Silver Standard Resources (NASDAQ:SSRM) Sets New 1-Year High – Should You Buy?

Shares of Silver Standard Resources Inc. (NASDAQ:SSRM) (TSE:SSO) reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $28.35 and last traded at $28.16, with a volume of 3310887 shares trading hands. The stock had previously closed at $27.92.

Analysts Set New Price Targets

Several research firms have commented on SSRM. UBS Group lifted their target price on shares of Silver Standard Resources from $31.50 to $34.50 and gave the stock a “buy” rating in a research report on Wednesday, January 14th. Bank of America lifted their price objective on Silver Standard Resources from $12.75 to $18.00 and gave the stock an “underperform” rating in a report on Thursday, October 16th. Scotiabank upgraded shares of Silver Standard Resources from a “sector perform” rating to a “sector outperform” rating in a research note on Thursday, October 23rd. Zacks Research lowered Silver Standard Resources from a “strong-buy” rating to a “hold” rating in a report on Monday, December 29th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Silver Standard Resources in a report on Thursday, January 22nd. Two investment analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Silver Standard Resources presently has an average rating of “Moderate Buy” and an average price target of $20.60.

Silver Standard Resources Stock Performance

The firm has a market cap of $5.72 billion, a P/E ratio of 27.08 and a beta of -0.11. The company has a current ratio of 2.41, a quick ratio of 1.24 and a debt-to-equity ratio of 0.03. The business’s fifty day simple moving average is $22.75 and its 200-day simple moving average is $20.61.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Strs Ohio bought a new stake in shares of Silver Standard Resources during the 1st quarter valued at $50,000. AQR Capital Management LLC grew its stake in shares of Silver Standard Resources by 461.5% in the first quarter. AQR Capital Management LLC now owns 86,050 shares of the basic materials company’s stock worth $863,000 after acquiring 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 shares of 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 valued at $4,113,000 after acquiring an additional 201,525 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its position in shares of Silver Standard Resources by 27.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,482,100 shares of the basic materials company’s stock worth $24,895,000 after purchasing 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.