Silver Standard Resources (NASDAQ:SSRM) Shares Gap Up – What’s Next?

Shares of Silver Standard Resources Inc. (NASDAQ:SSRM) (TSE:SSO) gapped up before the market opened on Tuesday . The stock had previously closed at $28.94, but opened at $30.54. Silver Standard Resources shares last traded at $31.7370, with a volume of 688,450 shares traded.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Bank of America raised Silver Standard Resources from an “underperform” rating to a “buy” rating in a report on Wednesday, March 4th. Royal Bank Of Canada raised Silver Standard Resources from a “sector perform” rating to an “outperform” rating and dropped their target price for the stock from $45.00 to $40.00 in a report on Wednesday, June 3rd. Canadian Imperial Bank of Commerce raised Silver Standard Resources from a “neutral” rating to a “sector outperform” rating and set a $48.00 target price for the company in a report on Thursday, March 12th. Weiss Ratings raised Silver Standard Resources from a “hold (c-)” rating to a “hold (c)” rating in a report on Wednesday, June 3rd. Finally, BMO Capital Markets raised Silver Standard Resources from a “market perform” rating to an “outperform” rating and set a $41.00 target price for the company in a report on Thursday, March 5th. 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 company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $38.20.

Silver Standard Resources Stock Performance

The firm has a market cap of $6.59 billion, a price-to-earnings ratio of 30.26, a P/E/G ratio of 0.39 and a beta of -0.14. The stock has a 50 day moving average of $30.64 and a 200 day moving average of $27.33. The company has a quick ratio of 4.57, a current ratio of 5.33 and a debt-to-equity ratio of 0.01.

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) last posted its quarterly earnings results on Tuesday, May 5th. The basic materials company reported $1.15 EPS for the quarter, beating analysts’ consensus estimates of $0.81 by $0.34. The business had revenue of $581.78 million during the quarter, compared to the consensus estimate of $524.80 million. Silver Standard Resources had a return on equity of 14.87% and a net margin of 12.17%. As a group, analysts anticipate that Silver Standard Resources Inc. will post 4.49 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. raised 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 worth $24,895,000 after acquiring an additional 529,035 shares in 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 worth $4,113,000 after acquiring an additional 201,525 shares in the last quarter. AQR Capital Management LLC raised its stake 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 acquiring an additional 70,726 shares in the last quarter. Finally, Strs Ohio acquired a new position in Silver Standard Resources during the first quarter worth about $50,000. 68.30% of the stock is currently owned by institutional investors and hedge funds.

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.