Silver Standard Resources (NASDAQ:SSRM) Shares Cross Above Two Hundred Day Moving Average – Time to Sell?

Shares of Silver Standard Resources Inc. (NASDAQ:SSRM) (TSE:SSO) crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $19.37 and traded as high as $22.24. Silver Standard Resources shares last traded at $22.22, with a volume of 1,637,758 shares traded.

Analysts Set New Price Targets

A number of brokerages have issued reports on SSRM. Bank of America lifted their price target on Silver Standard Resources from $12.75 to $18.00 and gave the stock an “underperform” rating in a report on Thursday, October 16th. Wall Street Zen upgraded Silver Standard Resources from a “buy” rating to a “strong-buy” rating in a research note on Saturday, December 13th. Zacks Research lowered shares of Silver Standard Resources from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 29th. UBS Group raised their price objective on shares of Silver Standard Resources from $29.60 to $31.50 and gave the stock a “buy” rating in a report on Wednesday, November 26th. Finally, CIBC boosted their price objective on shares of Silver Standard Resources from $28.50 to $29.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 12th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $20.00.

Silver Standard Resources Trading Down 1.6%

The business’s 50-day moving average price is $21.79 and its 200-day moving average price is $19.37. The firm has a market capitalization of $4.51 billion, a PE ratio of 21.37 and a beta of -0.11. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.41 and a quick ratio of 1.24.

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) last issued its quarterly earnings results on Tuesday, November 4th. The basic materials company reported $0.32 earnings per share for the quarter, topping analysts’ consensus estimates of $0.31 by $0.01. Silver Standard Resources had a net margin of 15.36% and a return on equity of 6.46%. The firm had revenue of $390.16 million during the quarter, compared to analysts’ expectations of $444.80 million. As a group, analysts expect that Silver Standard Resources Inc. will post 0.73 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Silver Standard Resources

Several institutional investors have recently added to or reduced their stakes in the stock. Goldman Sachs Group Inc. grew its stake in shares of Silver Standard Resources by 27.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,482,100 shares of the basic materials company’s stock valued at $24,895,000 after purchasing an additional 529,035 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Silver Standard Resources by 96.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 410,046 shares of the basic materials company’s stock worth $4,113,000 after purchasing an additional 201,525 shares during the period. AQR Capital Management LLC grew its position in Silver Standard Resources by 461.5% in the 1st quarter. AQR Capital Management LLC now owns 86,050 shares of the basic materials company’s stock valued at $863,000 after buying an additional 70,726 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in Silver Standard Resources in the 1st quarter valued at $540,000. Finally, Belpointe Asset Management LLC acquired a new position in Silver Standard Resources in the 1st quarter valued at $206,000. Institutional investors and hedge funds own 68.30% of the company’s stock.

About Silver Standard Resources

Silver Standard Resources Inc (NASDAQ: SSRM) is a Vancouver‐based precious metals company engaged in the acquisition, exploration, development and production of silver and gold deposits primarily across the Americas. The company’s strategy centers on advancing high‐quality projects into production while maintaining a portfolio of operating mines that deliver consistent metal output. Silver Standard emphasizes sustainable resource development and community partnership at each stage of its operations.

The company’s principal producing assets include the Marigold gold mine in Nevada, which entered commercial production in 2006; the Seabee gold operation in Saskatchewan, Canada, acquired in 2016; and the Pirquitas silver‐gold mine in Argentina, which began producing in 2009.