McEwen Mining Inc. [MUX] stock Resumed by ROTH Capital analyst, price target now $2

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McEwen Mining Inc. [NYSE: MUX] stock went on an upward path that rose over 0.66% on Wednesday, amounting to a one-week price decrease of less than -6.20%. The company report on July 12, 2022 that McEwen Mining Announces AGM Voting Results and Reverse Split.


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McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) (“MUX” or the “Company”) announces that it is proceeding with a 1-for-10 reverse split of the common shares of the Company (“the Reverse Split”) with an effective date on or about July 26th, 2022.  Notice has been provided to the New York Stock Exchange (“NYSE”), and MUX’s common shares are expected to begin trading on the NYSE and the Toronto Stock Exchange (“TSX”), on a consolidated basis, on or about July 26th, 2022.

At the MUX Annual Meeting of Shareholders, held on July 7th, 2022, the Company’s shareholders approved the proposal to grant the Board of Directors the discretion to amend the articles of incorporation to effect a reverse split of the outstanding common stock on a ratio of not less than 1-for-5 and not more than 1-for-10. Additionally, the shareholders approved the proposal to amend the articles of incorporation to reduce the number of common stock authorized to be issued from 675 million shares to 200 million shares.

Over the last 12 months, MUX stock dropped by -68.13%. The one-year McEwen Mining Inc. stock forecast points to a potential upside of 72.46.

The market cap for the stock reached $174.11 million, with 464.02 million shares outstanding and 390.73 million shares in the current float. Compared to the average trading volume of 1.99M shares, MUX stock reached a trading volume of 3295833 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Guru’s Opinion on 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 0.04, with the Price to Sales ratio for MUX stock in the period of the last 12 months amounting to 1.26. The Price to Book ratio for the last quarter was 0.48, with the Price to Cash per share for the same quarter was set at 0.15.

MUX Stock Performance Analysis:

McEwen Mining Inc. [MUX] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -6.20. With this latest performance, MUX shares dropped by -33.93% in over the last four-week period, additionally sinking by -57.46% over the last 6 months – not to mention a drop of -68.13% 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 29.73, with the RSI for the last a single of trading hit 25.67, and the three-weeks RSI is set at 32.52 for McEwen Mining Inc. [MUX]. The present Moving Average for the last 50 days of trading for this stock 0.5235, while it was recorded at 0.3952 for the last single week of trading, and 0.8309 for the last 200 days.

Insight into McEwen Mining Inc. Fundamentals:

Operating Margin for any stock indicates how profitable investing would be, and McEwen Mining Inc. [MUX] shares currently have an operating margin of -27.43 and a Gross Margin at -9.94. McEwen Mining Inc.’s Net Margin is presently recorded at -41.53.

Return on Equity for this stock declined to -15.32, with Return on Assets sitting at -10.87.

McEwen Mining Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.30 and a Current Ratio set at 1.60.

McEwen Mining Inc. [MUX] Insider Position Details

There are presently around $41 million, or 23.90% 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 22,461,756, which is approximately 8.349% of the company’s market cap and around 17.61% of the total institutional ownership; MIRAE ASSET GLOBAL INVESTMENTS CO., LTD., holding 17,630,744 shares of the stock with an approximate value of $6.7 million in MUX stocks shares; and BLACKROCK INC., currently with $3.55 million in MUX stock with ownership of nearly 11.076% of the company’s market capitalization.

Positions in McEwen Mining Inc. stocks held by institutional investors increased at the end of August and at the time of the August reporting period, where 54 institutional holders increased their position in McEwen Mining Inc. [NYSE:MUX] by around 19,146,667 shares. Additionally, 34 investors decreased positions by around 23,061,650 shares, while 46 investors held positions by with 65,662,514 shares. The mentioned changes placed institutional holdings at 107,870,831 shares, according to the latest SEC report filing. MUX stock had 10 new institutional investments in for a total of 940,646 shares, while 10 institutional investors sold positions of 1,096,475 shares during the same period.

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