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

Shares of Silver Standard Resources Inc. (NASDAQ:SSRM) (TSE:SSO) passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $19.37 and traded as high as $22.24. Silver Standard Resources shares last traded at $22.22, with a volume of 1,637,758 shares traded.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on SSRM shares. Zacks Research cut shares of Silver Standard Resources from a “strong-buy” rating to a “hold” rating in a report on Monday, December 29th. CIBC increased their target price on Silver Standard Resources from $28.50 to $29.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 12th. Wall Street Zen upgraded Silver Standard Resources from a “buy” rating to a “strong-buy” rating in a research note on Saturday, December 13th. Scotiabank raised Silver Standard Resources from a “sector perform” rating to a “sector outperform” rating in a report on Thursday, October 23rd. Finally, UBS Group raised their target price on Silver Standard Resources from $29.60 to $31.50 and gave the company a “buy” rating in a report on Wednesday, November 26th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $20.00.

Silver Standard Resources Stock Performance

The company has a current ratio of 2.41, a quick ratio of 1.24 and a debt-to-equity ratio of 0.03. The stock’s 50 day moving average is $21.79 and its 200 day moving average is $19.37. The stock has a market capitalization of $4.51 billion, a price-to-earnings ratio of 21.37 and a beta of -0.11.

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 the consensus estimate of $0.31 by $0.01. The company had revenue of $390.16 million for the quarter, compared to the consensus estimate of $444.80 million. Silver Standard Resources had a net margin of 15.36% and a return on equity of 6.46%. On average, analysts predict that Silver Standard Resources Inc. will post 0.73 earnings per share for the current year.

Hedge Funds Weigh In On Silver Standard Resources

Hedge funds have recently bought and sold shares of the stock. Strs Ohio purchased a new stake in shares of Silver Standard Resources in the first quarter valued at $50,000. Bayforest Capital Ltd acquired a new position in Silver Standard Resources in the 1st quarter valued at about $147,000. Belpointe Asset Management LLC acquired a new position in Silver Standard Resources in the 1st quarter valued at about $206,000. Dynamic Technology Lab Private Ltd purchased a new position in Silver Standard Resources in the 1st quarter valued at about $540,000. Finally, AQR Capital Management LLC boosted its stake in shares of Silver Standard Resources by 461.5% during the 1st quarter. AQR Capital Management LLC now owns 86,050 shares of the basic materials company’s stock worth $863,000 after purchasing an additional 70,726 shares during the last quarter. Hedge funds and other institutional investors own 68.30% of the company’s stock.

About Silver Standard Resources

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.