Silver Standard Resources (NASDAQ:SSRM) Shares Down 8.3% – What’s Next?

Silver Standard Resources Inc. (NASDAQ:SSRM) (TSE:SSO) dropped 8.3% during trading on Wednesday . The stock traded as low as $27.49 and last traded at $27.4350. 1,190,555 shares changed hands during trading, a decline of 68% from the average session volume of 3,762,573 shares. The stock had previously closed at $29.91.

Wall Street Analysts Forecast Growth

SSRM has been the subject of several recent analyst reports. Royal Bank Of Canada upgraded shares of Silver Standard Resources from a “sector perform” rating to an “outperform” rating and cut their price objective for the stock from $45.00 to $40.00 in a research report on Wednesday, June 3rd. Wall Street Zen raised shares of Silver Standard Resources from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 9th. Weiss Ratings upgraded shares of Silver Standard Resources from a “hold (c-)” rating to a “hold (c)” rating in a report on Wednesday, July 1st. Zacks Research cut Silver Standard Resources from a “strong-buy” rating to a “hold” rating in a report on Friday, May 29th. Finally, Canadian Imperial Bank of Commerce upgraded Silver Standard Resources from a “neutral” rating to a “sector outperform” rating and set a $48.00 price objective for the company in a research report on Thursday, March 12th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $37.40.

Silver Standard Resources Stock Performance

The firm’s fifty day moving average is $30.03 and its 200-day moving average is $28.10. The company has a current ratio of 5.33, a quick ratio of 4.57 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $5.82 billion, a PE ratio of 26.75, a price-to-earnings-growth ratio of 0.38 and a beta of -0.10.

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) last announced its quarterly earnings results 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. The business had revenue of $418.46 million during the quarter, compared to analysts’ expectations of $524.79 million. Silver Standard Resources had a net margin of 12.17% and a return on equity of 14.87%. As a group, research analysts anticipate that Silver Standard Resources Inc. will post 4.49 earnings per share for the current year.

Institutional Trading of Silver Standard Resources

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Strs Ohio acquired a new stake in shares of Silver Standard Resources in the first quarter valued at $50,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of 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 buying an additional 201,525 shares during the period. Goldman Sachs Group Inc. lifted its stake in Silver Standard Resources by 27.1% during the 1st 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. Finally, AQR Capital Management LLC lifted its stake in 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 worth $863,000 after acquiring an additional 70,726 shares in the last quarter. Hedge funds and other institutional investors 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.