Silver Standard Resources (NASDAQ:SSRM) Shares Gap Up – Here’s Why

Silver Standard Resources Inc. (NASDAQ:SSRM) (TSE:SSO) gapped up before the market opened on Tuesday . The stock had previously closed at $28.94, but opened at $30.54. Silver Standard Resources shares last traded at $31.7370, with a volume of 688,450 shares.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. National Bank Financial raised shares of Silver Standard Resources from a “sector perform” rating to an “outperform” rating in a research note on Wednesday, March 4th. Bank of America raised shares of Silver Standard Resources from an “underperform” rating to a “buy” rating in a research note on Wednesday, March 4th. BMO Capital Markets raised shares of Silver Standard Resources from a “market perform” rating to an “outperform” rating and set a $41.00 price objective on the stock in a research note on Thursday, March 5th. UBS Group raised their price objective on shares of Silver Standard Resources from $43.00 to $44.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. Finally, Zacks Research lowered shares of Silver Standard Resources from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 29th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Silver Standard Resources presently has a consensus rating of “Moderate Buy” and a consensus target price of $38.20.

Silver Standard Resources Stock Performance

The company’s fifty day moving average price is $30.64 and its 200 day moving average price is $27.20. The company has a market cap of $6.51 billion, a PE ratio of 29.94, a P/E/G ratio of 0.35 and a beta of -0.14. The company has a debt-to-equity ratio of 0.01, a current ratio of 5.33 and a quick ratio of 4.57.

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) last announced its earnings results on Tuesday, May 5th. The basic materials company reported $1.15 EPS for the quarter, beating the consensus estimate of $0.81 by $0.34. The company had revenue of $581.78 million during the quarter, compared to the consensus estimate of $524.80 million. Silver Standard Resources had a net margin of 12.17% and a return on equity of 14.87%. On average, equities research analysts predict that Silver Standard Resources Inc. will post 4.38 earnings per share for the current year.

Institutional Trading of Silver Standard Resources

Institutional investors and hedge funds have recently made changes to their positions in the company. Strs Ohio purchased a new stake in shares of Silver Standard Resources in the first quarter valued at about $50,000. AQR Capital Management LLC increased its holdings in Silver Standard Resources by 461.5% during the first quarter. AQR Capital Management LLC now owns 86,050 shares of the basic materials company’s stock worth $863,000 after buying an additional 70,726 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings 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 last quarter. Finally, Goldman Sachs Group Inc. increased its holdings 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 buying an additional 529,035 shares during the last quarter. Hedge funds and other institutional investors 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.