Silver Standard Resources (NASDAQ:SSRM) Shares Down 12.3% – Here’s Why

Shares of Silver Standard Resources Inc. (NASDAQ:SSRM) (TSE:SSO) dropped 12.3% during trading on Friday . The stock traded as low as $23.60 and last traded at $23.5090. Approximately 3,156,479 shares changed hands during mid-day trading, a decline of 16% from the average daily volume of 3,773,990 shares. The stock had previously closed at $26.82.

Analyst Ratings Changes

A number of brokerages have issued reports on SSRM. TD Cowen upgraded shares of Silver Standard Resources from a “hold” rating to a “buy” rating in a report on Thursday, January 22nd. TD Securities upgraded Silver Standard Resources from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 22nd. Bank of America lifted their price objective on Silver Standard Resources from $12.75 to $18.00 and gave the stock an “underperform” rating in a research note on Thursday, October 16th. Wall Street Zen downgraded Silver Standard Resources from a “strong-buy” rating to a “buy” rating in a research report on Saturday, January 10th. Finally, Zacks Research lowered shares of Silver Standard Resources from a “strong-buy” rating to a “hold” rating in a report on Monday, December 29th. Two research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating, six have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $20.60.

Silver Standard Resources Price Performance

The firm has a market cap of $4.63 billion, a P/E ratio of 21.95 and a beta of -0.11. 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 stock’s 50-day simple moving average is $22.94 and its two-hundred day simple moving average is $20.77.

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

Hedge Funds Weigh In On Silver Standard Resources

Several hedge funds have recently bought and sold shares of SSRM. Strs Ohio purchased a new stake in Silver Standard Resources in the first quarter worth $50,000. AQR Capital Management LLC grew its holdings in shares of Silver Standard Resources by 461.5% in the first 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. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Silver Standard Resources by 96.6% in 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 worth $4,113,000 after buying an additional 201,525 shares during the period. Finally, 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 during the period. Institutional investors own 68.30% of the company’s stock.

Silver Standard Resources Company Profile

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.