Silver Standard Resources (NASDAQ:SSRM) Cut to “Hold” at Zacks Research

Zacks Research lowered shares of Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) from a strong-buy rating to a hold rating in a report published on Tuesday morning,Zacks.com reports.

A number of other equities analysts have also recently weighed in on the company. BMO Capital Markets started coverage on Silver Standard Resources in a report on Friday, July 18th. They issued a “market perform” rating and a $13.50 price target for the company. Wall Street Zen raised Silver Standard Resources from a “buy” rating to a “strong-buy” rating in a report on Saturday, July 26th. Finally, UBS Group raised Silver Standard Resources from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $13.85 to $18.95 in a report on Friday, August 15th. One investment analyst has rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $12.55.

Silver Standard Resources Stock Performance

NASDAQ SSRM opened at $22.76 on Tuesday. Silver Standard Resources has a fifty-two week low of $5.06 and a fifty-two week high of $22.77. The stock has a market cap of $4.62 billion, a price-to-earnings ratio of 29.18 and a beta of -0.08. The business has a fifty day moving average of $15.55 and a 200-day moving average of $12.63. The company has a quick ratio of 1.20, a current ratio of 2.39 and a debt-to-equity ratio of 0.03.

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) last released its quarterly earnings results on Tuesday, August 5th. The basic materials company reported $0.51 earnings per share for the quarter, topping analysts’ consensus estimates 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 company had revenue of $410.54 million during the quarter, compared to analysts’ expectations of $381.08 million. As a group, analysts predict that Silver Standard Resources will post 0.73 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Silver Standard Resources

A number of hedge funds and other institutional investors have recently made changes to their positions in SSRM. Bleakley Financial Group LLC lifted its holdings in Silver Standard Resources by 3.9% during the 1st quarter. Bleakley Financial Group LLC now owns 26,466 shares of the basic materials company’s stock worth $265,000 after buying an additional 1,005 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in Silver Standard Resources by 3.9% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 28,794 shares of the basic materials company’s stock worth $289,000 after buying an additional 1,089 shares during the last quarter. Cadence Wealth Management LLC lifted its holdings in Silver Standard Resources by 2.8% during the 1st quarter. Cadence Wealth Management LLC now owns 50,290 shares of the basic materials company’s stock worth $504,000 after buying an additional 1,374 shares during the last quarter. Wellington Management Group LLP lifted its holdings in Silver Standard Resources by 0.4% during the 4th quarter. Wellington Management Group LLP now owns 497,378 shares of the basic materials company’s stock worth $3,462,000 after buying an additional 1,884 shares during the last quarter. Finally, B. Riley Wealth Advisors Inc. lifted its holdings in Silver Standard Resources by 10.0% during the 4th quarter. B. Riley Wealth Advisors Inc. now owns 22,000 shares of the basic materials company’s stock worth $153,000 after buying an additional 2,000 shares during the last quarter. Hedge funds and other institutional investors own 68.30% of the company’s stock.

About Silver Standard Resources

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.