Traders Buy Large Volume of Call Options on Silver Standard Resources (NASDAQ:SSRM)

Silver Standard Resources Inc. (NASDAQ:SSRM) (TSE:SSO) was the target of some unusual options trading activity on Friday. Stock traders bought 8,643 call options on the stock. This is an increase of 231% compared to the average daily volume of 2,612 call options.

Institutional Trading of Silver Standard Resources

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bleakley Financial Group LLC increased its position in shares of Silver Standard Resources by 3.9% during the first quarter. Bleakley Financial Group LLC now owns 26,466 shares of the basic materials company’s stock worth $265,000 after purchasing an additional 1,005 shares in the last quarter. Cadence Wealth Management LLC grew its holdings in shares of Silver Standard Resources by 2.8% during the first quarter. Cadence Wealth Management LLC now owns 50,290 shares of the basic materials company’s stock worth $504,000 after buying an additional 1,374 shares in the last quarter. Hsbc Holdings PLC grew its holdings in shares of Silver Standard Resources by 1.1% during the first quarter. Hsbc Holdings PLC now owns 206,667 shares of the basic materials company’s stock worth $2,098,000 after buying an additional 2,174 shares in the last quarter. Principal Financial Group Inc. raised its position in shares of Silver Standard Resources by 19.4% in the first quarter. Principal Financial Group Inc. now owns 13,453 shares of the basic materials company’s stock valued at $135,000 after buying an additional 2,190 shares during the last quarter. Finally, CWM LLC lifted its stake in shares of Silver Standard Resources by 12.3% in the first quarter. CWM LLC now owns 27,203 shares of the basic materials company’s stock worth $273,000 after buying an additional 2,980 shares in the last quarter. Institutional investors and hedge funds own 68.30% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on SSRM. Scotiabank upgraded shares of Silver Standard Resources from a “sector perform” rating to a “sector outperform” rating in a research note on Thursday, October 23rd. Wall Street Zen upgraded Silver Standard Resources from a “buy” rating to a “strong-buy” rating in a research note on Saturday, July 26th. Zacks Research upgraded Silver Standard Resources from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 17th. Weiss Ratings restated a “hold (c)” rating on shares of Silver Standard Resources in a research note on Wednesday, October 8th. Finally, UBS Group downgraded shares of Silver Standard Resources from a “buy” rating to a “neutral” rating and upped their price objective for the company from $18.95 to $22.95 in a report on Friday, September 19th. Two investment analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $18.29.

Silver Standard Resources Stock Up 0.3%

Shares of SSRM opened at $21.26 on Friday. The company has a market capitalization of $4.32 billion, a price-to-earnings ratio of 27.26 and a beta of -0.11. Silver Standard Resources has a 52 week low of $5.50 and a 52 week high of $25.98. The stock’s 50-day moving average price is $22.63 and its 200-day moving average price is $16.64. The company has a quick ratio of 1.20, a current ratio of 2.39 and a debt-to-equity ratio of 0.03.

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) last announced its quarterly earnings results on Tuesday, November 4th. The basic materials company reported $0.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.31 by $0.01. Silver Standard Resources had a return on equity of 4.99% and a net margin of 12.66%.The company had revenue of $390.16 million during the quarter, compared to the consensus estimate of $444.80 million. On average, sell-side analysts predict that Silver Standard Resources will post 0.73 EPS for the current year.

Silver Standard Resources Company Profile

SSR Mining Inc, together with its subsidiaries, engages in the operation, acquisition, exploration, and development of precious metal resource properties in the United States, Türkiye, Canada, and Argentina. The company explores for gold doré, copper, silver, lead, and zinc deposits. Its mines include the Çöpler, located in Erzincan province, Turkey; the Marigold, located in Nevada, the United States; the Seabee, located in Saskatchewan, Canada; and the Puna, located in Jujuy province, Argentina.