Silver Standard Resources (NASDAQ:SSRM) Stock Price Passes Above Two Hundred Day Moving Average – What’s Next?

Silver Standard Resources Inc. (NASDAQ:SSRM) (TSE:SSO)’s stock price crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $26.48 and traded as high as $31.49. Silver Standard Resources shares last traded at $30.91, with a volume of 1,796,407 shares traded.

Wall Street Analysts Forecast Growth

SSRM has been the topic of several research reports. BMO Capital Markets raised Silver Standard Resources from a “market perform” rating to an “outperform” rating and set a $41.00 price objective on the stock in a report on Thursday, March 5th. UBS Group upped their price objective on Silver Standard Resources from $43.00 to $44.00 and gave the stock a “buy” rating in a report on Wednesday, May 6th. Zacks Research raised Silver Standard Resources from a “hold” rating to a “strong-buy” rating in a report on Thursday, April 30th. National Bank Financial raised Silver Standard Resources from a “sector perform” rating to an “outperform” rating in a report on Wednesday, March 4th. Finally, Bank of America raised Silver Standard Resources from an “underperform” rating to a “buy” rating in a report on Wednesday, March 4th. Two analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $37.75.

Silver Standard Resources Stock Performance

The stock has a 50 day moving average price of $30.22 and a two-hundred day moving average price of $26.48. The company has a current ratio of 5.33, a quick ratio of 4.57 and a debt-to-equity ratio of 0.01. The company has a market cap of $6.41 billion, a price-to-earnings ratio of 29.44, a P/E/G ratio of 0.38 and a beta of -0.17.

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) last posted its quarterly earnings results on Tuesday, May 5th. The basic materials company reported $1.15 earnings per share for the quarter, beating analysts’ consensus estimates of $0.81 by $0.34. The company had revenue of $581.78 million for the quarter, compared to the consensus estimate of $524.80 million. Silver Standard Resources had a return on equity of 14.87% and a net margin of 12.17%. Analysts predict that Silver Standard Resources Inc. will post 4.38 EPS for the current year.

Institutional Trading of Silver Standard Resources

A number of large investors have recently made changes to their positions in the company. Strs Ohio bought a new stake in shares of Silver Standard Resources in the 1st quarter valued at $50,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position 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. Goldman Sachs Group Inc. increased its position 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. Finally, AQR Capital Management LLC increased its position in shares of 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 in the last quarter. 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.