Silver Standard Resources (NASDAQ:SSRM) Hits New 12-Month High Following Analyst Upgrade

Silver Standard Resources Inc. (NASDAQ:SSRM) (TSE:SSO) shares reached a new 52-week high on Thursday after TD Cowen upgraded the stock from a hold rating to a buy rating. The company traded as high as $26.09 and last traded at $26.0450, with a volume of 3653830 shares traded. The stock had previously closed at $23.13.

Other equities analysts have also recently issued research reports about the stock. BMO Capital Markets raised shares of Silver Standard Resources from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, September 30th. Scotiabank raised Silver Standard Resources from a “sector perform” rating to a “sector outperform” rating in a research report on Thursday, October 23rd. UBS Group boosted their price objective on Silver Standard Resources from $31.50 to $34.50 and gave the stock a “buy” rating in a research report on Wednesday, January 14th. CIBC upped their price objective on Silver Standard Resources from $28.50 to $29.00 and gave the company a “neutral” rating in a research note on Wednesday, November 12th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Silver Standard Resources in a research report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $20.60.

Institutional Investors Weigh In On Silver Standard Resources

A number of hedge funds and other institutional investors have recently bought and sold shares of SSRM. Strs Ohio purchased a new stake in shares of Silver Standard Resources during the first quarter worth $50,000. AQR Capital Management LLC raised its stake in shares of Silver Standard Resources by 461.5% during the 1st quarter. AQR Capital Management LLC now owns 86,050 shares of the basic materials company’s stock valued at $863,000 after purchasing an additional 70,726 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Silver Standard Resources by 96.6% during the 1st 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 in the last quarter. Finally, Goldman Sachs Group Inc. lifted its holdings in Silver Standard Resources by 27.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,482,100 shares of the basic materials company’s stock worth $24,895,000 after purchasing an additional 529,035 shares in the last quarter. Institutional investors own 68.30% of the company’s stock.

Silver Standard Resources Trading Up 12.3%

The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.24 and a current ratio of 2.41. The firm has a market cap of $5.27 billion, a P/E ratio of 24.98 and a beta of -0.11. The firm has a 50 day simple moving average of $22.26 and a 200 day simple moving average of $20.14.

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

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.