Silver Standard Resources (NASDAQ:SSRM) Trading 6.8% Higher Following Analyst Upgrade

Silver Standard Resources Inc. (NASDAQ:SSRM) (TSE:SSO)’s stock price traded up 6.8% during mid-day 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. 1,450,750 shares traded hands during mid-day trading, a decline of 64% from the average session volume of 4,009,251 shares. The stock had previously closed at $26.59.

Other research analysts have also issued reports about the stock. 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. 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. Scotiabank raised Silver Standard Resources from a “sector perform” rating to a “sector outperform” rating in a research note on Thursday, October 23rd. TD Cowen raised Silver Standard Resources from a “hold” rating to a “buy” rating 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 research report on Wednesday, November 12th. Two analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $24.38.

Hedge Funds Weigh In On Silver Standard Resources

Several hedge funds have recently bought and sold shares of SSRM. Strs Ohio purchased a new stake in Silver Standard Resources in the first quarter worth about $50,000. AQR Capital Management LLC raised its position in Silver Standard Resources by 461.5% in 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 during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in 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 worth $4,113,000 after acquiring an additional 201,525 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted 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 acquiring 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 Trading Up 6.5%

The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.24 and a current ratio of 2.41. The stock has a fifty day moving average of $23.93 and a 200 day moving average of $21.98. The company has a market capitalization of $5.75 billion, a PE ratio of 15.28 and a beta of -0.14.

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) last issued its quarterly earnings data 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 return on equity of 10.56% and a net margin of 24.28%.The firm had revenue of $521.73 million during the quarter, compared to analyst estimates of $436.23 million. As a group, sell-side analysts predict 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.