Wall Street Zen Downgrades Silver Standard Resources (NASDAQ:SSRM) to Buy

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) was downgraded by equities research analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a research note issued on Saturday.

SSRM has been the topic of a number of other reports. Royal Bank Of Canada cut their price objective on Silver Standard Resources from $40.00 to $39.00 and set an “outperform” rating on the stock in a report on Thursday, July 9th. UBS Group decreased their target price on Silver Standard Resources from $43.00 to $40.00 and set a “buy” rating for the company in a report on Tuesday, June 30th. Weiss Ratings lowered Silver Standard Resources from a “hold (c)” rating to a “hold (c-)” rating in a research report on Wednesday. Bank of America cut their price target on shares of Silver Standard Resources from $41.00 to $40.00 and set a “buy” rating on the stock in a report on Thursday, July 9th. Finally, Zacks Research lowered shares of Silver Standard Resources from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 29th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, Silver Standard Resources presently has an average rating of “Moderate Buy” and a consensus price target of $41.60.

Silver Standard Resources Price Performance

NASDAQ SSRM opened at $25.57 on Friday. The company has a market cap of $5.28 billion, a price-to-earnings ratio of 24.35, a PEG ratio of 2.25 and a beta of -0.10. The company has a debt-to-equity ratio of 0.01, a current ratio of 5.33 and a quick ratio of 4.57. The stock’s fifty day moving average price is $29.54 and its 200 day moving average price is $28.33. Silver Standard Resources has a 1 year low of $11.70 and a 1 year high of $36.51.

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) last issued its quarterly earnings results on Tuesday, May 5th. The basic materials company reported $1.15 EPS for the quarter, topping analysts’ consensus estimates of $0.81 by $0.34. Silver Standard Resources had a return on equity of 14.87% and a net margin of 12.17%.The company had revenue of $418.46 million during the quarter, compared to analysts’ expectations of $524.79 million. As a group, equities research analysts forecast that Silver Standard Resources will post 3.98 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. AQR Capital Management LLC boosted its position 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 worth $863,000 after purchasing an additional 70,726 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Silver Standard Resources by 27.1% during 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 purchasing an additional 529,035 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Silver Standard Resources by 96.6% during 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 purchasing an additional 201,525 shares in the last quarter. Finally, Strs Ohio purchased a new position in shares of Silver Standard Resources during the 1st 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.