Silver Standard Resources (NASDAQ:SSRM) Shares Up 7.5% – Time to Buy?

Silver Standard Resources Inc. (NASDAQ:SSRM) (TSE:SSO) shares rose 7.5% during trading on Tuesday . The stock traded as high as $24.26 and last traded at $24.5840. Approximately 700,686 shares traded hands during mid-day trading, a decline of 74% from the average daily volume of 2,716,756 shares. The stock had previously closed at $22.87.

Wall Street Analyst Weigh In

Several brokerages recently commented on SSRM. BMO Capital Markets upgraded shares of Silver Standard Resources from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, September 30th. TD Cowen raised shares of Silver Standard Resources from a “hold” rating to a “buy” rating in a research note on Thursday. Scotiabank raised Silver Standard Resources from a “sector perform” rating to a “sector outperform” rating in a research report on Thursday, October 23rd. Bank of America lifted their price target on Silver Standard Resources from $12.75 to $18.00 and gave the company an “underperform” rating in a report on Thursday, October 16th. Finally, Zacks Research downgraded Silver Standard Resources from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 29th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $20.60.

Silver Standard Resources Price Performance

The company has a quick ratio of 1.24, a current ratio of 2.41 and a debt-to-equity ratio of 0.03. The stock’s 50 day moving average price is $22.26 and its two-hundred day moving average price is $20.14. The firm has a market capitalization of $5.27 billion, a price-to-earnings ratio of 24.98 and a beta of -0.11.

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

Hedge Funds Weigh In On Silver Standard Resources

Hedge funds have recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. grew its holdings 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 purchasing an additional 529,035 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake 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 buying an additional 201,525 shares during the period. AQR Capital Management LLC lifted its position 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 valued at $863,000 after buying an additional 70,726 shares during the last quarter. Finally, Strs Ohio acquired a new stake in shares of Silver Standard Resources in the first quarter valued at approximately $50,000. Institutional investors and hedge funds own 68.30% of the company’s stock.

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.