Silver Standard Resources (NASDAQ:SSRM) Stock Crosses Above 200 Day Moving Average – What’s Next?

Silver Standard Resources Inc. (NASDAQ:SSRM) (TSE:SSO) crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $17.64 and traded as high as $22.04. Silver Standard Resources shares last traded at $21.44, with a volume of 2,803,127 shares changing hands.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on SSRM. Bank of America lifted their target price on shares of Silver Standard Resources from $12.75 to $18.00 and gave the company an “underperform” rating in a report on Thursday, October 16th. CIBC raised their price objective on Silver Standard Resources from $28.50 to $29.00 and gave the company a “neutral” rating in a research report on Wednesday, November 12th. Wall Street Zen downgraded Silver Standard Resources from a “strong-buy” rating to a “buy” rating in a report on Saturday, November 22nd. BMO Capital Markets raised Silver Standard Resources from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, September 30th. Finally, Zacks Research upgraded Silver Standard Resources from a “hold” rating to a “strong-buy” rating in a report on Friday, October 17th. Two investment analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $20.00.

Silver Standard Resources Stock Down 1.2%

The company has a market cap of $4.35 billion, a P/E ratio of 20.62 and a beta of -0.10. The company’s 50-day moving average is $22.47 and its two-hundred day moving average is $17.64. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.41 and a quick ratio of 1.24.

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) last issued its earnings results on Tuesday, November 4th. The basic materials company reported $0.32 EPS for the quarter, beating the consensus estimate of $0.31 by $0.01. The business had revenue of $390.16 million for the quarter, compared to the consensus estimate of $444.80 million. Silver Standard Resources had a return on equity of 6.46% and a net margin of 15.36%. As a group, equities analysts predict that Silver Standard Resources Inc. will post 0.73 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Silver Standard Resources

Large investors have recently bought and sold shares of the business. Goldman Sachs Group Inc. increased its stake in Silver Standard Resources by 27.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,482,100 shares of the basic materials company’s stock worth $24,895,000 after buying an additional 529,035 shares in the last quarter. Nuveen LLC purchased a new position in shares of Silver Standard Resources in the first quarter valued at about $18,759,000. Charles Schwab Investment Management Inc. boosted its stake in shares of Silver Standard Resources by 2.2% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,409,521 shares of the basic materials company’s stock worth $14,128,000 after acquiring an additional 30,862 shares during the period. Jacobs Levy Equity Management Inc. boosted its stake in shares of Silver Standard Resources by 921.1% in the first quarter. Jacobs Levy Equity Management Inc. now owns 1,013,320 shares of the basic materials company’s stock worth $10,164,000 after acquiring an additional 914,084 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Silver Standard Resources by 413.1% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 930,200 shares of the basic materials company’s stock worth $9,323,000 after purchasing an additional 748,900 shares in the last quarter. 68.30% of the stock is currently owned by institutional investors.

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.