s stock worth $47,000 after buying an additional 3,379 shares during the period. Eastern Bank purchased a new position in shares of SilverCrest Metals in the third quarter worth $88,000. Finally, D.A. Davidson & CO. bought a new stake in SilverCrest Metals during the 3rd quarter valued at $92,000. Hedge funds and other institutional investors own 44.75% of the company’s stock.

SilverCrest Metals Company Profile

SilverCrest Metals Inc engages in the acquiring, exploration, and development of precious metal properties in Mexico. The company primarily explores for silver and gold properties. Its focuses on principal property the Las Chispas Mine that consists of 28 concessions totaling of approximately 1,401 hectares located in Sonora, Mexico, as well as operates a portfolio of El Picacho, Cruz de Mayo, and Angel de Plata properties in Sonora Mexico.