Silver Standard Resources (NASDAQ:SSRM) Stock Passes Above 200 Day Moving Average – Here’s Why

Silver Standard Resources Inc. (NASDAQ:SSRM) (TSE:SSO) passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $24.05 and traded as high as $26.77. Silver Standard Resources shares last traded at $26.08, with a volume of 4,982,509 shares trading hands.

Wall Street Analyst Weigh In

A number of research firms have issued reports on SSRM. TD Cowen raised shares of Silver Standard Resources from a “hold” rating to a “buy” rating in a report on Thursday, January 22nd. Canadian Imperial Bank of Commerce upgraded shares of Silver Standard Resources from a “neutral” rating to a “sector outperform” rating and set a $48.00 target price for the company in a report on Thursday, March 12th. Weiss Ratings lowered shares of Silver Standard Resources from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday, March 20th. TD Securities upgraded shares of Silver Standard Resources from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 22nd. Finally, Bank of America raised shares of Silver Standard Resources from an “underperform” rating to a “buy” rating in a research report on Wednesday, March 4th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $36.00.

Silver Standard Resources Trading Up 6.7%

The firm has a market cap of $5.34 billion, a P/E ratio of 14.10, a price-to-earnings-growth ratio of 0.40 and a beta of -0.18. The company has a quick ratio of 1.25, a current ratio of 2.08 and a debt-to-equity ratio of 0.03. The firm’s 50-day simple moving average is $27.19 and its 200 day simple moving average is $24.05.

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) last released its earnings results on Tuesday, February 17th. The basic materials company reported $0.88 earnings per share 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 for the quarter, compared to analysts’ expectations of $436.23 million. As a group, analysts expect that Silver Standard Resources Inc. will post 0.73 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in SSRM. Strs Ohio purchased a new stake in Silver Standard Resources during the first 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 acquiring an additional 70,726 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position 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. Finally, Goldman Sachs Group Inc. grew its position 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. 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.