Silver Standard Resources (NASDAQ:SSRM) Cut to “Hold” at Zacks Research

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) was downgraded by stock analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report released on Monday,Zacks.com reports.

Several other analysts have also recently commented on SSRM. CIBC upped their target price on shares of Silver Standard Resources from $28.50 to $29.00 and gave the company a “neutral” rating in a research report on Wednesday, November 12th. UBS Group upped their price objective on Silver Standard Resources from $29.60 to $31.50 and gave the company a “buy” rating in a report on Wednesday, November 26th. Bank of America raised their target price on Silver Standard Resources from $12.75 to $18.00 and gave the stock an “underperform” rating in a report on Thursday, October 16th. BMO Capital Markets upgraded Silver Standard Resources from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, September 30th. Finally, Wall Street Zen upgraded shares of Silver Standard Resources from a “buy” rating to a “strong-buy” rating in a research report on Saturday, December 13th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $20.00.

Silver Standard Resources Stock Performance

Silver Standard Resources stock opened at $21.94 on Monday. The company has a market cap of $4.45 billion, a PE ratio of 21.10 and a beta of -0.10. The company has a current ratio of 2.41, a quick ratio of 1.24 and a debt-to-equity ratio of 0.03. Silver Standard Resources has a 1 year low of $6.84 and a 1 year high of $25.98. The company’s 50-day moving average is $21.86 and its two-hundred day moving average is $19.04.

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) last posted its quarterly earnings results on Tuesday, November 4th. The basic materials company reported $0.32 earnings per share for the quarter, topping analysts’ consensus estimates of $0.31 by $0.01. Silver Standard Resources had a net margin of 15.36% and a return on equity of 6.46%. The business had revenue of $390.16 million during the quarter, compared to the consensus estimate of $444.80 million. Equities analysts anticipate that Silver Standard Resources will post 0.73 earnings per share for the current year.

Hedge Funds Weigh In On Silver Standard Resources

Institutional investors and hedge funds have recently modified their holdings of the business. Strs Ohio acquired a new stake in Silver Standard Resources during the 1st quarter worth approximately $50,000. Belpointe Asset Management LLC bought a new stake in shares of Silver Standard Resources during the first quarter worth $206,000. Bayforest Capital Ltd acquired a new stake in shares of Silver Standard Resources during the first quarter worth $147,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Silver Standard Resources by 96.6% during 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 acquiring an additional 201,525 shares during the period. Finally, Goldman Sachs Group Inc. lifted its holdings 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. 68.30% of the stock is currently owned by institutional investors and hedge funds.

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.