Silver Standard Resources (NASDAQ:SSRM) Lowered to Hold Rating by Zacks Research

Zacks Research cut shares of Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) from a strong-buy rating to a hold rating in a report released on Monday,Zacks.com reports.

SSRM has been the topic of several other research reports. Weiss Ratings restated a “hold (c)” rating on shares of Silver Standard Resources in a research report on Wednesday, October 8th. BMO Capital Markets raised Silver Standard Resources from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, September 30th. CIBC upped their target price on Silver Standard Resources from $28.50 to $29.00 and gave the company a “neutral” rating in a report on Wednesday, November 12th. Scotiabank raised Silver Standard Resources from a “sector perform” rating to a “sector outperform” rating in a research note on Thursday, October 23rd. Finally, Wall Street Zen upgraded Silver Standard Resources from a “buy” rating to a “strong-buy” rating in a report on Saturday, December 13th. 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 company’s stock. According to MarketBeat.com, Silver Standard Resources presently has an average rating of “Hold” and an average target price of $20.00.

Silver Standard Resources Price Performance

Shares of SSRM opened at $21.94 on Monday. Silver Standard Resources has a 12 month low of $6.84 and a 12 month high of $25.98. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.41 and a quick ratio of 1.24. The stock has a fifty day moving average price of $21.86 and a 200 day moving average price of $19.04. The company has a market cap of $4.45 billion, a P/E ratio of 21.10 and a beta of -0.10.

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) last released 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. The company had revenue of $390.16 million during the quarter, compared to analysts’ expectations of $444.80 million. Silver Standard Resources had a return on equity of 6.46% and a net margin of 15.36%. On average, research analysts forecast that Silver Standard Resources will post 0.73 earnings per share for the current year.

Institutional Investors Weigh In On Silver Standard Resources

Institutional investors have recently bought and sold shares of the business. Strs Ohio purchased a new position in Silver Standard Resources during the 1st quarter valued at about $50,000. Vident Advisory LLC boosted its holdings in shares of Silver Standard Resources by 25.6% during the first quarter. Vident Advisory LLC now owns 62,645 shares of the basic materials company’s stock worth $628,000 after purchasing an additional 12,770 shares during the period. Bayforest Capital Ltd purchased a new position in Silver Standard Resources during the first quarter valued at approximately $147,000. Ieq Capital LLC purchased a new position in Silver Standard Resources during the first quarter valued at approximately $173,000. Finally, Belpointe Asset Management LLC acquired a new position in Silver Standard Resources in the 1st quarter valued at approximately $206,000. 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.