Silver Standard Resources (NASDAQ:SSRM) Share Price Passes Above 200 Day Moving Average – Here’s Why

Silver Standard Resources Inc. (NASDAQ:SSRM) (TSE:SSO) passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $28.10 and traded as high as $30.85. Silver Standard Resources shares last traded at $29.91, with a volume of 3,197,831 shares traded.

Analyst Ratings Changes

SSRM has been the subject of a number of recent research reports. Royal Bank Of Canada upgraded Silver Standard Resources from a “sector perform” rating to an “outperform” rating and cut their price objective for the company from $45.00 to $40.00 in a research note on Wednesday, June 3rd. Zacks Research downgraded shares of Silver Standard Resources from a “strong-buy” rating to a “hold” rating in a report on Friday, May 29th. Canadian Imperial Bank of Commerce upgraded 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. UBS Group reduced their price objective on shares of Silver Standard Resources from $43.00 to $40.00 and set a “buy” rating for the company in a research note on Tuesday, June 30th. Finally, Wall Street Zen upgraded Silver Standard Resources from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 9th. One 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 stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $37.40.

Silver Standard Resources Stock Performance

The firm’s 50 day simple moving average is $30.03 and its 200 day simple moving average is $28.10. The firm has a market cap of $6.21 billion, a PE ratio of 28.49, a PEG ratio of 0.38 and a beta of -0.10. The company has a current ratio of 5.33, a quick ratio of 4.57 and a debt-to-equity ratio of 0.01.

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) last issued its quarterly earnings data 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. Silver Standard Resources had a return on equity of 14.87% and a net margin of 12.17%.The firm had revenue of $418.46 million during the quarter, compared to analyst estimates of $524.79 million. On average, research analysts forecast that Silver Standard Resources Inc. will post 4.49 EPS for the current fiscal year.

Institutional Trading of Silver Standard Resources

Several hedge funds have recently modified their holdings of SSRM. AQR Capital Management LLC boosted its position in shares of Silver Standard Resources by 461.5% during the 1st quarter. AQR Capital Management LLC now owns 86,050 shares of the basic materials company’s stock valued at $863,000 after acquiring an additional 70,726 shares during the last quarter. Goldman Sachs Group Inc. increased its position in Silver Standard Resources by 27.1% in 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 purchasing an additional 529,035 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake 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 valued at $4,113,000 after purchasing an additional 201,525 shares in the last quarter. Finally, Strs Ohio bought a new position in Silver Standard Resources during the first quarter valued at $50,000. 68.30% of the stock is owned by hedge funds and other institutional investors.

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.