Silver Standard Resources (NASDAQ:SSRM) Trading Up 6.8% After Analyst Upgrade

Silver Standard Resources Inc. (NASDAQ:SSRM) (TSE:SSO)’s share price was up 6.8% during trading on Thursday after UBS Group raised their price target on the stock from $36.00 to $37.00. UBS Group currently has a buy rating on the stock. Silver Standard Resources traded as high as $28.65 and last traded at $28.3930. Approximately 1,450,750 shares were traded during mid-day trading, a decline of 64% from the average daily volume of 4,009,251 shares. The stock had previously closed at $26.59.

A number of other equities research analysts have also recently commented on the stock. Scotiabank upgraded shares of Silver Standard Resources from a “sector perform” rating to a “sector outperform” rating in a research report on Thursday, October 23rd. TD Securities raised shares of Silver Standard Resources from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 22nd. TD Cowen raised shares of Silver Standard Resources from a “hold” rating to a “buy” rating in a research note on Thursday, January 22nd. Weiss Ratings restated a “hold (c)” rating on shares of Silver Standard Resources in a research report on Thursday, January 22nd. Finally, Canadian Imperial Bank of Commerce increased their price target on Silver Standard Resources from $28.50 to $29.00 and gave the company a “neutral” rating in a report on Wednesday, November 12th. Two research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Silver Standard Resources currently has a consensus rating of “Moderate Buy” and an average price target of $24.38.

Institutional Investors Weigh In On Silver Standard Resources

Several institutional investors and hedge funds have recently modified their holdings of the company. Strs Ohio purchased a new position in Silver Standard Resources during the 1st quarter valued at about $50,000. AQR Capital Management LLC lifted its position in shares of Silver Standard Resources by 461.5% during the first quarter. AQR Capital Management LLC now owns 86,050 shares of the basic materials company’s stock worth $863,000 after purchasing an additional 70,726 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Silver Standard Resources by 96.6% in 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 valued at $4,113,000 after purchasing an additional 201,525 shares during the period. Finally, Goldman Sachs Group Inc. grew its holdings in shares of Silver Standard Resources by 27.1% in the first 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 in the last quarter. Hedge funds and other institutional investors own 68.30% of the company’s stock.

Silver Standard Resources Stock Up 9.5%

The business’s fifty day moving average is $24.06 and its two-hundred day moving average is $22.03. The stock has a market cap of $5.91 billion, a price-to-earnings ratio of 15.74 and a beta of -0.14. The company has a quick ratio of 1.24, a current ratio of 2.08 and a debt-to-equity ratio of 0.03.

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

Silver Standard Resources Company Profile

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.