Investors Buy Large Volume of Call Options on Silver Standard Resources (NASDAQ:SSRM)

Silver Standard Resources Inc. (NASDAQ:SSRM) (TSE:SSO) was the recipient of unusually large options trading activity on Friday. Stock investors purchased 8,643 call options on the company. This is an increase of approximately 231% compared to the average volume of 2,612 call options.

Silver Standard Resources Stock Performance

Shares of NASDAQ SSRM traded down $0.40 during midday trading on Friday, reaching $20.79. 844,471 shares of the company traded hands, compared to its average volume of 2,921,086. The company has a market cap of $4.22 billion, a price-to-earnings ratio of 26.55 and a beta of -0.11. The stock has a 50-day moving average price of $22.63 and a 200 day moving average price of $16.53. Silver Standard Resources has a 52 week low of $5.50 and a 52 week high of $25.98. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.39 and a quick ratio of 1.20.

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) last announced its earnings results on Tuesday, November 4th. The basic materials company reported $0.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.31 by $0.01. Silver Standard Resources had a net margin of 12.66% and a return on equity of 4.99%. The firm had revenue of $390.16 million during the quarter, compared to analyst estimates of $444.80 million. Sell-side analysts anticipate that Silver Standard Resources will post 0.73 earnings per share for the current fiscal year.

Analyst Ratings Changes

SSRM has been the topic of several recent research reports. UBS Group downgraded Silver Standard Resources from a “buy” rating to a “neutral” rating and raised their price target for the stock from $18.95 to $22.95 in a report on Friday, September 19th. BMO Capital Markets raised Silver Standard Resources from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, September 30th. Scotiabank upgraded Silver Standard Resources from a “sector perform” rating to a “sector outperform” rating in a research note on Thursday, October 23rd. Wall Street Zen raised shares of Silver Standard Resources from a “buy” rating to a “strong-buy” rating in a report on Saturday, July 26th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Silver Standard Resources in a research report on Wednesday, October 8th. Two research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $18.29.

Hedge Funds Weigh In On Silver Standard Resources

Several large investors have recently made changes to their positions in the business. Goldman Sachs Group Inc. increased its holdings in shares of 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 in the last quarter. Nuveen LLC acquired a new position in shares of Silver Standard Resources in the 1st quarter worth $18,759,000. Charles Schwab Investment Management Inc. raised its position in shares of Silver Standard Resources by 2.2% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,409,521 shares of the basic materials company’s stock worth $14,128,000 after purchasing an additional 30,862 shares during the period. Jacobs Levy Equity Management Inc. lifted its holdings in shares of Silver Standard Resources by 921.1% during the first quarter. Jacobs Levy Equity Management Inc. now owns 1,013,320 shares of the basic materials company’s stock valued at $10,164,000 after purchasing an additional 914,084 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Silver Standard Resources by 413.1% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 930,200 shares of the basic materials company’s stock valued at $9,323,000 after purchasing an additional 748,900 shares during the last quarter. Institutional investors own 68.30% of the company’s stock.

Silver Standard Resources Company Profile

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.