Silver Standard Resources Target of Unusually High Options Trading (NASDAQ:SSRM)

Silver Standard Resources Inc. (NASDAQ:SSRM) (TSE:SSO) was the target of unusually large options trading activity on Friday. Investors bought 11,405 call options on the company. This is an increase of approximately 238% compared to the typical daily volume of 3,371 call options.

Institutional Trading of Silver Standard Resources

A number of large investors have recently modified their holdings of SSRM. Strs Ohio purchased a new position in shares of Silver Standard Resources during the first quarter worth about $50,000. AQR Capital Management LLC raised its stake in 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 valued at $863,000 after purchasing an additional 70,726 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position 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 purchasing an additional 201,525 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its stake 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 worth $24,895,000 after buying an additional 529,035 shares in the last quarter. Institutional investors own 68.30% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on SSRM. UBS Group raised their price target on Silver Standard Resources from $31.50 to $34.50 and gave the company a “buy” rating in a research note on Wednesday. Scotiabank raised Silver Standard Resources from a “sector perform” rating to a “sector outperform” rating in a research report on Thursday, October 23rd. BMO Capital Markets raised Silver Standard Resources from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, September 30th. Bank of America lifted their target price on Silver Standard Resources from $12.75 to $18.00 and gave the company an “underperform” rating in a research report on Thursday, October 16th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Silver Standard Resources in a research report on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $20.60.

Silver Standard Resources Stock Performance

SSRM stock traded down $1.19 during mid-day trading on Friday, hitting $22.68. The company had a trading volume of 1,199,938 shares, compared to its average volume of 2,642,257. Silver Standard Resources has a 12 month low of $7.55 and a 12 month high of $25.98. The stock’s fifty day moving average price is $21.97 and its two-hundred day moving average price is $19.77. The firm has a market cap of $4.60 billion, a PE ratio of 21.83 and a beta of -0.11. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.24 and a current ratio of 2.41.

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) last released its earnings results on Tuesday, November 4th. The basic materials company reported $0.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.31 by $0.01. The business had revenue of $390.16 million during the quarter, compared to the consensus estimate of $444.80 million. Silver Standard Resources had a return on equity of 6.46% and a net margin of 15.36%. On average, analysts forecast that Silver Standard Resources will post 0.73 earnings per share for the current fiscal year.

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.