Silver Standard Resources (NASDAQ:SSRM) Shares Cross Above 200-Day Moving Average – Time to Sell?

Silver Standard Resources Inc. (NASDAQ:SSRM) (TSE:SSO)’s stock price crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $21.11 and traded as high as $24.20. Silver Standard Resources shares last traded at $24.16, with a volume of 3,231,643 shares traded.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on SSRM. TD Securities upgraded shares of Silver Standard Resources from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 22nd. Canadian Imperial Bank of Commerce lifted their price target on Silver Standard Resources from $28.50 to $29.00 and gave the stock a “neutral” rating in a report on Wednesday, November 12th. UBS Group raised their price objective on Silver Standard Resources from $31.50 to $34.50 and gave the stock a “buy” rating in a report on Wednesday, January 14th. TD Cowen raised Silver Standard Resources from a “hold” rating to a “buy” rating in a research note on Thursday, January 22nd. Finally, Wall Street Zen lowered shares of Silver Standard Resources from a “strong-buy” rating to a “buy” rating in a research report on Saturday, January 10th. Two equities research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Silver Standard Resources presently has a consensus rating of “Moderate Buy” and a consensus target price of $23.75.

Silver Standard Resources Stock Up 7.2%

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 company has a market capitalization of $4.90 billion, a P/E ratio of 23.23 and a beta of -0.14. The firm has a 50-day moving average price of $23.06 and a two-hundred day moving average price of $21.17.

Institutional Investors Weigh In On Silver Standard Resources

Several institutional investors and hedge funds have recently added to or reduced their stakes in SSRM. Goldman Sachs Group Inc. grew its stake 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 valued at $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 boosted 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 purchasing an additional 70,726 shares during the last quarter. Finally, Strs Ohio bought a new stake in Silver Standard Resources in the 1st quarter valued at about $50,000. 68.30% of the stock is owned by institutional investors.

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.