Silver Standard Resources (NASDAQ:SSRM) Stock Price Up 7.5% – What’s Next?

Silver Standard Resources Inc. (NASDAQ:SSRM) (TSE:SSO) shares were up 7.5% during mid-day trading on Tuesday . The stock traded as high as $24.26 and last traded at $24.5840. 700,686 shares changed hands during trading, a decline of 74% from the average daily volume of 2,716,756 shares. The stock had previously closed at $22.87.

Analysts Set New Price Targets

Several research analysts recently weighed in on SSRM shares. Weiss Ratings restated a “hold (c)” rating on shares of Silver Standard Resources in a research report on Wednesday, October 8th. Zacks Research cut Silver Standard Resources from a “strong-buy” rating to a “hold” rating in a report on Monday, December 29th. Bank of America lifted their price target on Silver Standard Resources from $12.75 to $18.00 and gave the stock an “underperform” rating in a research note on Thursday, October 16th. CIBC boosted their price target on Silver Standard Resources from $28.50 to $29.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 12th. Finally, Wall Street Zen cut shares of Silver Standard Resources from a “strong-buy” rating to a “buy” rating in a research note on Saturday, January 10th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $20.60.

Silver Standard Resources Price Performance

The stock has a market cap of $4.90 billion, a PE ratio of 23.22 and a beta of -0.11. The stock’s fifty day moving average is $22.07 and its 200-day moving average is $20.00. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.41 and a quick ratio of 1.24.

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) last issued its earnings results on Tuesday, November 4th. The basic materials company reported $0.32 EPS for the quarter, topping analysts’ consensus estimates 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 company had revenue of $390.16 million for the quarter, compared to the consensus estimate of $444.80 million. As a group, equities analysts anticipate that Silver Standard Resources Inc. will post 0.73 EPS for the current year.

Institutional Investors Weigh In On Silver Standard Resources

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SSRM. AQR Capital Management LLC lifted its stake 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 last quarter. Goldman Sachs Group Inc. lifted its position 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 buying an additional 529,035 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Silver Standard Resources by 96.6% during 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 buying an additional 201,525 shares during the period. Finally, Strs Ohio purchased a new position in Silver Standard Resources during the first quarter worth about $50,000. Institutional investors and hedge funds 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.