Silver Standard Resources Inc. (SSRI) Rating Lowered to Hold at Zacks Investment Research
Silver Standard Resources Inc. (NASDAQ:SSRI) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Tuesday.
According to Zacks, “Silver Standard is focused on the acquisition, exploration and development of silver-dominant projects. They have a quality portfolio of core properties in the development pipeline in Argentina, Mexico, Chile, the United States and Australia. “
SSRI has been the topic of a number of other reports. BMO Capital Markets reissued a “market perform” rating and issued a $16.50 price target on shares of Silver Standard Resources in a report on Friday, August 12th. Macquarie began coverage on Silver Standard Resources in a report on Tuesday, September 20th. They issued an “outperform” rating on the stock. CIBC raised Silver Standard Resources from a “sector perform” rating to a “sector outperform” rating in a research note on Monday, June 27th. National Bank Financial downgraded Silver Standard Resources from an “outperform” rating to a “sector perform” rating in a research note on Wednesday, July 13th. Finally, Credit Suisse Group AG reaffirmed a “hold” rating on shares of Silver Standard Resources in a research note on Sunday, August 14th. Six equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $14.00.
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Shares of Silver Standard Resources (NASDAQ:SSRI) opened at 10.53 on Tuesday. The stock’s market cap is $1.25 billion. The company has a 50-day moving average price of $11.97 and a 200-day moving average price of $11.33. Silver Standard Resources has a 52 week low of $3.66 and a 52 week high of $15.84.
Silver Standard Resources (NASDAQ:SSRI) last posted its quarterly earnings results on Wednesday, August 10th. The company reported $0.25 EPS for the quarter, topping the Zacks’ consensus estimate of $0.08 by $0.17. Silver Standard Resources had a positive return on equity of 2.64% and a negative net margin of 28.69%. Equities analysts anticipate that Silver Standard Resources will post $0.87 EPS for the current year.
Several institutional investors have recently added to or reduced their stakes in SSRI. Harbour Capital Advisors LLC bought a new position in Silver Standard Resources during the second quarter valued at $142,000. Shell Asset Management Co. increased its position in Silver Standard Resources by 15.1% in the second quarter. Shell Asset Management Co. now owns 9,166 shares of the company’s stock valued at $154,000 after buying an additional 1,200 shares in the last quarter. Highbridge Capital Management LLC bought a new position in Silver Standard Resources during the second quarter valued at $156,000. Cambridge Investment Research Advisors Inc. bought a new position in Silver Standard Resources during the second quarter valued at $160,000. Finally, Raymond James & Associates bought a new position in Silver Standard Resources during the second quarter valued at $189,000. 47.54% of the stock is currently owned by hedge funds and other institutional investors.
About Silver Standard Resources
Silver Standard Resources Inc is a resource company. The Company is engaged in the operation, acquisition, exploration and development of precious metal resource properties located in the Americas. The Company operates through three segments: Pirquitas mine, Marigold mine, and Exploration and evaluation properties.
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