SilverCrest Metals (NYSE:SILV) Stock Price Down 6.7% – Time to Sell?

SilverCrest Metals Inc. (NYSE:SILV) traded down 6.7% during trading on Monday . The stock traded as low as $9.62 and last traded at $9.62. 651,509 shares were traded during mid-day trading, a decline of 62% from the average session volume of 1,715,968 shares. The stock had previously closed at $10.31.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Ventum Cap Mkts lowered shares of SilverCrest Metals from a “strong-buy” rating to a “hold” rating in a report on Friday, October 4th. Scotiabank increased their price objective on SilverCrest Metals from $8.50 to $9.00 and gave the stock a “sector perform” rating in a research report on Monday, August 19th.

SilverCrest Metals Stock Performance

The firm has a fifty day moving average price of $9.76. The firm has a market capitalization of $1.42 billion, a P/E ratio of 14.45 and a beta of 1.21.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Perritt Capital Management Inc. purchased a new position in shares of SilverCrest Metals during the first quarter worth approximately $52,000. B. Riley Wealth Advisors Inc. lifted its stake in SilverCrest Metals by 12.3% in the first quarter. B. Riley Wealth Advisors Inc. now owns 63,990 shares of the company’s stock worth $426,000 after purchasing an additional 7,000 shares during the last quarter. Tidal Investments LLC grew its stake in shares of SilverCrest Metals by 5,624.4% during the first quarter. Tidal Investments LLC now owns 4,352,930 shares of the company’s stock valued at $28,991,000 after buying an additional 4,276,888 shares during the last quarter. Cambridge Trust Co. grew its stake in shares of SilverCrest Metals by 225.5% during the first quarter. Cambridge Trust Co. now owns 28,257 shares of the company’s stock valued at $188,000 after buying an additional 19,577 shares during the last quarter. Finally, Mather Group LLC. purchased a new position in shares of SilverCrest Metals in the second quarter worth about $28,000. 44.75% of the stock is currently owned by hedge funds and other institutional investors.

About SilverCrest Metals

SilverCrest Metals Inc engages in the acquiring, exploration, and development of precious metal properties in Mexico. The company primarily explores for silver and gold properties. Its focuses on principal property the Las Chispas Mine that consists of 28 concessions totaling of approximately 1,401 hectares located in Sonora, Mexico, as well as operates a portfolio of El Picacho, Cruz de Mayo, and Angel de Plata properties in Sonora Mexico.