Should You Exit SSR Mining (SSRM) Now?

Palm Valley Capital Management, an investment management firm, released “Palm Valley Capital Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, Palm Valley Capital Fund returned 1.62% compared to a 3.38% rise for the S&P SmallCap 600 Index and a 5.60% return for the Morningstar Small Cap Index. The fund’s securities returned 4.78% before fees and the impact of cash during the quarter. Also, the fund ended the period with 82% held in cash equivalents. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Palm Valley Capital Fund highlighted stocks like SSR Mining Inc. (NASDAQ:SSRM) in the second quarter 2023 investor letter. Headquartered in Denver, Colorado, SSR Mining Inc. (NASDAQ:SSRM) engages in the operation, development, exploration, and acquisition of precious metal resource properties. On July 5, 2023, SSR Mining Inc. (NASDAQ:SSRM) stock closed at $13.97 per share. One-month return of SSR Mining Inc. (NASDAQ:SSRM) was -4.12%, and its shares lost 15.13% of their value over the last 52 weeks. SSR Mining Inc. (NASDAQ:SSRM)has a market capitalization of $2.855 billion.

Palm Valley Capital Fund made the following comment about SSR Mining Inc. (NASDAQ:SSRM) in its second quarter 2023 investor letter:

“During the second quarter, the Fund fully exited three positions. We also sold our stake in SSR Mining Inc. (NASDAQ:SSRM) as the shares approached our intrinsic value estimate, and the company’s operational and financial risk increased after it announced a new investment in the Hod Maden Gold-Copper Project based in Turkey.”

SSR Mining Inc. (NASDAQ:SSRM) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 14 hedge fund portfolios held SSR Mining Inc. (NASDAQ:SSRM) at the end of first quarter which was 16 in the previous quarter.

We discussed SSR Mining Inc. (NASDAQ:SSRM) in another article and shared stock picks from John Paulson’s latest portfolio. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.

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