Silver Standard Resources (NASDAQ:SSRM) Stock Price Up 6.7% – Here’s Why

Silver Standard Resources Inc. (NASDAQ:SSRM) (TSE:SSO)’s share price shot up 6.7% during mid-day trading on Monday . The company traded as high as $27.98 and last traded at $28.0070. 3,593,515 shares were traded during mid-day trading, an increase of 4% from the average session volume of 3,459,594 shares. The stock had previously closed at $26.26.

Analyst Ratings Changes

Several brokerages have recently issued reports on SSRM. TD Cowen upgraded shares of Silver Standard Resources from a “hold” rating to a “buy” rating in a research note on Thursday. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Silver Standard Resources in a research report on Thursday. TD Securities upgraded Silver Standard Resources from a “hold” rating to a “strong-buy” rating in a research note on Thursday. Scotiabank upgraded Silver Standard Resources from a “sector perform” rating to a “sector outperform” rating in a research note on Thursday, October 23rd. Finally, Bank of America upped their price target on Silver Standard Resources from $12.75 to $18.00 and gave the company an “underperform” rating in a report on Thursday, October 16th. 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 company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $20.60.

Silver Standard Resources Trading Up 3.1%

The stock has a 50 day moving average of $22.36 and a 200-day moving average of $20.34. 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 company has a market capitalization of $5.50 billion, a P/E ratio of 26.03 and a beta of -0.11.

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) last released its earnings results on Tuesday, November 4th. The basic materials company reported $0.32 earnings per share for the quarter, beating analysts’ consensus estimates 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 company had revenue of $390.16 million for the quarter, compared to analysts’ expectations of $444.80 million. On average, research analysts predict that Silver Standard Resources Inc. will post 0.73 EPS for the current year.

Institutional Investors Weigh In On Silver Standard Resources

Several institutional investors and hedge funds have recently modified their holdings of SSRM. AQR Capital Management LLC boosted its holdings 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 purchasing an additional 70,726 shares during the last quarter. Goldman Sachs Group Inc. grew its position in Silver Standard Resources by 27.1% in 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 acquiring an additional 529,035 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased 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 valued at $4,113,000 after purchasing an additional 201,525 shares during the last quarter. Finally, Strs Ohio bought a new position in Silver Standard Resources during the first quarter valued at $50,000. 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.