Coeur Mining Insiders Sold at $21 Before $13.88 Crash
Coeur Mining fell 8.26% to $13.88 after a 53.6% EPS miss, while three executives sold $1.06 million in shares weeks earlier at $20-21. The question is whether Q2 was noise or a red flag for the broade
Silver Shock Sends Coeur Mining Down 8% to New Lows
NEW YORK, October 23 —
Three Coeur Mining, Inc. (CDE) executives sold a combined $1.06 million in shares between August 19 and September 8 at $20 to $21, weeks after reporting a 53.6% earnings miss. On Thursday, silver slid on Hormuz shipping attacks and CDE fell 8.26%, extending a 22.4% monthly decline to $13.88, roughly a third below where those insiders exited.
- Q2 EPS missed by 53.6%: $0.12 actual vs. estimate, per an 8-K filed August 5.
- Three insiders sold $1.06 million at $20, $21 per share; zero purchases recorded; insider ownership stands at 0.6%.
- $1.05 billion in cash against $0.71 billion in debt; $797 million in trailing free cash flow.
The Miss That Rewired the Model
Coeur Mining is a gold and silver producer with six mine sites: Palmarejo, Las Chispas, Rochester, Wharf, Kensington, and Silvertip. Over the trailing four quarters to June 30, 2026, revenue doubled to $3.17 billion, with management crediting the New Afton and Rainy River acquisitions' first full quarter for record Q2 revenue. Against that backdrop, Q2's $0.12 EPS versus a consensus is a 53.6% miss that demands more than an acquisition-noise explanation. The two preceding quarters both beat: Q4 2025 by 6.0%, Q1 2026 by 0.3%. Whether integration is eating earnings or the expanded asset base earns less than the pre-deal model assumed is what Q3 needs to settle.
The Selling Pattern
The selling pattern is what makes $13.88 a harder call than the balance sheet alone implies. On August 19, weeks after the Q2 8-K, three insiders sold open-market: Director J. Kenneth Thompson, 25,000 shares at $20.77; CFO Thomas S. Whelan, 6,000 shares at $20.87; and General Counsel Casey M. Nault, 10,000 shares at $20.00. Nault returned September 8 with a second tranche of 10,000 shares at $21.06. Combined proceeds totaled $1.06 million, with zero purchases recorded and insider ownership at 0.6% of shares. Each transaction settled above the current price, and all were made by people who had just reported Q2.
| Ticker | Mkt cap | Fwd P/E | 52-wk |
|---|---|---|---|
| CDE | $14.3B | 7.5x | -25.6% |
| HL | $9.5B | 13.7x | +9.0% |
| PAAS | $17.0B | 9.6x | +13.0% |
| KGC | $26.9B | 8.5x | -5.3% |
| EXK | $2.3B | 7.4x | -5.4% |
| AG | $7.5B | 15.3x | +17.8% |
The Number That Resolves the Trade
At $13.88, CDE trades at 7.5x forward earnings with $1.05 billion in cash, $0.71 billion in debt, and $797 million in trailing free cash flow. Investors modeling the gap to the $23.23 consensus can stress-test FCF assumptions in the DCF calculator. Those estimates predate that miss, and Thursday's decline had a sector-wide alibi: silver fell on Hormuz attacks, with Hecla Mining (HL) and First Majestic Silver (AG) each down roughly 20% in October. The specific number that resolves the debate is Q3 EPS: a result near the $0.35, $0.36 range of the prior two quarters reclassifies Q2 as noise; a second miss confirms it was not.
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Frequently Asked Questions
What was Coeur Mining's Q2 earnings miss?
Coeur Mining reported Q2 EPS of $0.12 versus a consensus estimate of $0.261, missing by 53.6%. This was notable because Q4 2025 and Q1 2026 both beat estimates.
Why did insiders sell after the earnings miss?
Three executives sold $1.06 million at $20-21 between August 19 and September 8, weeks after reporting the miss on August 5. Zero purchases were recorded, and insider ownership stands at 0.6%.
What is Coeur Mining's financial position?
CDE trades at 7.5x forward earnings with $1.05 billion in cash against $0.71 billion in debt and $797 million in trailing free cash flow. The company operates six mine sites.
What's the key number to watch next?
Q3 earnings will resolve the debate. A result near the $0.35-$0.36 range of prior quarters would reclassify Q2 as noise; a second miss would confirm it was not.
Why did CDE fall 8% on Thursday?
Silver fell on Hormuz shipping attacks, dragging down the precious metals sector. Hecla Mining and First Majestic Silver each fell roughly 20% in October.
Coeur Mining fell 8.26% on October 22 as silver prices slid on new Strait of Hormuz shipping attacks, deepening a month-long rout that has taken the stock to $13.88 — well below the $20–$21 range where three company insiders sold $1.06 million in shares just weeks earlier, even as the balance sheet shows net cash and $797 million in free cash flow.