McEwen Mining Inc (NYSE:MUX) Short Interest Update

McEwen Mining Inc (NYSE:MUX) (TSE:MUX) was the recipient of a large increase in short interest in the month of February. As of February 15th, there was short interest totalling 4,890,000 shares, an increase of 418.0% from the January 31st total of 944,000 shares. Based on an average trading volume of 754,100 shares, the days-to-cover ratio is presently 6.5 days. Approximately 11.0% of the shares of the stock are sold short.

Hedge Funds Weigh In On McEwen Mining

A number of institutional investors have recently added to or reduced their stakes in the stock. Private Advisor Group LLC grew its stake in shares of McEwen Mining by 18.8% during the fourth quarter. Private Advisor Group LLC now owns 12,645 shares of the basic materials company’s stock worth $98,000 after buying an additional 2,000 shares during the last quarter. Tidal Investments LLC increased its holdings in McEwen Mining by 1.8% in the 3rd quarter. Tidal Investments LLC now owns 152,859 shares of the basic materials company’s stock worth $1,422,000 after purchasing an additional 2,632 shares in the last quarter. Virtu Financial LLC raised its position in McEwen Mining by 32.3% in the third quarter. Virtu Financial LLC now owns 16,555 shares of the basic materials company’s stock valued at $154,000 after purchasing an additional 4,046 shares during the last quarter. New Age Alpha Advisors LLC acquired a new stake in shares of McEwen Mining during the fourth quarter valued at about $38,000. Finally, Quarry LP bought a new stake in shares of McEwen Mining during the third quarter worth about $51,000. 17.03% of the stock is currently owned by institutional investors and hedge funds.

McEwen Mining Price Performance

NYSE MUX traded down $0.01 during trading on Friday, hitting $6.87. 690,292 shares of the company’s stock were exchanged, compared to its average volume of 943,579. The company has a market cap of $363.44 million, a PE ratio of 3.14 and a beta of 1.42. The company has a current ratio of 1.17, a quick ratio of 0.74 and a debt-to-equity ratio of 0.06. McEwen Mining has a fifty-two week low of $6.01 and a fifty-two week high of $12.50. The stock’s 50 day moving average price is $7.94 and its two-hundred day moving average price is $8.73.

Analysts Set New Price Targets

A number of research analysts recently commented on MUX shares. Roth Mkm decreased their price target on McEwen Mining from $12.75 to $12.25 and set a “buy” rating on the stock in a research report on Thursday, November 7th. HC Wainwright reduced their price target on shares of McEwen Mining from $19.00 to $18.00 and set a “buy” rating on the stock in a research report on Thursday, January 30th. Finally, StockNews.com downgraded shares of McEwen Mining from a “hold” rating to a “sell” rating in a research report on Wednesday, February 19th.

About McEwen Mining

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.