McEwen Mining Sees Unusually High Options Volume (NYSE:MUX)

McEwen Mining Inc (NYSE:MUX) (TSE:MUX) saw some unusual options trading on Thursday. Investors bought 3,451 call options on the stock. This represents an increase of approximately 443% compared to the typical daily volume of 636 call options.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Private Advisor Group LLC increased its stake in McEwen Mining by 18.8% in the 4th quarter. Private Advisor Group LLC now owns 12,645 shares of the basic materials company’s stock valued at $98,000 after buying an additional 2,000 shares during the last quarter. Tidal Investments LLC lifted its holdings in McEwen Mining by 1.8% during the third quarter. Tidal Investments LLC now owns 152,859 shares of the basic materials company’s stock worth $1,422,000 after acquiring an additional 2,632 shares during the period. Virtu Financial LLC boosted its position in McEwen Mining by 32.3% in the third quarter. Virtu Financial LLC now owns 16,555 shares of the basic materials company’s stock worth $154,000 after purchasing an additional 4,046 shares during the last quarter. New Age Alpha Advisors LLC bought a new position in McEwen Mining in the 4th quarter valued at $38,000. Finally, Quarry LP bought a new stake in shares of McEwen Mining during the 3rd quarter worth $51,000. 17.03% of the stock is owned by institutional investors.

McEwen Mining Stock Up 2.1 %

Shares of NYSE MUX traded up $0.16 during mid-day trading on Thursday, reaching $7.63. 193,912 shares of the company’s stock traded hands, compared to its average volume of 898,197. The stock has a market cap of $403.61 million, a P/E ratio of 3.47 and a beta of 1.39. McEwen Mining has a 1-year low of $6.46 and a 1-year high of $12.50. The business has a 50-day simple moving average of $7.81 and a 200 day simple moving average of $8.60. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.17 and a quick ratio of 0.74.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on MUX. HC Wainwright lowered their price objective on shares of McEwen Mining from $19.00 to $18.00 and set a “buy” rating for the company in a research note on Thursday, January 30th. StockNews.com cut shares of McEwen Mining from a “hold” rating to a “sell” rating in a research report on Wednesday, February 19th.

About McEwen Mining

McEwen Mining Inc engages in the exploration, development, production, and sale of gold and silver. It also explores for copper deposits. The company owns 100% interests in the El Gallo and Fenix projects located in Mexico; and the Black Fox Mine and Stock Mill, Grey Fox, and Froome and Tamarack properties in Canada.