Silver Standard Resources (NASDAQ:SSRM) Reaches New 12-Month High – Here’s What Happened

Silver Standard Resources Inc. (NASDAQ:SSRM) (TSE:SSO) reached a new 52-week high on Thursday . The company traded as high as $32.02 and last traded at $31.8790, with a volume of 1646672 shares trading hands. The stock had previously closed at $30.49.

Analyst Ratings Changes

A number of analysts have recently weighed in on the company. TD Cowen upgraded Silver Standard Resources from a “hold” rating to a “buy” rating in a research report on Thursday, January 22nd. Wall Street Zen upgraded shares of Silver Standard Resources from a “buy” rating to a “strong-buy” rating in a research note on Saturday, February 21st. Zacks Research lowered shares of Silver Standard Resources from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 29th. TD Securities raised Silver Standard Resources from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 22nd. Finally, Canadian Imperial Bank of Commerce upped their price objective on Silver Standard Resources from $28.50 to $29.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 12th. Two analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $24.38.

Silver Standard Resources Price Performance

The business has a 50-day moving average of $24.73 and a 200 day moving average of $22.54. The firm has a market capitalization of $6.47 billion, a P/E ratio of 17.28 and a beta of -0.14. The company has a current ratio of 2.08, a quick ratio of 1.25 and a debt-to-equity ratio of 0.03.

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) last issued its quarterly earnings data on Tuesday, February 17th. The basic materials company reported $0.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.59 by $0.29. The firm 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%. On average, sell-side analysts predict that Silver Standard Resources Inc. will post 0.73 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of SSRM. Strs Ohio bought a new position in shares of Silver Standard Resources in the first quarter valued at approximately $50,000. AQR Capital Management LLC raised its position in shares of Silver Standard Resources by 461.5% in the first quarter. AQR Capital Management LLC now owns 86,050 shares of the basic materials company’s stock worth $863,000 after buying an additional 70,726 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted 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 buying an additional 201,525 shares during the period. Finally, Goldman Sachs Group Inc. boosted its stake in Silver Standard Resources by 27.1% during the first 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 during the period. 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.