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

Silver Standard Resources Inc. (NASDAQ:SSRM) (TSE:SSO) rose 6.7% on Monday . The stock traded as high as $27.98 and last traded at $28.0070. Approximately 3,593,515 shares traded hands during mid-day trading, an increase of 4% from the average daily volume of 3,459,594 shares. The stock had previously closed at $26.26.

Analyst Ratings Changes

Several analysts have commented on SSRM shares. TD Cowen upgraded shares of Silver Standard Resources from a “hold” rating to a “buy” rating in a research report on Thursday, January 22nd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Silver Standard Resources in a research note on Thursday, January 22nd. UBS Group upped their price objective on Silver Standard Resources from $31.50 to $34.50 and gave the company a “buy” rating in a report on Wednesday, January 14th. CIBC increased their target price on Silver Standard Resources from $28.50 to $29.00 and gave the company a “neutral” rating in a research note on Wednesday, November 12th. Finally, BMO Capital Markets upgraded Silver Standard Resources from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, September 30th. Two equities research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $20.60.

Silver Standard Resources Trading Up 0.9%

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 stock has a market capitalization of $5.72 billion, a P/E ratio of 27.08 and a beta of -0.11. The company has a fifty day simple moving average of $22.75 and a two-hundred day simple moving average of $20.61.

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) last announced its quarterly earnings results on Tuesday, November 4th. The basic materials company reported $0.32 earnings per share (EPS) for the quarter, topping 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 company had revenue of $390.16 million during the quarter, compared to the consensus estimate of $444.80 million. On average, sell-side analysts expect that Silver Standard Resources Inc. will post 0.73 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Strs Ohio acquired a new stake in shares of Silver Standard Resources during the first quarter worth $50,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Silver Standard Resources by 96.6% in 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 purchasing an additional 201,525 shares in the last quarter. Goldman Sachs Group Inc. boosted its position 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 period. Finally, AQR Capital Management LLC grew its holdings in shares of Silver Standard Resources by 461.5% during the first quarter. AQR Capital Management LLC now owns 86,050 shares of the basic materials company’s stock worth $863,000 after buying an additional 70,726 shares in the last quarter. Institutional investors and hedge funds 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.