Silver Standard Resources (NASDAQ:SSRM) Raised to Buy at UBS Group

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) was upgraded by research analysts at UBS Group from a “neutral” rating to a “buy” rating in a report released on Friday, MarketBeat.com reports. The brokerage presently has a $18.95 price objective on the basic materials company’s stock, up from their prior price objective of $13.85. UBS Group’s price objective suggests a potential upside of 12.93% from the stock’s previous close.

Several other research firms have also recently weighed in on SSRM. National Bankshares reaffirmed a “sector perform” rating on shares of Silver Standard Resources in a report on Wednesday, April 23rd. Wall Street Zen upgraded Silver Standard Resources from a “buy” rating to a “strong-buy” rating in a research report on Saturday, July 26th. Cormark upgraded Silver Standard Resources from a “hold” rating to a “moderate buy” rating in a research report on Tuesday, April 22nd. Finally, BMO Capital Markets started coverage on Silver Standard Resources in a research report on Friday, July 18th. They issued a “market perform” rating and a $13.50 target price for the company. Five research analysts have rated the stock with a hold rating, one has assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Silver Standard Resources currently has a consensus rating of “Moderate Buy” and an average target price of $12.55.

Silver Standard Resources Stock Up 4.4%

SSRM stock opened at $16.78 on Friday. Silver Standard Resources has a fifty-two week low of $4.82 and a fifty-two week high of $16.81. The stock has a fifty day moving average of $13.11 and a 200-day moving average of $11.35. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.20 and a current ratio of 2.39. The company has a market capitalization of $3.40 billion, a price-to-earnings ratio of 21.51 and a beta of -0.16.

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) last issued its earnings results on Tuesday, August 5th. The basic materials company reported $0.51 EPS for the quarter, topping the consensus estimate of $0.23 by $0.28. Silver Standard Resources had a return on equity of 4.99% and a net margin of 12.66%. The business had revenue of $410.54 million during the quarter, compared to the consensus estimate of $381.08 million. As a group, equities research analysts predict that Silver Standard Resources will post 0.73 earnings per share for the current year.

Hedge Funds Weigh In On Silver Standard Resources

A number of large investors have recently bought and sold shares of SSRM. Caitong International Asset Management Co. Ltd purchased a new position in shares of Silver Standard Resources during the first quarter valued at approximately $32,000. Tacita Capital Inc purchased a new position in shares of Silver Standard Resources during the first quarter valued at approximately $48,000. Strs Ohio purchased a new position in shares of Silver Standard Resources during the first quarter valued at approximately $50,000. Northwest & Ethical Investments L.P. purchased a new position in shares of Silver Standard Resources during the first quarter valued at approximately $72,000. Finally, Tower Research Capital LLC TRC boosted its position in shares of Silver Standard Resources by 187.7% during the fourth quarter. Tower Research Capital LLC TRC now owns 13,599 shares of the basic materials company’s stock valued at $95,000 after purchasing an additional 8,872 shares in the last quarter. 68.30% of the stock is owned by hedge funds and other institutional investors.

Silver Standard Resources Company Profile

SSR Mining Inc, together with its subsidiaries, engages in the operation, acquisition, exploration, and development of precious metal resource properties in the United States, Türkiye, Canada, and Argentina. The company explores for gold doré, copper, silver, lead, and zinc deposits. Its mines include the Çöpler, located in Erzincan province, Turkey; the Marigold, located in Nevada, the United States; the Seabee, located in Saskatchewan, Canada; and the Puna, located in Jujuy province, Argentina.