Silver Standard Resources (NASDAQ:SSRM) Stock Gets Price Target Cut from UBS Group

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) had its target price decreased by equities research analysts at UBS Group from $39.00 to $37.00 in a research report issued on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the basic materials company’s stock. UBS Group‘s price objective points to a potential upside of 31.44% from the company’s current price.

A number of other research firms also recently weighed in on SSRM. Canadian Imperial Bank of Commerce raised their price target on Silver Standard Resources from $48.00 to $50.00 and gave the company an “outperformer” rating in a research note on Monday, October 5th. Weiss Ratings cut Silver Standard Resources from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday, October 23rd. Wall Street Zen downgraded Silver Standard Resources from a “buy” rating to a “hold” rating in a report on Saturday, October 17th. Bank of America decreased their target price on shares of Silver Standard Resources from $41.00 to $40.00 and set a “buy” rating for the company in a research note on Thursday, July 9th. Finally, Zacks Research downgraded shares of Silver Standard Resources from a “hold” rating to a “strong sell” rating in a report on Monday, October 19th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $42.20.

Silver Standard Resources Trading Up 7.6%

Shares of NASDAQ SSRM traded up $1.99 during mid-day trading on Wednesday, hitting $28.15. The company had a trading volume of 6,274,365 shares, compared to its average volume of 3,327,525. The company has a market capitalization of $5.67 billion, a PE ratio of 25.59, a price-to-earnings-growth ratio of 5.65 and a beta of -0.09. The firm has a 50-day simple moving average of $33.91 and a two-hundred day simple moving average of $30.31. Silver Standard Resources has a one year low of $18.19 and a one year high of $39.44.

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) last released its earnings results on Tuesday, November 3rd. The basic materials company reported $0.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.01. Silver Standard Resources had a return on equity of 16.17% and a net margin of 12.30%. The business had revenue of $447.65 million for the quarter, compared to the consensus estimate of $454.47 million. Sell-side analysts expect that Silver Standard Resources will post 3.82 earnings per share for the current fiscal year.

Institutional Trading of Silver Standard Resources

A hedge fund recently raised its position in Silver Standard Resources stock. Parallel Advisors LLC lifted its holdings in shares of Silver Standard Resources Inc. (NASDAQ:SSRM) (TSE:SSO) by 132.5% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,453 shares of the basic materials company’s stock after acquiring an additional 828 shares during the quarter. Parallel Advisors LLC’s holdings in Silver Standard Resources were worth $48,000 as of its most recent SEC filing. Institutional investors own 68.30% of the company’s stock.

About Silver Standard Resources

Silver Standard Resources, now known as SSR Mining Inc (NASDAQ: SSRM), is a precious metals mining company focused primarily on the exploration, development and production of gold and silver. The company’s operations have included open-pit and underground mines, processing facilities and exploration properties in the Americas and Türkiye.

SSR Mining has historically operated the Marigold gold mine in Nevada, the Seabee gold operation in Saskatchewan, Canada, and the Puna silver-lead-zinc complex in Jujuy, Argentina.