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

Silver Standard Resources Inc. (NASDAQ:SSRM) (TSE:SSO) shares passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $27.78 and traded as high as $28.93. Silver Standard Resources shares last traded at $28.38, with a volume of 3,331,720 shares changing hands.

Analyst Ratings Changes

Several equities analysts have issued reports on the company. Weiss Ratings cut Silver Standard Resources from a “hold (c)” rating to a “hold (c-)” rating in a research report on Wednesday, June 17th. Zacks Research cut Silver Standard Resources from a “strong-buy” rating to a “hold” rating in a report on Friday, May 29th. UBS Group lifted their price target on Silver Standard Resources from $43.00 to $44.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. Bank of America raised Silver Standard Resources from an “underperform” rating to a “buy” rating in a report on Wednesday, March 4th. Finally, Wall Street Zen upgraded Silver Standard Resources from a “buy” rating to a “strong-buy” rating in a research report on Saturday, May 9th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $38.20.

Silver Standard Resources Price Performance

The stock has a market cap of $5.89 billion, a price-to-earnings ratio of 27.03, a PEG ratio of 0.36 and a beta of -0.14. The company’s 50 day moving average is $30.14 and its 200 day moving average is $27.78. The company has a debt-to-equity ratio of 0.01, a current ratio of 5.33 and a quick ratio of 4.57.

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) last issued its earnings results on Tuesday, May 5th. The basic materials company reported $1.15 earnings per share for the quarter, topping the consensus estimate of $0.81 by $0.34. Silver Standard Resources had a net margin of 12.17% and a return on equity of 14.87%. The company had revenue of $581.78 million for the quarter, compared to analyst estimates of $524.79 million. Research analysts forecast that Silver Standard Resources Inc. will post 4.49 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Silver Standard Resources

Several institutional investors have recently modified their holdings of the company. Goldman Sachs Group Inc. increased its stake 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 purchasing an additional 529,035 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in 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 during the last quarter. AQR Capital Management LLC boosted its position in 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 worth $863,000 after purchasing an additional 70,726 shares in the last quarter. Finally, Strs Ohio purchased a new stake in Silver Standard Resources during the first quarter worth $50,000. Hedge funds and other institutional investors own 68.30% of the company’s stock.

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.