Silver Standard Resources (NASDAQ:SSRM) Stock Price Up 6.7% – Here’s Why

Silver Standard Resources Inc. (NASDAQ:SSRM) (TSE:SSO)’s share price was up 6.7% during trading on Monday . The company traded as high as $27.98 and last traded at $28.0070. Approximately 3,593,515 shares were traded during mid-day trading, an increase of 4% from the average daily volume of 3,459,594 shares. The stock had previously closed at $26.26.

Analysts Set New Price Targets

SSRM has been the topic of several recent analyst reports. TD Cowen upgraded shares of Silver Standard Resources from a “hold” rating to a “buy” rating in a report on Thursday. 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. Wall Street Zen cut shares of Silver Standard Resources from a “strong-buy” rating to a “buy” rating in a research report on Saturday, January 10th. BMO Capital Markets raised shares of Silver Standard Resources from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, September 30th. Finally, UBS Group raised their target price on Silver Standard Resources from $31.50 to $34.50 and gave the stock a “buy” rating in a research note on Wednesday, January 14th. Two equities research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Silver Standard Resources currently has a consensus rating of “Moderate Buy” and an average target price of $20.60.

Silver Standard Resources Trading Up 3.1%

The company has a market cap of $5.50 billion, a PE ratio of 26.03 and a beta of -0.11. The stock has a 50 day moving average price of $22.36 and a 200 day moving average price of $20.34. 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 (NASDAQ:SSRM) (TSE:SSO) last announced its quarterly earnings data on Tuesday, November 4th. The basic materials company reported $0.32 EPS for the quarter, beating the consensus estimate of $0.31 by $0.01. Silver Standard Resources had a return on equity of 6.46% and a net margin of 15.36%.The business had revenue of $390.16 million during the quarter, compared to analyst estimates of $444.80 million. Sell-side analysts predict that Silver Standard Resources Inc. will post 0.73 EPS for the current fiscal year.

Hedge Funds Weigh In On Silver Standard Resources

Institutional investors and hedge funds have recently made changes to their positions in the business. Goldman Sachs Group Inc. boosted 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 worth $24,895,000 after purchasing an additional 529,035 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings 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 acquiring an additional 201,525 shares in the last quarter. AQR Capital Management LLC grew its stake in shares of 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 last quarter. Finally, Strs Ohio bought a new position in shares of Silver Standard Resources during the first quarter valued at $50,000. Institutional investors 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.