Silver Standard Resources (NASDAQ:SSRM) Price Target Raised to $44.00

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) had its target price hoisted by UBS Group from $43.00 to $44.00 in a research note released on Wednesday morning,Benzinga reports. The firm currently has a buy rating on the basic materials company’s stock.

A number of other equities research analysts have also recently commented on SSRM. Wall Street Zen cut shares of Silver Standard Resources from a “strong-buy” rating to a “buy” rating in a report on Saturday, April 18th. BMO Capital Markets upgraded shares of Silver Standard Resources from a “market perform” rating to an “outperform” rating and set a $41.00 price target on the stock in a report on Thursday, March 5th. TD Securities upgraded shares of Silver Standard Resources from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 22nd. Canadian Imperial Bank of Commerce upgraded shares of Silver Standard Resources from a “neutral” rating to a “sector outperform” rating and set a $48.00 price target on the stock in a report on Thursday, March 12th. Finally, Weiss Ratings upgraded shares of Silver Standard Resources from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, April 2nd. Two investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $37.75.

Silver Standard Resources Trading Up 4.6%

NASDAQ:SSRM opened at $34.20 on Wednesday. The company’s 50 day moving average price is $29.88 and its 200-day moving average price is $25.60. Silver Standard Resources has a 52 week low of $10.19 and a 52 week high of $36.51. The company has a quick ratio of 1.25, a current ratio of 5.33 and a debt-to-equity ratio of 0.01. The stock has a market cap of $7.40 billion, a price-to-earnings ratio of 32.57, a PEG ratio of 0.46 and a beta of -0.17.

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) last posted its quarterly earnings results on Tuesday, May 5th. The basic materials company reported $1.15 EPS for the quarter, beating analysts’ consensus estimates of $0.81 by $0.34. Silver Standard Resources had a net margin of 12.17% and a return on equity of 14.87%. The firm had revenue of $581.78 million for the quarter, compared to analysts’ expectations of $524.80 million. On average, equities research analysts forecast that Silver Standard Resources will post 3.93 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in SSRM. Goldman Sachs Group Inc. raised 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 during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in 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 acquiring an additional 201,525 shares during the period. AQR Capital Management LLC raised its position 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 worth $863,000 after acquiring an additional 70,726 shares during the period. Finally, Strs Ohio bought a new position in Silver Standard Resources in the first quarter worth approximately $50,000. 68.30% of the stock is currently owned by institutional investors.

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.