Silver Standard Resources (NASDAQ:SSRM) Trading 6.8% Higher After Analyst Upgrade

Silver Standard Resources Inc. (NASDAQ:SSRM) (TSE:SSO) shares shot up 6.8% during mid-day trading on Thursday after UBS Group raised their price target on the stock from $36.00 to $37.00. UBS Group currently has a buy rating on the stock. Silver Standard Resources traded as high as $28.65 and last traded at $28.3930. 1,450,750 shares changed hands during mid-day trading, a decline of 64% from the average session volume of 4,009,251 shares. The stock had previously closed at $26.59.

Other analysts have also recently issued research reports about the company. TD Cowen upgraded shares of Silver Standard Resources from a “hold” rating to a “buy” rating in a research report on Thursday, January 22nd. Zacks Research lowered shares of Silver Standard Resources from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 29th. Wall Street Zen cut shares of Silver Standard Resources from a “strong-buy” rating to a “buy” rating in a research report on Saturday, January 10th. Canadian Imperial Bank of Commerce raised their price objective on Silver Standard Resources from $28.50 to $29.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 12th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Silver Standard Resources in a report on Thursday, January 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $24.38.

Institutional Investors Weigh In On Silver Standard Resources

Several large investors have recently modified their holdings of the stock. Strs Ohio acquired a new stake in shares of Silver Standard Resources during the 1st quarter valued at $50,000. AQR Capital Management LLC increased its position in Silver Standard Resources by 461.5% in the 1st quarter. AQR Capital Management LLC now owns 86,050 shares of the basic materials company’s stock worth $863,000 after purchasing an additional 70,726 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of 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 valued at $4,113,000 after buying an additional 201,525 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its stake in shares of Silver Standard Resources by 27.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,482,100 shares of the basic materials company’s stock valued at $24,895,000 after buying an additional 529,035 shares in the last quarter. 68.30% of the stock is owned by institutional investors.

Silver Standard Resources Stock Up 6.5%

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 market cap of $5.75 billion, a price-to-earnings ratio of 15.28 and a beta of -0.14. The business has a fifty day moving average of $23.93 and a 200 day moving average of $21.98.

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) last issued its quarterly earnings data on Tuesday, February 17th. The basic materials company reported $0.88 EPS for the quarter, beating analysts’ consensus estimates of $0.59 by $0.29. The business had revenue of $521.73 million for the quarter, compared to analyst estimates of $436.23 million. Silver Standard Resources had a return on equity of 10.56% and a net margin of 24.28%. On average, equities analysts predict that Silver Standard Resources Inc. will post 0.73 earnings per share for the current year.

About Silver Standard Resources

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.