Silver Standard Resources (NASDAQ:SSRM) Shares Up 7.5% – Time to Buy?

Silver Standard Resources Inc. (NASDAQ:SSRM) (TSE:SSO)’s share price traded up 7.5% during mid-day trading on Tuesday . The company traded as high as $24.26 and last traded at $24.5840. 700,686 shares were traded during mid-day trading, a decline of 74% from the average session volume of 2,716,756 shares. The stock had previously closed at $22.87.

Wall Street Analyst Weigh In

Several analysts recently weighed in on SSRM shares. CIBC lifted their target price on shares of Silver Standard Resources from $28.50 to $29.00 and gave the company a “neutral” rating in a report on Wednesday, November 12th. Wall Street Zen cut Silver Standard Resources from a “strong-buy” rating to a “buy” rating in a research note on Saturday, January 10th. Bank of America boosted their price objective on Silver Standard Resources from $12.75 to $18.00 and gave the company an “underperform” rating in a report on Thursday, October 16th. BMO Capital Markets raised Silver Standard Resources from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, September 30th. Finally, Scotiabank raised Silver Standard Resources from a “sector perform” rating to a “sector outperform” rating in a research report on Thursday, October 23rd. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $20.60.

Silver Standard Resources Price Performance

The company has a 50 day moving average of $22.07 and a 200 day moving average of $20.00. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.24 and a current ratio of 2.41. The stock has a market capitalization of $4.90 billion, a price-to-earnings ratio of 23.22 and a beta of -0.11.

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) last announced 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 return on equity of 6.46% and a net margin of 15.36%.The business had revenue of $390.16 million during the quarter, compared to analysts’ expectations of $444.80 million. As a group, equities research analysts anticipate that Silver Standard Resources Inc. will post 0.73 EPS for the current year.

Institutional Investors Weigh In On Silver Standard Resources

Hedge funds and other institutional investors have recently modified their holdings of the company. Strs Ohio purchased a new stake in shares of Silver Standard Resources during the 1st quarter worth $50,000. AQR Capital Management LLC raised its stake in 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 valued at $863,000 after buying an additional 70,726 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in 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 worth $4,113,000 after buying an additional 201,525 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in shares of Silver Standard Resources by 27.1% during 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 acquiring an additional 529,035 shares in the last quarter. 68.30% of the stock is currently owned by institutional investors and hedge funds.

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.