Silver Standard Resources (NASDAQ:SSRM) Trading Up 4.8% After Analyst Upgrade

Shares of Silver Standard Resources Inc. (NASDAQ:SSRM) (TSE:SSO) were up 4.8% during trading on Friday after UBS Group raised their price target on the stock from $41.00 to $42.00. UBS Group currently has a buy rating on the stock. Silver Standard Resources traded as high as $25.98 and last traded at $25.8360. Approximately 756,104 shares were traded during mid-day trading, a decline of 82% from the average daily volume of 4,177,983 shares. The stock had previously closed at $24.66.

A number of other analysts have also issued reports on SSRM. Zacks Research lowered Silver Standard Resources from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 29th. National Bank Financial raised Silver Standard Resources from a “sector perform” rating to an “outperform” rating in a report on Wednesday, March 4th. Bank of America upgraded Silver Standard Resources from an “underperform” rating to a “buy” rating in a research note on Wednesday, March 4th. Wall Street Zen upgraded Silver Standard Resources from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 21st. Finally, Weiss Ratings cut Silver Standard Resources from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday, March 20th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $37.25.

Hedge Funds Weigh In On Silver Standard Resources

Several institutional investors have recently made changes to their positions in the stock. Strs Ohio bought a new stake in shares of Silver Standard Resources in the 1st quarter worth approximately $50,000. AQR Capital Management LLC boosted its position 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 valued at $863,000 after purchasing an additional 70,726 shares during the period. Goldman Sachs Group Inc. grew 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 last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake 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 buying an additional 201,525 shares during the last quarter. 68.30% of the stock is owned by institutional investors.

Silver Standard Resources Price Performance

The company has a debt-to-equity ratio of 0.03, a current ratio of 2.08 and a quick ratio of 1.25. The company has a 50-day simple moving average of $27.28 and a two-hundred day simple moving average of $24.09. The stock has a market capitalization of $5.73 billion, a price-to-earnings ratio of 14.30, a price-to-earnings-growth ratio of 0.40 and a beta of -0.18.

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) last posted its earnings results 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 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. On average, equities research analysts predict that Silver Standard Resources Inc. will post 0.73 earnings per share for the current 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.