Here’s Why Palm Valley Capital Sold its SSR Mining (SSRM) Shares

Palm Valley Capital Management, an investment management firm, published its fourth-quarter 2021 investor letter – a copy of which can be downloaded here. A quarterly portfolio return of 0.04% was recorded by the fund for the fourth quarter of 2021, while its benchmarks, the S&P SmallCap 600 Index, by comparison, returned 5.59% and 3.72% return for the Morningstar Small Cap Index over the same period. Spare some time to check the fund’s top 5 holdings to have a clue about their top bets for 2022.

Palm Valley Capital Management, in its Q4 2021 investor letter, mentioned SSR Mining Inc. (NASDAQ: SSRM) and discussed its stance on the firm. SSR Mining Inc. is a Vancouver, Canada-based mining company with a $3.5 billion market capitalization. SSRM delivered a -5.82% return since the beginning of the year, while its 12-month returns are up by -8.61%. The stock closed at $16.67 per share on January 10, 2022.

Here is what Palm Valley Capital Management has to say about SSR Mining Inc. in its Q4 2021 investor letter:

“During the fourth quarter we took advantage of weakness in the precious metal and energy sectors to acquire two small new positions that we believe are selling at attractive prices relative to their strong, asset heavy balance sheets. During the quarter we sold SSR Mining (ticker: SSRM). We exited SSR Mining after the shares appreciated above our fair value estimate.”

Based on our calculations, SSR Mining Inc. (NASDAQ: SSRM) was not able to clinch a spot in our list of the 30 Most Popular Stocks Among Hedge Funds. SSRM was in 18 hedge fund portfolios at the end of the third quarter of 2021, compared to 20 funds in the previous quarter. SSR Mining Inc. (NASDAQ: SSRM) delivered a 9.03% return in the past 3 months.

In April 2021, we also shared another hedge fund’s views on SSRM in another article. You can find other letters from hedge funds and prominent investors on our hedge fund investor letters 2021 Q4 page.

Disclosure: None. This article is originally published at Insider Monkey.