McEwen Mining Inc. [MUX] Is Currently -3.48 below its 200 Period Moving Avg: What Dose This Mean?

McEwen Mining Inc. [NYSE: MUX] loss -3.48% or -0.04 points to close at $1.11 with a heavy trading volume of 7786599 shares. The company report on August 23, 2021 that McEwen Copper Inc. Closes $40 million Private Placement with Rob McEwen.

McEwen Mining Inc. (NYSE and TSX: MUX) announces that its subsidiary, McEwen Copper Inc., has closed the first tranche of the Series B private placement offering announced on July 6th, 2021 (the “Offering”), issuing 4,000,000 common shares at a price of $10.00 per share for gross proceeds of $40,000,000.

Subscription for the remaining 4,000,000 common shares is available to qualified accredited investors, subject to a $1 million minimum investment and certain other conditions. The securities sold in the Offering are private and subject to transfer restrictions until after such time as shares of McEwen Copper become listed on a public exchange. The second tranche of the Offering is expected to close on or before September 30th, 2021.

It opened the trading session at $1.15, the shares rose to $1.17 and dropped to $1.11, the range by which the price of stock traded the whole day. The daily chart for MUX points out that the company has recorded -2.63% loss over the past six months. However, it is still -23.33% lower than its most recent low trading price.

If we look at the average trading volume of 3.56M shares, MUX reached to a volume of 7786599 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]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for MUX shares is $1.84 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 0.06, with the Price to Sales ratio for MUX stock in the period of the last 12 months amounting to 4.42. The Price to Book ratio for the last quarter was 1.32, with the Price to Cash per share for the same quarter was set at 0.09.

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 -3.48. With this latest performance, MUX shares gained by 7.77% in over the last four-week period, additionally sinking by -2.63% over the last 6 months – not to mention a drop of -3.48% 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 45.77, with the RSI for the last a single of trading hit 43.02, and the three-weeks RSI is set at 46.31 for McEwen Mining Inc. [MUX]. The present Moving Average for the last 50 days of trading for this stock 1.1422, while it was recorded at 1.1600 for the last single week of trading, and 1.1758 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 1.10 and a Current Ratio set at 1.70.

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

There are presently around $149 million, or 30.70% 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 24,258,435, which is approximately 8.583% of the company’s market cap and around 18.21% of the total institutional ownership; STATE STREET CORP, holding 13,735,956 shares of the stock with an approximate value of $15.25 million in MUX stocks shares; and CONDIRE MANAGEMENT, LP, currently with $15.24 million in MUX stock with ownership of nearly 24.043% of the company’s market capitalization.

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61 institutional holders increased their position in McEwen Mining Inc. [NYSE:MUX] by around 35,565,436 shares. Additionally, 38 investors decreased positions by around 10,454,160 shares, while 39 investors held positions by with 88,623,806 shares. The mentioned changes placed institutional holdings at 134,643,402 shares, according to the latest SEC report filing. MUX stock had 13 new institutional investments in for a total of 590,394 shares, while 16 institutional investors sold positions of 1,253,002 shares during the same period.

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