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

Silver Standard Resources Inc. (NASDAQ:SSRM) (TSE:SSO)’s share price crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $21.11 and traded as high as $24.20. Silver Standard Resources shares last traded at $24.16, with a volume of 3,231,643 shares traded.

Wall Street Analyst Weigh In

SSRM has been the topic of several recent analyst reports. Canadian Imperial Bank of Commerce boosted their target price on shares of Silver Standard Resources from $28.50 to $29.00 and gave the company a “neutral” rating in a report on Wednesday, November 12th. Scotiabank upgraded Silver Standard Resources from a “sector perform” rating to a “sector outperform” rating in a report on Thursday, October 23rd. Bank of America increased their price objective on Silver Standard Resources from $12.75 to $18.00 and gave the stock an “underperform” rating in a research report on Thursday, October 16th. UBS Group lifted their target price on Silver Standard Resources from $31.50 to $34.50 and gave the company a “buy” rating in a research report on Wednesday, January 14th. Finally, TD Cowen raised Silver Standard Resources from a “hold” rating to a “buy” rating in a research note on Thursday, January 22nd. Two research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $23.75.

Silver Standard Resources Price Performance

The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.24 and a current ratio of 2.41. The stock’s 50-day moving average is $23.06 and its two-hundred day moving average is $21.11. The stock has a market cap of $4.90 billion, a PE ratio of 23.23 and a beta of -0.14.

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) last released its quarterly earnings results on Tuesday, November 4th. The basic materials company reported $0.32 EPS for the quarter, topping analysts’ consensus estimates 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 company had revenue of $390.16 million for the quarter, compared to analysts’ expectations of $444.80 million. On average, equities 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

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Goldman Sachs Group Inc. grew its position 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 valued at $24,895,000 after acquiring an additional 529,035 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Silver Standard Resources by 96.6% during the first 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 purchasing an additional 201,525 shares in the last quarter. AQR Capital Management LLC boosted its stake 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 valued at $863,000 after purchasing an additional 70,726 shares during the period. Finally, Strs Ohio purchased a new position in shares of Silver Standard Resources in the first quarter valued at approximately $50,000. 68.30% of the stock is currently owned by hedge funds and other institutional investors.

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.