UBS Group Forecasts Strong Price Appreciation for Silver Standard Resources (NASDAQ:SSRM) Stock

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) had its price target boosted by investment analysts at UBS Group from $31.50 to $34.50 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the basic materials company’s stock. UBS Group’s price target would indicate a potential upside of 45.51% from the company’s previous close.

Other analysts also recently issued reports about the company. Weiss Ratings restated a “hold (c)” rating on shares of Silver Standard Resources in a research report on Wednesday, October 8th. Wall Street Zen lowered Silver Standard Resources from a “strong-buy” rating to a “buy” rating in a research report on Saturday. BMO Capital Markets upgraded Silver Standard Resources from a “hold” rating to a “strong-buy” rating in a report on Tuesday, September 30th. CIBC lifted their price objective on shares of Silver Standard Resources from $28.50 to $29.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 12th. Finally, Scotiabank upgraded Silver Standard Resources from a “sector perform” rating to a “sector outperform” rating in a research note on Thursday, October 23rd. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Silver Standard Resources presently has a consensus rating of “Hold” and a consensus target price of $20.60.

Silver Standard Resources Price Performance

Shares of NASDAQ SSRM traded down $0.13 during midday trading on Wednesday, reaching $23.71. The stock had a trading volume of 2,478,251 shares, compared to its average volume of 2,697,594. The company has a market capitalization of $4.81 billion, a price-to-earnings ratio of 22.84 and a beta of -0.11. Silver Standard Resources has a 12-month low of $7.22 and a 12-month high of $25.98. The stock has a 50-day moving average of $21.80 and a 200-day moving average of $19.71. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.24 and a current ratio of 2.41.

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) last issued its earnings results on Tuesday, November 4th. The basic materials company reported $0.32 earnings per share 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 the consensus estimate of $444.80 million. Silver Standard Resources had a net margin of 15.36% and a return on equity of 6.46%. As a group, research analysts anticipate that Silver Standard Resources will post 0.73 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in SSRM. Strs Ohio purchased a new stake in shares of Silver Standard Resources in the 1st quarter valued at about $50,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Silver Standard Resources by 96.6% during 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 buying an additional 201,525 shares during the period. Goldman Sachs Group Inc. increased its position in Silver Standard Resources by 27.1% during 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 buying an additional 529,035 shares during the period. Finally, AQR Capital Management LLC lifted 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 during the last quarter. 68.30% of the stock is 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.