McEwen Mining Inc. [MUX] Stock trading around $0.95 per share: What’s Next?

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McEwen Mining Inc. [NYSE: MUX] loss -2.79% or -0.03 points to close at $0.95 with a heavy trading volume of 2936326 shares. The company report on October 30, 2020 that McEwen Mining Reports Q3 2020 Results Plus Exploration News.

McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) today reported its third quarter (Q3) results for the period ended September 30th, 2020.

Cash and liquid assets(1) and working capital at September 30th, 2020 were $18.8 million(2) and positive $21.6 million, respectively.

It opened the trading session at $0.97, the shares rose to $0.982 and dropped to $0.9511, the range by which the price of stock traded the whole day. The daily chart for MUX points out that the company has recorded 10.64% gains over the past six months. However, it is still -79.25% lower than its most recent low trading price.

If we look at the average trading volume of 3.45M shares, MUX reached to a volume of 2936326 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying about McEwen Mining Inc. [MUX]:

ROTH Capital have made an estimate for McEwen Mining Inc. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on September 14, 2020. While these analysts kept the previous recommendation, B. Riley FBR raised their target price to Buy. The new note on the price target was released on September 10, 2019, representing the official price target for McEwen Mining Inc. stock. Previously, the target price had yet another raise to $3.25, while ROTH Capital analysts kept a Buy rating on MUX stock.

The Average True Range (ATR) for McEwen Mining Inc. is set at 0.05, with the Price to Sales ratio for MUX stock in the period of the last 12 months amounting to 3.56. The Price to Book ratio for the last quarter was 1.01, with the Price to Cash per share for the same quarter was set at 0.02.

Trading performance analysis for MUX stock

McEwen Mining Inc. [MUX] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -4.18. With this latest performance, MUX shares dropped by -12.60% in over the last four-week period, additionally plugging by 10.64% over the last 6 months – not to mention a drop of -26.15% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for MUX stock in for the last two-week period is set at 42.19, with the RSI for the last a single of trading hit 36.48, and the three-weeks RSI is set at 41.58 for McEwen Mining Inc. [MUX]. The present Moving Average for the last 50 days of trading for this stock 1.0566, while it was recorded at 0.9778 for the last single week of trading, and 1.0398 for the last 200 days.

McEwen Mining Inc. [MUX]: A deeper dive into fundamental analysis

McEwen Mining Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.60 and a Current Ratio set at 1.60.

McEwen Mining Inc. [MUX]: An earnings per share (EPS) analysis

With the latest financial reports released by the company, McEwen Mining Inc. posted -0.07/share EPS, while the average EPS was predicted by analysts to be reported at -0.02/share. When compared, the two values demonstrate that the company fail the estimates by a Surprise Factor of -250.00%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for MUX.

An analysis of insider ownership at McEwen Mining Inc. [MUX]

There are presently around $62 million, or 18.10% of MUX stock, in the hands of institutional investors. The top three institutional holders of MUX stocks are: VAN ECK ASSOCIATES CORP with ownership of 18,027,122, which is approximately 6.244% of the company’s market cap and around 20.65% of the total institutional ownership; BLACKROCK INC., holding 10,222,199 shares of the stock with an approximate value of $9.74 million in MUX stocks shares; and MIRAE ASSET GLOBAL INVESTMENTS CO., LTD., currently with $7.8 million in MUX stock with ownership of nearly 31.336% of the company’s market capitalization.

54 institutional holders increased their position in McEwen Mining Inc. [NYSE:MUX] by around 7,935,560 shares. Additionally, 53 investors decreased positions by around 11,921,949 shares, while 32 investors held positions by with 45,511,140 shares. The mentioned changes placed institutional holdings at 65,368,649 shares, according to the latest SEC report filing. MUX stock had 22 new institutional investments in for a total of 1,796,001 shares, while 12 institutional investors sold positions of 2,853,449 shares during the same period.

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