Silver Standard Resources (NASDAQ:SSRM) Shares Gap Up – Here’s Why

Silver Standard Resources Inc. (NASDAQ:SSRM) (TSE:SSO) gapped up before the market opened on Tuesday . The stock had previously closed at $28.94, but opened at $30.54. Silver Standard Resources shares last traded at $31.7370, with a volume of 688,450 shares traded.

Analyst Ratings Changes

A number of analysts recently issued reports on the stock. Wall Street Zen upgraded shares of Silver Standard Resources from a “buy” rating to a “strong-buy” rating in a report on Saturday, May 9th. Weiss Ratings upgraded shares of Silver Standard Resources from a “hold (c-)” rating to a “hold (c)” rating in a report on Wednesday, June 3rd. National Bank Financial upgraded shares of Silver Standard Resources from a “sector perform” rating to an “outperform” rating in a report on Wednesday, March 4th. BMO Capital Markets upgraded shares of Silver Standard Resources from a “market perform” rating to an “outperform” rating and set a $41.00 price objective for the company in a report on Thursday, March 5th. Finally, Bank of America upgraded shares of Silver Standard Resources from an “underperform” rating to a “buy” rating in a report on Wednesday, March 4th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $38.20.

Silver Standard Resources Price Performance

The stock has a market cap of $6.51 billion, a PE ratio of 29.94, a P/E/G ratio of 0.35 and a beta of -0.14. The company has a debt-to-equity ratio of 0.01, a current ratio of 5.33 and a quick ratio of 4.57. The firm’s 50 day moving average price is $30.64 and its two-hundred day moving average price is $27.20.

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) last posted its earnings results on Tuesday, May 5th. The basic materials company reported $1.15 earnings per share for the quarter, topping the consensus estimate of $0.81 by $0.34. The firm had revenue of $581.78 million during the quarter, compared to the consensus estimate of $524.80 million. Silver Standard Resources had a net margin of 12.17% and a return on equity of 14.87%. On average, research analysts expect that Silver Standard Resources Inc. will post 4.38 earnings per share for the current year.

Hedge Funds Weigh In On Silver Standard Resources

Large investors have recently modified their holdings of the business. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake 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 worth $4,113,000 after purchasing an additional 201,525 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in shares of 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 purchasing an additional 529,035 shares in the last quarter. AQR Capital Management LLC increased 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 purchasing an additional 70,726 shares in the last quarter. Finally, Strs Ohio purchased a new position in shares of Silver Standard Resources in the first quarter worth about $50,000. 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.