Silver Standard Resources (NASDAQ:SSRM) Share Price Crosses Above 200 Day Moving Average – What’s Next?

Silver Standard Resources Inc. (NASDAQ:SSRM) (TSE:SSO)’s share price crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $24.05 and traded as high as $26.77. Silver Standard Resources shares last traded at $26.08, with a volume of 4,982,509 shares traded.

Analyst Upgrades and Downgrades

Several research firms have commented on SSRM. Canadian Imperial Bank of Commerce upgraded shares of Silver Standard Resources from a “neutral” rating to a “sector outperform” rating and set a $48.00 price objective for the company in a research note on Thursday, March 12th. Weiss Ratings downgraded Silver Standard Resources from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday, March 20th. Wall Street Zen raised Silver Standard Resources from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 21st. UBS Group increased their price target on Silver Standard Resources from $41.00 to $42.00 and gave the company a “buy” rating in a research report on Friday. Finally, TD Securities upgraded Silver Standard Resources from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 22nd. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, Silver Standard Resources presently has an average rating of “Moderate Buy” and an average price target of $37.25.

Silver Standard Resources Price Performance

The firm has a market cap of $5.46 billion, a PE ratio of 14.30, a P/E/G ratio of 0.43 and a beta of -0.18. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.08 and a quick ratio of 1.25. The business’s fifty day moving average is $27.28 and its 200-day moving average is $24.09.

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) last released its earnings results on Tuesday, February 17th. The basic materials company reported $0.88 earnings per share for the quarter, beating analysts’ consensus estimates of $0.59 by $0.29. Silver Standard Resources had a net margin of 24.28% and a return on equity of 10.40%. The firm had revenue of $521.73 million for the quarter, compared to analysts’ expectations of $436.23 million. On average, research analysts predict that Silver Standard Resources Inc. will post 0.73 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Silver Standard Resources

Several institutional investors and hedge funds have recently bought and sold shares of the company. Strs Ohio purchased a new stake in Silver Standard Resources in the first quarter worth $50,000. AQR Capital Management LLC lifted its position in shares of 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 valued at $863,000 after buying an additional 70,726 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of 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 acquiring an additional 201,525 shares during the period. Finally, Goldman Sachs Group Inc. grew its stake in shares of Silver Standard Resources by 27.1% during 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 acquiring an additional 529,035 shares during the period. 68.30% of the stock is owned by institutional investors.

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.