UBS Group Forecasts Strong Price Appreciation for Silver Standard Resources (NASDAQ:SSRM) Stock

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) had its price target increased by analysts at UBS Group from $41.00 to $42.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has a “buy” rating on the basic materials company’s stock. UBS Group’s price objective would indicate a potential upside of 58.79% from the company’s previous close.

Other equities analysts have also recently issued research reports about the company. BMO Capital Markets upgraded Silver Standard Resources from a “market perform” rating to an “outperform” rating and set a $41.00 price target on the stock in a report on Thursday, March 5th. Canadian Imperial Bank of Commerce raised Silver Standard Resources from a “neutral” rating to a “sector outperform” rating and set a $48.00 price objective for the company in a report on Thursday, March 12th. Weiss Ratings downgraded 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 raised shares of Silver Standard Resources from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 22nd. Finally, Zacks Research cut shares of Silver Standard Resources from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 29th. One 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 stock. According to data from MarketBeat.com, Silver Standard Resources presently has a consensus rating of “Moderate Buy” and a consensus price target of $37.25.

Silver Standard Resources Stock Up 7.3%

NASDAQ:SSRM opened at $26.45 on Friday. The company has a market cap of $5.73 billion, a price-to-earnings ratio of 14.30, a P/E/G ratio of 0.43 and a beta of -0.18. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.25 and a current ratio of 2.08. The stock’s fifty day moving average price is $27.28 and its two-hundred day moving average price is $24.12. Silver Standard Resources has a 52-week low of $8.65 and a 52-week high of $33.49.

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) last released its 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 return on equity of 10.40% and a net margin of 24.28%. On average, analysts anticipate that Silver Standard Resources will post 0.73 EPS for the current year.

Hedge Funds Weigh In On Silver Standard Resources

Several hedge funds have recently added to or reduced their stakes in SSRM. Strs Ohio bought a new position in Silver Standard Resources during the first quarter worth about $50,000. AQR Capital Management LLC increased its stake in shares of 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 last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of 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 last quarter. Finally, Goldman Sachs Group Inc. raised its position in shares of Silver Standard Resources by 27.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,482,100 shares of the basic materials company’s stock valued at $24,895,000 after acquiring an additional 529,035 shares during the period. Institutional investors and hedge funds own 68.30% of the company’s stock.

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.