Coeur Mining, Inc. (NYSE:CDE) experienced a notable increase in its stock price prior to trading on October 30, 2023. The shares, which closed at $18.25 on October 29, opened at $19.28, reflecting a significant jump in investor interest. As of the last recorded trade, Coeur Mining shares reached $19.5250, with a trading volume of over 3.3 million shares.
Analyst Ratings Reflect Mixed Sentiment
Recent research notes from various investment analysts have contributed to the fluctuations in Coeur Mining’s stock performance. On October 29, Wall Street Zen upgraded the company from a “hold” to a “buy” rating, an indication of growing confidence in its market potential. Conversely, Cormark downgraded Coeur Mining from a “moderate buy” to a “hold” rating on the same day. Additionally, Cantor Fitzgerald reduced its rating from “overweight” to “hold” and set a price objective of $16.00.
On a more optimistic note, Raymond James Financial established a price target of $21.00, while Roth Capital raised its price objective from $20.00 to $23.00 and maintained a “buy” rating. Overall, two analysts have issued “strong buy” ratings, six have assigned “buy” ratings, and three have given “hold” ratings, leading to an average rating of “moderate buy” with a consensus price target of $16.75 according to MarketBeat.
Quarterly Performance and Institutional Interest
Coeur Mining reported its quarterly earnings on October 29, revealing earnings per share (EPS) of $0.23, slightly below the consensus estimate of $0.25. The company generated $554.57 million in revenue, surpassing analyst expectations of $511.20 million. This marked a significant year-over-year revenue increase of 76.9%, with a net margin of 24.03% and a return on equity of 15.52%.
Institutional investors are also showing increased interest in Coeur Mining. Several hedge funds have adjusted their stakes recently. For instance, JPL Wealth Management LLC acquired a new stake valued at approximately $35,000, while Covestor Ltd boosted its holdings by an impressive 7,011.5%, now owning 1,849 shares worth around $35,000. Other firms, including Bogart Wealth LLC and EverSource Wealth Advisors LLC, have also made significant investments. Currently, institutional investors hold 63.01% of the company’s stock.
Coeur Mining, headquartered in Chicago, specializes in the mining of precious metals, particularly silver and gold. The company focuses on high-grade underground and open-pit operations, aiming for consistent production while upholding standards for safety and environmental stewardship. Its operational portfolio includes five principal mines and several exploration projects across North America and Australia.
As the market continues to respond to recent developments, investors will be closely monitoring Coeur Mining’s performance and analysts’ assessments in the coming weeks.