Silver Standard Resources (NASDAQ:SSRM) Shares Down 6.1% – What’s Next?

Shares of Silver Standard Resources Inc. (NASDAQ:SSRM) (TSE:SSO) were down 6.1% during trading on Wednesday . The company traded as low as $25.97 and last traded at $26.5470. Approximately 705,544 shares were traded during trading, a decline of 83% from the average daily volume of 4,135,784 shares. The stock had previously closed at $28.26.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on SSRM. UBS Group boosted their price target on Silver Standard Resources from $36.00 to $37.00 and gave the stock a “buy” rating in a research note on Wednesday, February 18th. Bank of America upgraded Silver Standard Resources from an “underperform” rating to a “buy” rating in a research report on Wednesday, March 4th. TD Cowen upgraded shares of Silver Standard Resources from a “hold” rating to a “buy” rating in a research report on Thursday, January 22nd. TD Securities upgraded shares of Silver Standard Resources from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 22nd. Finally, Wall Street Zen raised shares of Silver Standard Resources from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 21st. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, Silver Standard Resources presently has a consensus rating of “Buy” and a consensus target price of $36.00.

Silver Standard Resources Stock Down 6.9%

The firm has a market cap of $5.34 billion, a price-to-earnings ratio of 14.22, a PEG ratio of 0.46 and a beta of -0.18. The company has a quick ratio of 1.25, a current ratio of 2.08 and a debt-to-equity ratio of 0.03. The firm has a fifty day moving average price of $26.97 and a 200-day moving average price of $23.90.

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

Institutional Investors Weigh In On Silver Standard Resources

Several hedge funds and other institutional investors have recently bought and sold shares of SSRM. Strs Ohio purchased a new position in shares of Silver Standard Resources during the 1st quarter valued at approximately $50,000. AQR Capital Management LLC increased its stake 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 during 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% in 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 acquiring an additional 201,525 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its holdings 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 valued at $24,895,000 after acquiring an additional 529,035 shares in the last quarter. 68.30% of the stock is currently 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.