Silver Standard Resources (NASDAQ:SSRM) Upgraded at Bank of America

Bank of America upgraded shares of Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) from an underperform rating to a buy rating in a research report report published on Wednesday morning, Marketbeat reports.

Other equities research analysts have also issued reports about the stock. TD Cowen upgraded shares of Silver Standard Resources from a “hold” rating to a “buy” rating in a report on Thursday, January 22nd. UBS Group boosted their price target on shares of Silver Standard Resources from $36.00 to $37.00 and gave the company a “buy” rating in a report on Wednesday, February 18th. TD Securities upgraded shares of Silver Standard Resources from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 22nd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Silver Standard Resources in a research note on Thursday, January 22nd. Finally, Canadian Imperial Bank of Commerce lifted their target price on Silver Standard Resources from $28.50 to $29.00 and gave the stock a “neutral” rating in a report on Wednesday, November 12th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $31.25.

Silver Standard Resources Stock Performance

Shares of SSRM stock opened at $30.53 on Wednesday. The stock has a market cap of $6.20 billion, a PE ratio of 16.50, a price-to-earnings-growth ratio of 0.52 and a beta of -0.18. The stock has a 50-day moving average of $25.92 and a 200-day moving average of $23.24. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.08 and a quick ratio of 1.25. Silver Standard Resources has a one year low of $8.65 and a one year high of $33.49.

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) last released its quarterly earnings data on Tuesday, February 17th. The basic materials company reported $0.88 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.29. The business had revenue of $521.73 million for the quarter, compared to analyst estimates of $436.23 million. Silver Standard Resources had a net margin of 24.28% and a return on equity of 10.40%. As a group, sell-side analysts expect that Silver Standard Resources will post 0.73 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Strs Ohio acquired a new position in shares of Silver Standard Resources in the first quarter valued at approximately $50,000. AQR Capital Management LLC raised its holdings in shares of 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 acquiring an additional 70,726 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in 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 acquiring an additional 201,525 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its position 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 acquiring an additional 529,035 shares in the last quarter. Institutional investors and hedge funds 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.