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

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) had its target price lifted by investment analysts at UBS Group from $41.00 to $42.00 in a report released on Friday,Benzinga reports. The firm currently has a “buy” rating on the basic materials company’s stock. UBS Group’s target price would indicate a potential upside of 58.49% from the stock’s current price.

Several other analysts have also weighed in on SSRM. TD Cowen raised Silver Standard Resources from a “hold” rating to a “buy” rating in a report on Thursday, January 22nd. TD Securities upgraded Silver Standard Resources from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 22nd. National Bank Financial upgraded Silver Standard Resources from a “sector perform” rating to an “outperform” rating in a report on Wednesday, March 4th. Wall Street Zen raised Silver Standard Resources from a “buy” rating to a “strong-buy” rating in a research report on Saturday, February 21st. Finally, Weiss Ratings cut Silver Standard Resources from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday, March 20th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $37.25.

Silver Standard Resources Stock Up 7.5%

SSRM stock traded up $1.84 during mid-day trading on Friday, hitting $26.50. 1,832,472 shares of the company were exchanged, compared to its average volume of 4,194,341. The firm has a fifty day simple moving average of $27.20 and a 200 day simple moving average of $24.06. The company has a market capitalization of $5.47 billion, a PE ratio of 14.34, a price-to-earnings-growth ratio of 0.43 and a beta of -0.18. Silver Standard Resources has a twelve month low of $8.65 and a twelve month high of $33.49. The company has a current ratio of 2.08, a quick ratio of 1.25 and a debt-to-equity ratio of 0.03.

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) last issued its earnings results on Tuesday, February 17th. The basic materials company reported $0.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.59 by $0.29. Silver Standard Resources had a net margin of 24.28% and a return on equity of 10.40%. The business had revenue of $521.73 million for the quarter, compared to analyst estimates of $436.23 million. On average, research analysts forecast that Silver Standard Resources will post 0.73 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Strs Ohio acquired a new stake in Silver Standard Resources in the first quarter worth $50,000. 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. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of 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 valued at $4,113,000 after acquiring an additional 201,525 shares during the period. Finally, Goldman Sachs Group Inc. boosted its holdings in shares of 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 valued at $24,895,000 after acquiring an additional 529,035 shares during the period. 68.30% of the stock is currently owned by institutional investors.

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.