Silver Standard Resources (NASDAQ:SSRM) Releases Quarterly Earnings Results

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) issued its quarterly earnings results on Tuesday. The basic materials company reported $0.32 EPS for the quarter, meeting analysts’ consensus estimates of $0.32, Zacks reports. Silver Standard Resources had a return on equity of 4.99% and a net margin of 12.66%.

Silver Standard Resources Stock Down 5.2%

Shares of NASDAQ:SSRM traded down $1.19 during trading on Tuesday, hitting $21.70. 2,678,854 shares of the company were exchanged, compared to its average volume of 2,918,642. Silver Standard Resources has a fifty-two week low of $5.06 and a fifty-two week high of $25.98. The stock has a market cap of $4.40 billion, a price-to-earnings ratio of 27.82 and a beta of -0.09. The company has a current ratio of 2.39, a quick ratio of 1.20 and a debt-to-equity ratio of 0.03. The firm has a fifty day moving average price of $22.41 and a two-hundred day moving average price of $16.03.

Hedge Funds Weigh In On Silver Standard Resources

A number of institutional investors have recently added to or reduced their stakes in SSRM. Goldman Sachs Group Inc. raised its position in 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 worth $24,895,000 after acquiring an additional 529,035 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of 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 valued at $4,113,000 after purchasing an additional 201,525 shares during the period. AQR Capital Management LLC raised its holdings in shares of Silver Standard Resources by 461.5% in the 1st 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. Finally, Strs Ohio acquired a new stake in Silver Standard Resources in the 1st quarter valued at about $50,000. 68.30% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Scotiabank upgraded Silver Standard Resources from a “sector perform” rating to a “sector outperform” rating in a report on Thursday, October 23rd. Bank of America upped their price target on Silver Standard Resources from $12.75 to $18.00 and gave the stock an “underperform” rating in a research report on Thursday, October 16th. UBS Group downgraded shares of Silver Standard Resources from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $18.95 to $22.95 in a report on Friday, September 19th. Zacks Research raised shares of Silver Standard Resources from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 17th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Silver Standard Resources in a report on Wednesday, October 8th. Two analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $18.19.

About Silver Standard Resources

SSR Mining Inc, together with its subsidiaries, engages in the operation, acquisition, exploration, and development of precious metal resource properties in the United States, Türkiye, Canada, and Argentina. The company explores for gold doré, copper, silver, lead, and zinc deposits. Its mines include the Çöpler, located in Erzincan province, Turkey; the Marigold, located in Nevada, the United States; the Seabee, located in Saskatchewan, Canada; and the Puna, located in Jujuy province, Argentina.