Silver Standard Resources (NASDAQ:SSRM) Stock Rating Upgraded by Wall Street Zen

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) was upgraded by equities researchers at Wall Street Zen from a “buy” rating to a “strong-buy” rating in a research report issued to clients and investors on Saturday.

Several other research firms have also recently weighed in on SSRM. Canadian Imperial Bank of Commerce increased their price target on shares of Silver Standard Resources from $28.50 to $29.00 and gave the company a “neutral” rating in a research note on Wednesday, November 12th. UBS Group increased their price objective on Silver Standard Resources from $36.00 to $37.00 and gave the stock a “buy” rating in a research report on Wednesday. Zacks Research downgraded Silver Standard Resources from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 29th. TD Cowen upgraded Silver Standard Resources from a “hold” rating to a “buy” rating in a report on Thursday, January 22nd. Finally, TD Securities raised Silver Standard Resources from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 22nd. Two investment 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 assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $24.38.

Silver Standard Resources Stock Up 4.6%

Shares of SSRM opened at $30.46 on Friday. Silver Standard Resources has a 52-week low of $8.65 and a 52-week high of $30.58. The company has a quick ratio of 1.24, a current ratio of 2.08 and a debt-to-equity ratio of 0.03. The stock has a fifty day simple moving average of $24.23 and a two-hundred day simple moving average of $22.16. The company has a market capitalization of $6.18 billion, a PE ratio of 16.46 and a beta of -0.14.

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, beating analysts’ consensus estimates of $0.59 by $0.29. Silver Standard Resources had a net margin of 24.28% and a return on equity of 10.40%. The firm had revenue of $521.73 million during the quarter, compared to analyst estimates of $436.23 million. As a group, equities analysts forecast that Silver Standard Resources will post 0.73 EPS for the current year.

Hedge Funds 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 Silver Standard Resources during the first quarter worth about $50,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings 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 in the last quarter. Goldman Sachs Group Inc. increased its stake 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 buying an additional 529,035 shares during the period. Finally, AQR Capital Management LLC lifted its holdings in 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 worth $863,000 after buying an additional 70,726 shares in the last quarter. 68.30% of the stock is currently owned by hedge funds and other institutional investors.

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.