SilverCrest Metals (NYSE:SILV) Shares Gap Up – Here’s Why

SilverCrest Metals Inc. (NYSE:SILV) gapped up prior to trading on Monday . The stock had previously closed at $11.13, but opened at $11.64. SilverCrest Metals shares last traded at $11.72, with a volume of 582,380 shares changing hands.

Wall Street Analysts Forecast Growth

SILV has been the topic of several recent research reports. Ventum Cap Mkts cut shares of SilverCrest Metals from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 4th. Scotiabank lifted their price target on shares of SilverCrest Metals from $8.50 to $9.00 and gave the stock a “sector perform” rating in a research report on Monday, August 19th.

SilverCrest Metals Trading Up 2.4 %

The stock has a 50 day moving average price of $9.06. The company has a market capitalization of $1.69 billion, a PE ratio of 16.59 and a beta of 1.23.

SilverCrest Metals (NYSE:SILV) last announced its earnings results on Wednesday, August 7th. The company reported $0.04 EPS for the quarter, missing the consensus estimate of $0.17 by ($0.13). SilverCrest Metals had a return on equity of 25.66% and a net margin of 40.61%. The firm had revenue of $72.74 million during the quarter. On average, analysts expect that SilverCrest Metals Inc. will post 0.59 earnings per share for the current fiscal year.

Institutional Trading of SilverCrest Metals

Several large investors have recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC purchased a new position in shares of SilverCrest Metals during the second quarter valued at $2,467,000. Fermata Advisors LLC purchased a new position in SilverCrest Metals during the 2nd quarter valued at about $99,000. Renaissance Technologies LLC increased its holdings in shares of SilverCrest Metals by 2,768.5% in the 2nd quarter. Renaissance Technologies LLC now owns 445,300 shares of the company’s stock valued at $3,629,000 after purchasing an additional 429,776 shares during the period. TD Asset Management Inc lifted its position in shares of SilverCrest Metals by 16.4% in the second quarter. TD Asset Management Inc now owns 2,113,126 shares of the company’s stock worth $17,265,000 after purchasing an additional 297,365 shares in the last quarter. Finally, Baader Bank Aktiengesellschaft purchased a new stake in shares of SilverCrest Metals in the second quarter worth approximately $213,000. 44.75% of the stock is owned by institutional investors and hedge funds.

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.