Royal Bank Of Canada Issues Pessimistic Forecast for Silver Standard Resources (NASDAQ:SSRM) Stock Price

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) had its price target dropped by equities researchers at Royal Bank Of Canada from $40.00 to $39.00 in a report released on Thursday,Benzinga reports. The brokerage currently has an “outperform” rating on the basic materials company’s stock. Royal Bank Of Canada’s price objective would suggest a potential upside of 36.46% from the company’s previous close.

A number of other research firms have also recently issued reports on SSRM. Bank of America decreased their target price on Silver Standard Resources from $41.00 to $40.00 and set a “buy” rating for the company in a research note on Thursday. UBS Group lowered their price target on shares of Silver Standard Resources from $43.00 to $40.00 and set a “buy” rating on the stock in a research note on Tuesday, June 30th. Wall Street Zen raised Silver Standard Resources from a “buy” rating to a “strong-buy” rating in a research report on Saturday, May 9th. Weiss Ratings upgraded shares of Silver Standard Resources from a “hold (c-)” rating to a “hold (c)” rating in a report on Wednesday, July 1st. Finally, Canadian Imperial Bank of Commerce upgraded shares of Silver Standard Resources from a “neutral” rating to a “sector outperform” rating and set a $48.00 price objective on the stock in a research note on Thursday, March 12th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, Silver Standard Resources currently has an average rating of “Moderate Buy” and a consensus target price of $41.60.

Silver Standard Resources Stock Down 2.0%

NASDAQ SSRM opened at $28.58 on Thursday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 4.57 and a current ratio of 5.33. Silver Standard Resources has a 52 week low of $11.70 and a 52 week high of $36.51. The stock has a market capitalization of $5.93 billion, a P/E ratio of 27.22, a price-to-earnings-growth ratio of 2.64 and a beta of -0.10. The stock has a fifty day moving average of $29.98 and a 200-day moving average of $28.19.

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) last issued its earnings results on Tuesday, May 5th. The basic materials company reported $1.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.81 by $0.34. Silver Standard Resources had a net margin of 12.17% and a return on equity of 14.87%. The company had revenue of $418.46 million for the quarter, compared to analyst estimates of $524.79 million. On average, equities research analysts forecast that Silver Standard Resources will post 3.81 EPS for the current year.

Institutional Trading of Silver Standard Resources

Several large investors have recently bought and sold shares of SSRM. Strs Ohio bought a new position in shares of Silver Standard Resources in the 1st quarter valued at $50,000. AQR Capital Management LLC increased its stake in shares of 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 valued at $863,000 after acquiring an additional 70,726 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position 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 acquiring an additional 201,525 shares during the period. Finally, Goldman Sachs Group Inc. boosted its stake 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 acquiring an additional 529,035 shares in 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.