Sunday, March 7, 2021

McEwen Mining Inc. [MUX] gain 15.74% so far this year. What now?

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McEwen Mining Inc. [NYSE: MUX] plunged by -$0.05 during the normal trading session on Friday and reaching a high of $1.18 during the day while it closed the day at $1.14. The company report on February 5, 2021 that McEwen Mining Announces Fox Complex Growth Funding Secured by Registered Direct Offering.

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McEwen Mining Inc. (the “Company” or “McEwen”) (NYSE and TSX: MUX), announces an oversubscribed registered direct offering with several existing and new institutional investors for the sale of an aggregate of 30,000,000 shares of common stock at a purchase price of $1.05 per share (the “Offering”).


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“The timing of this offering was critical for two reasons: 1. It completes the funding required to bring the Froome deposit into production later this year. Froome is our production bridge to the future growth of the Fox Complex, where we see potential for higher gold production, lower cost per ounce and a longer mine life; and 2. It will strengthen our balance sheet and working capital position, which will help address our going concern note and debt covenants,” commented Rob McEwen, Chairman and Chief Owner.

McEwen Mining Inc. stock has also loss -5.79% of its value over the past 7 days. However, MUX stock has inclined by 21.28% in the 3 months of the year. Over the past six months meanwhile, it has lost -19.72% and gained 15.74% year-on date.

The market cap for MUX stock reached $486.49 million, with 403.89 million shares outstanding and 324.35 million shares in the current float. Compared to the average trading volume of 5.45M shares, MUX reached a trading volume of 30117279 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here’s what leading stock market gurus have to say about McEwen Mining Inc. [MUX]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for MUX shares is $1.86 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on MUX stock is a recommendation set at 2.00. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

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 0.11, with the Price to Sales ratio for MUX stock in the period of the last 12 months amounting to 4.45. The Price to Book ratio for the last quarter was 1.21, with the Price to Cash per share for the same quarter was set at 0.02.

MUX stock trade performance evaluation

McEwen Mining Inc. [MUX] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -5.79. With this latest performance, MUX shares gained by 6.54% in over the last four-week period, additionally sinking by -19.72% over the last 6 months – not to mention a drop of -7.32% 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 53.54, with the RSI for the last a single of trading hit 52.00, and the three-weeks RSI is set at 53.80 for McEwen Mining Inc. [MUX]. The present Moving Average for the last 50 days of trading for this stock 1.0256, while it was recorded at 1.2560 for the last single week of trading, and 1.0682 for the last 200 days.

McEwen Mining Inc. [MUX]: An insightful look at the core fundamentals

Operating Margin for any stock indicates how profitable investing would be, and McEwen Mining Inc. [MUX] shares currently have an operating margin of -47.14 and a Gross Margin at -28.08. McEwen Mining Inc.’s Net Margin is presently recorded at -51.06.

Return on Total Capital for MUX is now -10.05, given the latest momentum, and Return on Invested Capital for the company is -11.02. Return on Equity for this stock declined to -12.13, with Return on Assets sitting at -9.42. When it comes to the capital structure of this company, McEwen Mining Inc. [MUX] has a Total Debt to Total Equity ratio set at 11.34. Additionally, MUX Total Debt to Total Capital is recorded at 10.19, with Total Debt to Total Assets ending up at 8.82. Long-Term Debt to Equity for the company is recorded at 8.92, with the Long-Term Debt to Total Capital now at 8.01.

Reflecting on the efficiency of the workforce at the company, McEwen Mining Inc. [MUX] managed to generate an average of -$133,364 per employee. Receivables Turnover for the company is 62.98 with a Total Asset Turnover recorded at a value of 0.18.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.

Earnings per share (EPS) analysis for McEwen Mining Inc. [MUX] stock

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.

McEwen Mining Inc. [MUX]: Insider Ownership positions

There are presently around $73 million, or 17.80% 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 0.20% of the total institutional ownership; MIRAE ASSET GLOBAL INVESTMENTS CO., LTD., holding 8,185,520 shares of the stock with an approximate value of $9.33 million in MUX stocks shares; and BLACKROCK INC., currently with $8.27 million in MUX stock with ownership of nearly -29.046% of the company’s market capitalization.

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Positions in McEwen Mining Inc. stocks held by institutional investors increased at the end of February and at the time of the February reporting period, where 47 institutional holders increased their position in McEwen Mining Inc. [NYSE:MUX] by around 9,139,206 shares. Additionally, 57 investors decreased positions by around 13,114,290 shares, while 34 investors held positions by with 41,378,228 shares. The mentioned changes placed institutional holdings at 63,631,724 shares, according to the latest SEC report filing. MUX stock had 15 new institutional investments in for a total of 1,793,476 shares, while 16 institutional investors sold positions of 3,273,941 shares during the same period.

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