Silver Standard Resources (NASDAQ:SSRM) Stock Price Expected to Rise, UBS Group Analyst Says

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) had its price target boosted by equities researchers at UBS Group from $31.50 to $34.50 in a research report issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the basic materials company’s stock. UBS Group’s target price suggests a potential upside of 44.53% from the stock’s previous close.

Several other research firms have also recently weighed in on SSRM. Scotiabank upgraded shares of Silver Standard Resources from a “sector perform” rating to a “sector outperform” rating in a research report on Thursday, October 23rd. Zacks Research downgraded Silver Standard Resources from a “strong-buy” rating to a “hold” rating in a report on Monday, December 29th. CIBC lifted their price objective on Silver Standard Resources from $28.50 to $29.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 12th. Bank of America upped their target price on Silver Standard Resources from $12.75 to $18.00 and gave the company an “underperform” rating in a research report on Thursday, October 16th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Silver Standard Resources in a research note on Wednesday, October 8th. One equities research 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 given a Sell rating to the company. According to data from MarketBeat, Silver Standard Resources currently has a consensus rating of “Hold” and a consensus target price of $20.60.

Silver Standard Resources Price Performance

Shares of SSRM opened at $23.87 on Wednesday. The business has a 50-day moving average of $21.97 and a 200-day moving average of $19.77. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.41 and a quick ratio of 1.24. The company has a market capitalization of $4.85 billion, a price-to-earnings ratio of 22.95 and a beta of -0.11. Silver Standard Resources has a 1 year low of $7.42 and a 1 year high of $25.98.

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) last announced 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. Silver Standard Resources had a return on equity of 6.46% and a net margin of 15.36%.The business had revenue of $390.16 million for the quarter, compared to analysts’ expectations of $444.80 million. As a group, equities research analysts anticipate that Silver Standard Resources will post 0.73 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Goldman Sachs Group Inc. raised its holdings in shares of 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 acquiring an additional 529,035 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Silver Standard Resources by 96.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 410,046 shares of the basic materials company’s stock valued at $4,113,000 after purchasing an additional 201,525 shares during the last quarter. AQR Capital Management LLC increased its holdings in 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 in the last quarter. Finally, Strs Ohio purchased a new stake in shares of Silver Standard Resources in the first quarter worth approximately $50,000. 68.30% of the stock is currently owned by institutional investors and hedge funds.

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.