Silver Standard Resources (NASDAQ:SSRM) Downgraded to “Buy” Rating by Wall Street Zen

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

Other equities analysts have also issued research reports about the stock. CIBC raised their price objective on shares of Silver Standard Resources from $28.50 to $29.00 and gave the company a “neutral” rating in a research report on Wednesday, November 12th. UBS Group raised their target price on shares of Silver Standard Resources from $29.60 to $31.50 and gave the stock a “buy” rating in a report on Wednesday, November 26th. Scotiabank raised Silver Standard Resources from a “sector perform” rating to a “sector outperform” rating in a report on Thursday, October 23rd. Bank of America increased their price objective on Silver Standard Resources from $12.75 to $18.00 and gave the company an “underperform” rating in a research report on Thursday, October 16th. Finally, Zacks Research cut Silver Standard Resources from a “strong-buy” rating to a “hold” rating in a report on Monday, December 29th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $20.00.

Silver Standard Resources Stock Performance

Shares of NASDAQ SSRM opened at $22.01 on Friday. Silver Standard Resources has a 1 year low of $7.03 and a 1 year high of $25.98. The firm has a market cap of $4.47 billion, a P/E ratio of 21.16 and a beta of -0.11. The stock has a fifty day moving average price of $21.76 and a two-hundred day moving average price of $19.50. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.24 and a current ratio of 2.41.

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) last announced its quarterly earnings data on Tuesday, November 4th. The basic materials company reported $0.32 earnings per share for the quarter, beating the consensus estimate of $0.31 by $0.01. Silver Standard Resources had a return on equity of 6.46% and a net margin of 15.36%.The business had revenue of $390.16 million during the quarter, compared to analyst estimates of $444.80 million. Research analysts forecast that Silver Standard Resources will post 0.73 EPS for the current fiscal year.

Hedge Funds Weigh In On Silver Standard Resources

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Strs Ohio acquired a new stake in Silver Standard Resources during the 1st quarter valued at $50,000. Bayforest Capital Ltd purchased a new stake in Silver Standard Resources in the 1st quarter worth about $147,000. Belpointe Asset Management LLC acquired a new stake in Silver Standard Resources during the 1st quarter worth about $206,000. AQR Capital Management LLC grew 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 acquiring an additional 70,726 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew 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 acquiring an additional 201,525 shares in the last quarter. 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.