Silver Standard Resources (NASDAQ:SSRM) Shares Up 4.8% on Analyst Upgrade

Shares of Silver Standard Resources Inc. (NASDAQ:SSRM) (TSE:SSO) rose 4.8% on Friday after UBS Group raised their price target on the stock from $41.00 to $42.00. UBS Group currently has a buy rating on the stock. Silver Standard Resources traded as high as $25.98 and last traded at $25.8360. Approximately 756,104 shares changed hands during mid-day trading, a decline of 82% from the average daily volume of 4,177,983 shares. The stock had previously closed at $24.66.

Several other research firms also recently weighed in on SSRM. National Bank Financial upgraded Silver Standard Resources from a “sector perform” rating to an “outperform” rating in a report on Wednesday, March 4th. Weiss Ratings cut shares of Silver Standard Resources from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, March 20th. BMO Capital Markets raised shares of Silver Standard Resources from a “market perform” rating to an “outperform” rating and set a $41.00 target price on the stock in a research report on Thursday, March 5th. TD Cowen upgraded shares of Silver Standard Resources from a “hold” rating to a “buy” rating in a report on Thursday, January 22nd. Finally, Canadian Imperial Bank of Commerce raised shares of Silver Standard Resources from a “neutral” rating to a “sector outperform” rating and set a $48.00 price target for the company in a research report on Thursday, March 12th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $37.25.

Institutional Investors Weigh In On Silver Standard Resources

Institutional investors have recently added to or reduced their stakes in the stock. Strs Ohio purchased a new position in Silver Standard Resources in the first quarter valued at about $50,000. AQR Capital Management LLC lifted its position in shares of Silver Standard Resources by 461.5% during the first 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 boosted its holdings in shares of 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 valued at $4,113,000 after buying an additional 201,525 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted 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 valued at $24,895,000 after buying an additional 529,035 shares in the last quarter. Institutional investors own 68.30% of the company’s stock.

Silver Standard Resources Stock Performance

The company has a current ratio of 2.08, a quick ratio of 1.25 and a debt-to-equity ratio of 0.03. The stock has a market cap of $5.73 billion, a PE ratio of 14.30, a P/E/G ratio of 0.43 and a beta of -0.18. The business’s 50-day moving average price is $27.28 and its 200-day moving average price is $24.12.

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