Silver Standard Resources (NASDAQ:SSRM) Stock Price Up 6.8% Following Analyst Upgrade

Silver Standard Resources Inc. (NASDAQ:SSRM) (TSE:SSO) shares traded up 6.8% during trading on Thursday after UBS Group raised their price target on the stock from $36.00 to $37.00. UBS Group currently has a buy rating on the stock. Silver Standard Resources traded as high as $28.65 and last traded at $28.3930. 1,450,750 shares changed hands during mid-day trading, a decline of 64% from the average session volume of 4,009,251 shares. The stock had previously closed at $26.59.

Several other equities research analysts have also weighed in on SSRM. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Silver Standard Resources in a research report on Thursday, January 22nd. Scotiabank raised Silver Standard Resources from a “sector perform” rating to a “sector outperform” rating in a research note on Thursday, October 23rd. Wall Street Zen downgraded shares of Silver Standard Resources from a “strong-buy” rating to a “buy” rating in a report on Saturday, January 10th. Zacks Research lowered Silver Standard Resources from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 29th. Finally, TD Securities upgraded shares of Silver Standard Resources from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $24.38.

Institutional Investors Weigh In On Silver Standard Resources

A number of large investors have recently added to or reduced their stakes in the stock. Strs Ohio bought a new position in shares of Silver Standard Resources in the first quarter worth about $50,000. AQR Capital Management LLC grew its holdings in Silver Standard Resources by 461.5% in the 1st quarter. AQR Capital Management LLC now owns 86,050 shares of the basic materials company’s stock valued at $863,000 after buying an additional 70,726 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position 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. lifted its holdings in shares of Silver Standard Resources by 27.1% during the first 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 last quarter. Institutional investors own 68.30% of the company’s stock.

Silver Standard Resources Trading Up 4.6%

The company has a debt-to-equity ratio of 0.03, a current ratio of 2.08 and a quick ratio of 1.24. The company has a market capitalization of $6.18 billion, a price-to-earnings ratio of 16.46 and a beta of -0.14. The business has a fifty day moving average price of $24.23 and a 200 day moving average price of $22.16.

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) last announced its earnings results on Tuesday, February 17th. The basic materials company reported $0.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.29. The business had revenue of $521.73 million for the quarter, compared to analyst estimates of $436.23 million. Silver Standard Resources had a net margin of 24.28% and a return on equity of 10.40%. On average, equities analysts expect that Silver Standard Resources Inc. will post 0.73 EPS for the current fiscal year.

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.