Silver Standard Resources Inc. (SSRI) Short Interest Up 63.4% in April
Silver Standard Resources Inc. (NASDAQ:SSRI) (TSE:SSO) saw a significant increase in short interest during the month of April. As of April 28th, there was short interest totalling 7,028,172 shares, an increase of 63.4% from the April 13th total of 4,302,121 shares. Based on an average daily volume of 2,372,120 shares, the days-to-cover ratio is presently 3.0 days. Currently, 5.9% of the shares of the company are short sold.
A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Renaissance Technologies LLC boosted its position in Silver Standard Resources by 5.4% in the fourth quarter. Renaissance Technologies LLC now owns 5,340,483 shares of the basic materials company’s stock valued at $47,638,000 after buying an additional 275,500 shares during the period. Investec Asset Management LTD boosted its position in Silver Standard Resources by 6.6% in the fourth quarter. Investec Asset Management LTD now owns 1,618,760 shares of the basic materials company’s stock valued at $14,439,000 after buying an additional 100,929 shares during the period. Global X Management Co. LLC boosted its position in Silver Standard Resources by 6.0% in the third quarter. Global X Management Co. LLC now owns 1,459,292 shares of the basic materials company’s stock valued at $17,595,000 after buying an additional 82,446 shares during the period. Norges Bank purchased a new position in Silver Standard Resources during the fourth quarter valued at approximately $12,479,000. Finally, Bank of Montreal Can boosted its position in Silver Standard Resources by 3.6% in the first quarter. Bank of Montreal Can now owns 571,590 shares of the basic materials company’s stock valued at $6,065,000 after buying an additional 19,840 shares during the period. Hedge funds and other institutional investors own 49.64% of the company’s stock.
Several brokerages have issued reports on SSRI. Scotiabank reaffirmed a “sector perform” rating and set a $15.00 price objective on shares of Silver Standard Resources in a report on Thursday, April 13th. Credit Suisse Group AG reaffirmed a “neutral” rating on shares of Silver Standard Resources in a report on Tuesday, April 18th. Royal Bank of Canada set a $13.00 price objective on Silver Standard Resources and gave the stock a “hold” rating in a report on Monday. BMO Capital Markets set a $14.00 price objective on Silver Standard Resources and gave the stock a “buy” rating in a report on Saturday, April 1st. Finally, Zacks Investment Research lowered Silver Standard Resources from a “strong-buy” rating to a “hold” rating in a report on Wednesday, January 11th. Seven equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Silver Standard Resources currently has a consensus rating of “Hold” and a consensus target price of $13.64.
Shares of Silver Standard Resources (NASDAQ:SSRI) opened at 9.42 on Thursday. The company has a 50-day moving average of $10.52 and a 200-day moving average of $10.33. Silver Standard Resources has a 12 month low of $7.70 and a 12 month high of $15.84. The firm has a market cap of $1.12 billion, a P/E ratio of 15.19 and a beta of 0.18.
Silver Standard Resources (NASDAQ:SSRI) last posted its earnings results on Thursday, February 23rd. The basic materials company reported $0.26 EPS for the quarter, topping the consensus estimate of $0.20 by $0.06. Silver Standard Resources had a negative net margin of 3.06% and a positive return on equity of 9.23%. The firm had revenue of $127.30 million during the quarter, compared to analysts’ expectations of $129.80 million. During the same quarter in the prior year, the firm earned ($0.09) EPS. Silver Standard Resources’s quarterly revenue was up 40.5% on a year-over-year basis. Equities analysts forecast that Silver Standard Resources will post $0.37 EPS for the current fiscal year.
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Silver Standard Resources Company Profile
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’s segments include Pirquitas mine, Marigold mine, Seabee Gold Operation, and Exploration and evaluation properties.
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