Silver Standard Resources (NASDAQ:SSRM) Share Price Passes Above Two Hundred Day Moving Average – Here’s What Happened

Silver Standard Resources Inc. (NASDAQ:SSRM) (TSE:SSO)’s stock price crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $24.48 and traded as high as $32.57. Silver Standard Resources shares last traded at $31.86, with a volume of 3,939,355 shares.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. National Bank Financial raised Silver Standard Resources from a “sector perform” rating to an “outperform” rating in a research report on Wednesday, March 4th. Wall Street Zen raised Silver Standard Resources from a “buy” rating to a “strong-buy” rating in a research report on Saturday, February 21st. UBS Group upped their price target on Silver Standard Resources from $41.00 to $42.00 and gave the stock a “buy” rating in a research report on Friday, March 27th. Bank of America raised Silver Standard Resources from an “underperform” rating to a “buy” rating in a research report on Wednesday, March 4th. Finally, Zacks Research downgraded Silver Standard Resources from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 29th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $37.25.

Silver Standard Resources Trading Up 0.9%

The company has a market cap of $6.90 billion, a P/E ratio of 17.22, a PEG ratio of 0.52 and a beta of -0.11. The company has a current ratio of 2.08, a quick ratio of 1.25 and a debt-to-equity ratio of 0.03. The business has a 50 day moving average price of $27.92 and a 200-day moving average price of $24.48.

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) last announced its quarterly earnings data on Tuesday, February 17th. The basic materials company reported $0.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.29. Silver Standard Resources had a return on equity of 10.40% and a net margin of 24.28%.The company had revenue of $521.73 million for the quarter, compared to analysts’ expectations of $436.23 million. Analysts forecast that Silver Standard Resources Inc. will post 0.73 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Silver Standard Resources

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Goldman Sachs Group Inc. raised its stake in shares of 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. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Silver Standard Resources by 96.6% in 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 valued at $4,113,000 after acquiring an additional 201,525 shares during the period. AQR Capital Management LLC raised its stake 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 acquiring an additional 70,726 shares during the period. Finally, Strs Ohio bought a new stake in Silver Standard Resources in the 1st quarter valued at $50,000. Institutional investors 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.