Silver Standard Resources (NASDAQ:SSRM) Cut to Buy at Wall Street Zen

Wall Street Zen downgraded shares of Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) from a strong-buy rating to a buy rating in a report issued on Saturday.

A number of other equities analysts also recently commented on SSRM. Zacks Research raised shares of Silver Standard Resources from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 17th. CIBC increased their price target on Silver Standard Resources from $28.50 to $29.00 and gave the company a “neutral” rating in a report on Wednesday, November 12th. Weiss Ratings reissued a “hold (c)” rating on shares of Silver Standard Resources in a research report on Wednesday, October 8th. Scotiabank upgraded Silver Standard Resources from a “sector perform” rating to a “sector outperform” rating in a research note on Thursday, October 23rd. Finally, BMO Capital Markets raised Silver Standard Resources from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, September 30th. Two investment 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 assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $18.29.

Silver Standard Resources Stock Performance

NASDAQ SSRM opened at $21.53 on Friday. 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 has a 1-year low of $5.65 and a 1-year high of $25.98. The firm has a market capitalization of $4.37 billion, a P/E ratio of 27.60 and a beta of -0.11. The business’s 50-day simple moving average is $22.50 and its 200-day simple moving average is $17.12.

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

Institutional Trading of Silver Standard Resources

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Nuveen LLC purchased a new position in Silver Standard Resources in the first quarter valued at about $18,759,000. Jacobs Levy Equity Management Inc. raised its position in shares of Silver Standard Resources by 921.1% in the 1st 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 in the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of Silver Standard Resources by 413.1% during the 1st 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 buying an additional 748,900 shares during the last quarter. Russell Investments Group Ltd. boosted its stake in shares of Silver Standard Resources by 2,392.4% during the 1st quarter. Russell Investments Group Ltd. now owns 579,552 shares of the basic materials company’s stock valued at $5,813,000 after buying an additional 556,299 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its position in shares of 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 buying an additional 529,035 shares in the last quarter. 68.30% of the stock is owned by hedge funds and other institutional investors.

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.