Silver Standard Resources (NASDAQ:SSRM) Shares Gap Down – Should You Sell?

Silver Standard Resources Inc. (NASDAQ:SSRM) (TSE:SSO)’s share price gapped down prior to trading on Monday . The stock had previously closed at $23.16, but opened at $21.86. Silver Standard Resources shares last traded at $21.8360, with a volume of 682,631 shares.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. CIBC increased their price objective on shares of Silver Standard Resources from $28.50 to $29.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 12th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Silver Standard Resources in a report on Wednesday, October 8th. Scotiabank raised Silver Standard Resources from a “sector perform” rating to a “sector outperform” rating in a report on Thursday, October 23rd. Zacks Research upgraded Silver Standard Resources from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 17th. Finally, Bank of America increased their target price on Silver Standard Resources from $12.75 to $18.00 and gave the stock an “underperform” rating in a research report on Thursday, October 16th. Two research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $20.00.

Silver Standard Resources Stock Performance

The stock has a market cap of $4.48 billion, a price-to-earnings ratio of 21.23 and a beta of -0.10. The company’s 50 day simple moving average is $21.92 and its 200 day simple moving average is $18.91. 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 posted its quarterly earnings data on Tuesday, November 4th. The basic materials company reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.31 by $0.01. Silver Standard Resources had a net margin of 15.36% and a return on equity of 6.46%. The business had revenue of $390.16 million during the quarter, compared to analysts’ expectations of $444.80 million. On average, equities research analysts anticipate that Silver Standard Resources Inc. will post 0.73 earnings per share for the current year.

Hedge Funds Weigh In On Silver Standard Resources

Large investors have recently made changes to their positions in the business. Ieq Capital LLC acquired a new stake in Silver Standard Resources during the first quarter valued at approximately $173,000. Vident Advisory LLC increased its holdings in shares of Silver Standard Resources by 25.6% in the first quarter. Vident Advisory LLC now owns 62,645 shares of the basic materials company’s stock valued at $628,000 after buying an additional 12,770 shares in the last quarter. AQR Capital Management LLC lifted its position in shares of 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 during the last quarter. Jacobs Levy Equity Management Inc. boosted its stake in shares of Silver Standard Resources by 921.1% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 1,013,320 shares of the basic materials company’s stock worth $10,164,000 after acquiring an additional 914,084 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd acquired a new position in shares of Silver Standard Resources in the 1st quarter worth $540,000. Institutional investors own 68.30% of the company’s stock.

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.