Ero Copper (NYSE:ERO) Stock Price Up 5.8% – Should You Buy?

Ero Copper Corp. (NYSE:ERO)’s share price shot up 5.8% during mid-day trading on Wednesday . The company traded as high as $13.85 and last traded at $13.77. 251,448 shares changed hands during mid-day trading, a decline of 45% from the average session volume of 458,895 shares. The stock had previously closed at $13.02.

Analysts Set New Price Targets

Several research firms have commented on ERO. The Goldman Sachs Group started coverage on shares of Ero Copper in a research report on Monday, December 2nd. They issued a “buy” rating and a $19.00 target price for the company. TD Cowen raised shares of Ero Copper from a “hold” rating to a “buy” rating in a research note on Wednesday. Finally, StockNews.com upgraded Ero Copper from a “sell” rating to a “hold” rating in a report on Friday, October 25th. One research analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $26.33.

Ero Copper Stock Performance

The firm has a market capitalization of $1.39 billion, a P/E ratio of 79.29 and a beta of 1.14. The stock has a fifty day moving average of $13.82 and a 200-day moving average of $17.28. The company has a quick ratio of 0.45, a current ratio of 0.68 and a debt-to-equity ratio of 0.71.

Hedge Funds Weigh In On Ero Copper

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Exchange Traded Concepts LLC bought a new stake in shares of Ero Copper during the 3rd quarter valued at about $38,000. Van ECK Associates Corp grew its holdings in shares of Ero Copper by 3.1% in the third quarter. Van ECK Associates Corp now owns 136,990 shares of the company’s stock valued at $3,051,000 after acquiring an additional 4,097 shares in the last quarter. Intact Investment Management Inc. bought a new position in Ero Copper during the third quarter valued at about $670,000. Sentry Investment Management LLC bought a new stake in shares of Ero Copper in the third quarter valued at $457,000. Finally, Old West Investment Management LLC boosted its holdings in Ero Copper by 100.0% in the 3rd quarter. Old West Investment Management LLC now owns 160,000 shares of the company’s stock worth $3,563,000 after buying an additional 80,000 shares during the period. Institutional investors own 71.30% of the company’s stock.

About Ero Copper

Ero Copper Corp. engages in the exploration, development, and production of mining projects in Brazil. The company is involved in the production and sale of copper concentrate from the Caraíba operations located in the Curaçá Valley, northeastern Bahia state, Brazil, as well as gold and silver by-products.