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Thomas S. Whelan, Senior Vice President and Chief Financial Officer of Coeur Mining, Inc. (NYSE:CDE), has recently acquired 10,000 shares of the company’s common stock. The purchase, made on February 26, amounted to $52,500, with each share priced at $5.25. The timing is notable as InvestingPro data shows the stock has declined 8% in the past week, with analysis indicating the shares are currently trading below their Fair Value.
In addition to the acquisition, Whelan also disposed of shares to cover tax obligations related to the vesting of restricted stock. On February 26 and 27, he disposed of 26,020 and 20,345 shares, respectively, at prices ranging from $5.02 to $5.26. The total value of these transactions was approximately $238,997. The company trades at a P/E ratio of 34, though InvestingPro analysis suggests strong growth potential, with net income expected to increase this year.
Following these transactions, Whelan now holds 622,085 shares directly. Additionally, he maintains indirect ownership of 6,000 shares through a college savings plan for his daughter. For deeper insights into Coeur Mining’s valuation and 12+ additional ProTips, visit InvestingPro, where you’ll find comprehensive analysis and the detailed Pro Research Report.
In other recent news, Coeur Mining has received an upgrade in its corporate family rating from Moody’s Ratings, moving to B2 from B3. This upgrade was influenced by the acquisition of SilverCrest Metals (NYSE:SILV), which added the Las Chispas mine to Coeur’s portfolio, and the successful expansion of the Rochester project. Furthermore, Coeur Mining has released a technical report for the Las Chispas Mine, offering detailed insights into the mine’s potential, as filed with the U.S. Securities and Exchange Commission. BMO Capital Markets has resumed coverage on Coeur Mining with an Outperform rating, setting a price target of $9.00, emphasizing the strategic benefits of the SilverCrest acquisition.
Additionally, Coeur Mining announced the expansion of its board of directors, appointing N. Eric Fier and Pierre Beaudoin, contingent on the completion of the SilverCrest acquisition. This move is part of the company’s strategic business combination with SilverCrest, which was recently approved by the Mexican Federal Economic Competition Commission. The acquisition still requires approval from Coeur’s stockholders and the Supreme Court of British Columbia, with a completion date anticipated for mid-February. Despite facing legal challenges regarding the proxy statement for the acquisition, Coeur Mining has supplemented its disclosures to address these concerns. These developments reflect Coeur’s ongoing efforts to enhance its operations and financial standing.
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