UBS Group Forecasts Strong Price Appreciation for Silver Standard Resources (NASDAQ:SSRM) Stock

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) had its target price increased by equities research analysts at UBS Group from $43.00 to $44.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the basic materials company’s stock. UBS Group’s target price points to a potential upside of 34.52% from the company’s previous close.

SSRM has been the topic of a number of other reports. Canadian Imperial Bank of Commerce raised Silver Standard Resources from a “neutral” rating to a “sector outperform” rating and set a $48.00 price target on the stock in a research report on Thursday, March 12th. TD Securities raised Silver Standard Resources from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 22nd. National Bank Financial raised Silver Standard Resources from a “sector perform” rating to an “outperform” rating in a research report on Wednesday, March 4th. Weiss Ratings raised Silver Standard Resources from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, April 2nd. Finally, Wall Street Zen cut Silver Standard Resources from a “strong-buy” rating to a “buy” rating in a research report on Saturday, April 18th. Two investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Buy” and an average target price of $37.75.

Silver Standard Resources Stock Performance

Shares of SSRM opened at $32.71 on Wednesday. The company has a quick ratio of 1.25, a current ratio of 5.33 and a debt-to-equity ratio of 0.01. The business’s 50 day moving average price is $29.88 and its 200-day moving average price is $25.60. Silver Standard Resources has a 52 week low of $10.19 and a 52 week high of $36.51. The stock has a market cap of $7.08 billion, a P/E ratio of 31.15, a P/E/G ratio of 0.46 and a beta of -0.17.

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) last issued its quarterly earnings results on Tuesday, May 5th. The basic materials company reported $1.15 EPS for the quarter, topping analysts’ consensus estimates of $0.81 by $0.34. Silver Standard Resources had a return on equity of 14.87% and a net margin of 12.17%.The firm had revenue of $581.78 million for the quarter, compared to analysts’ expectations of $524.80 million. Equities research analysts anticipate that Silver Standard Resources will post 3.93 earnings per share for the current fiscal year.

Institutional Trading of Silver Standard Resources

Several institutional investors have recently added to or reduced their stakes in the business. Goldman Sachs Group Inc. boosted its stake in 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 valued at $24,895,000 after purchasing 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 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 last quarter. AQR Capital Management LLC boosted its stake in 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 purchasing an additional 70,726 shares during the last quarter. Finally, Strs Ohio purchased a new stake in Silver Standard Resources during the 1st quarter valued at $50,000. 68.30% of the stock is currently owned by hedge funds and other 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.