Silver Standard Resources (NASDAQ:SSRM) Shares Gap Up Following Earnings Beat

Shares of Silver Standard Resources Inc. (NASDAQ:SSRM) (TSE:SSO) gapped up before the market opened on Wednesday following a stronger than expected earnings report. The stock had previously closed at $28.25, but opened at $32.41. Silver Standard Resources shares last traded at $33.9210, with a volume of 751,021 shares trading hands.

The basic materials company reported $1.15 EPS for the quarter, topping the consensus estimate of $0.81 by $0.34. Silver Standard Resources had a net margin of 12.17% and a return on equity of 14.87%. The business had revenue of $581.78 million for the quarter, compared to analyst estimates of $524.80 million.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. BMO Capital Markets raised Silver Standard Resources from a “market perform” rating to an “outperform” rating and set a $41.00 target price on the stock in a research note on Thursday, March 5th. Weiss Ratings cut Silver Standard Resources from a “buy (b-)” rating to a “hold (c)” rating in a research note on Wednesday. Bank of America raised Silver Standard Resources from an “underperform” rating to a “buy” rating in a research note on Wednesday, March 4th. TD Cowen raised Silver Standard Resources from a “hold” rating to a “buy” rating in a research note on Thursday, January 22nd. Finally, Zacks Research raised Silver Standard Resources from a “hold” rating to a “strong-buy” rating in a research note on Thursday, April 30th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $37.75.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Strs Ohio bought a new position in Silver Standard Resources in the first quarter valued at about $50,000. AQR Capital Management LLC increased 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 buying an additional 70,726 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in 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 worth $4,113,000 after buying an additional 201,525 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its position in 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 worth $24,895,000 after buying an additional 529,035 shares in the last quarter. Institutional investors own 68.30% of the company’s stock.

Silver Standard Resources Stock Performance

The company has a debt-to-equity ratio of 0.01, a current ratio of 5.33 and a quick ratio of 1.25. The business has a 50-day simple moving average of $29.88 and a 200 day simple moving average of $25.60. The firm has a market cap of $7.40 billion, a PE ratio of 32.57, a PEG ratio of 0.46 and a beta of -0.17.

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.