Silver Standard Resources (NASDAQ:SSRM) Hits New 52-Week High Following Analyst Upgrade

Silver Standard Resources Inc. (NASDAQ:SSRM) (TSE:SSO)’s share price hit a new 52-week high on Thursday after TD Cowen upgraded the stock from a hold rating to a buy rating. The stock traded as high as $26.09 and last traded at $26.0450, with a volume of 3653830 shares trading hands. The stock had previously closed at $23.13.

SSRM has been the topic of a number of other reports. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Silver Standard Resources in a report on Wednesday, October 8th. Bank of America boosted their price target on Silver Standard Resources from $12.75 to $18.00 and gave the company an “underperform” rating in a research note on Thursday, October 16th. Scotiabank upgraded Silver Standard Resources from a “sector perform” rating to a “sector outperform” rating in a research report on Thursday, October 23rd. UBS Group increased their price objective on Silver Standard Resources from $31.50 to $34.50 and gave the stock a “buy” rating in a research note on Wednesday, January 14th. Finally, CIBC boosted their target price on shares of Silver Standard Resources from $28.50 to $29.00 and gave the company a “neutral” rating in a research note on Wednesday, November 12th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $20.60.

Hedge Funds Weigh In On Silver Standard Resources

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Strs Ohio acquired a new stake in Silver Standard Resources in the first quarter worth about $50,000. AQR Capital Management LLC boosted its stake in shares of Silver Standard Resources by 461.5% in 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. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of 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 worth $4,113,000 after buying an additional 201,525 shares during the period. Finally, Goldman Sachs Group Inc. raised its stake 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 during the last quarter. Institutional investors and hedge funds own 68.30% of the company’s stock.

Silver Standard Resources Price Performance

The firm has a market capitalization of $5.28 billion, a price-to-earnings ratio of 24.98 and a beta of -0.11. The company has a quick ratio of 1.24, a current ratio of 2.41 and a debt-to-equity ratio of 0.03. The company’s fifty day moving average is $22.17 and its two-hundred day moving average is $20.10.

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

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.