Silver Standard Resources (NASDAQ:SSRM) Hits New 12-Month High – Here’s Why

Silver Standard Resources Inc. (NASDAQ:SSRM) (TSE:SSO) shares hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $28.35 and last traded at $28.16, with a volume of 3310887 shares changing hands. The stock had previously closed at $27.92.

Wall Street Analysts Forecast Growth

Several analysts recently commented on SSRM shares. Wall Street Zen lowered Silver Standard Resources from a “strong-buy” rating to a “buy” rating in a research note on Saturday, January 10th. CIBC boosted their target price on shares of Silver Standard Resources from $28.50 to $29.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 12th. TD Cowen upgraded Silver Standard Resources from a “hold” rating to a “buy” rating in a research report on Thursday, January 22nd. Scotiabank upgraded shares of Silver Standard Resources from a “sector perform” rating to a “sector outperform” rating in a research report on Thursday, October 23rd. Finally, TD Securities raised Silver Standard Resources from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 22nd. Two investment analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $20.60.

Silver Standard Resources Price Performance

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 business has a fifty day moving average of $22.75 and a 200 day moving average of $20.61. The firm has a market cap of $5.72 billion, a P/E ratio of 27.08 and a beta of -0.11.

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) last announced its earnings results on Tuesday, November 4th. The basic materials company reported $0.32 EPS for the quarter, topping the consensus estimate 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. On average, sell-side analysts anticipate that Silver Standard Resources Inc. will post 0.73 earnings per share for the current year.

Institutional Trading of Silver Standard Resources

A number of hedge funds have recently added to or reduced their stakes in SSRM. Strs Ohio acquired a new stake in Silver Standard Resources in the first quarter valued at $50,000. AQR Capital Management LLC raised its holdings in shares of Silver Standard Resources by 461.5% during the first quarter. AQR Capital Management LLC now owns 86,050 shares of the basic materials company’s stock valued at $863,000 after purchasing an additional 70,726 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Silver Standard Resources by 96.6% during 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 buying an additional 201,525 shares during the period. Finally, Goldman Sachs Group Inc. increased its holdings in shares of Silver Standard Resources by 27.1% during 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. Institutional investors and hedge funds own 68.30% of the company’s stock.

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.