Silver Standard Resources (NASDAQ:SSRM) Hits New 12-Month High After Analyst Upgrade

Shares of Silver Standard Resources Inc. (NASDAQ:SSRM) (TSE:SSO) reached a new 52-week high during trading on Thursday after TD Cowen upgraded the stock from a hold rating to a buy rating. The company traded as high as $26.09 and last traded at $26.0450, with a volume of 3653830 shares. The stock had previously closed at $23.13.

Other analysts have also recently issued reports about the company. UBS Group increased their price target on Silver Standard Resources from $31.50 to $34.50 and gave the stock a “buy” rating in a research report on Wednesday, January 14th. BMO Capital Markets raised Silver Standard Resources from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, September 30th. Wall Street Zen downgraded shares of Silver Standard Resources from a “strong-buy” rating to a “buy” rating in a report on Saturday, January 10th. Bank of America increased their price objective on shares of Silver Standard Resources from $12.75 to $18.00 and gave the stock an “underperform” rating in a report on Thursday, October 16th. 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 investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $20.60.

Institutional Trading of Silver Standard Resources

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Goldman Sachs Group Inc. boosted 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 worth $24,895,000 after buying an additional 529,035 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake 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. 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 worth $863,000 after acquiring an additional 70,726 shares during the period. Finally, Strs Ohio purchased a new position in Silver Standard Resources during the 1st quarter valued at about $50,000. 68.30% of the stock is owned by institutional investors and hedge funds.

Silver Standard Resources Stock Up 12.5%

The company has a quick ratio of 1.24, a current ratio of 2.41 and a debt-to-equity ratio of 0.03. The firm has a market capitalization of $5.28 billion, a PE ratio of 24.98 and a beta of -0.11. The business’s 50-day moving average price is $22.17 and its 200-day moving average price is $20.10.

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) last released its quarterly earnings data on Tuesday, November 4th. The basic materials company reported $0.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.31 by $0.01. The firm had revenue of $390.16 million during the quarter, compared to analysts’ expectations of $444.80 million. Silver Standard Resources had a return on equity of 6.46% and a net margin of 15.36%. As a group, equities research analysts predict that Silver Standard Resources Inc. will post 0.73 EPS 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.