Silver Standard Resources (NASDAQ:SSRM) Shares Down 12.3% – Here’s What Happened

Silver Standard Resources Inc. (NASDAQ:SSRM) (TSE:SSO) shares dropped 12.3% on Friday . The stock traded as low as $23.60 and last traded at $23.5090. Approximately 3,156,479 shares were traded during trading, a decline of 16% from the average daily volume of 3,773,990 shares. The stock had previously closed at $26.82.

Analyst Ratings Changes

SSRM has been the subject of a number of analyst reports. Weiss Ratings reissued a “hold (c)” rating on shares of Silver Standard Resources in a report on Thursday, January 22nd. Wall Street Zen cut shares of Silver Standard Resources from a “strong-buy” rating to a “buy” rating in a research note on Saturday, January 10th. TD Securities upgraded shares of Silver Standard Resources from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 22nd. Bank of America upped their price objective on shares of Silver Standard Resources from $12.75 to $18.00 and gave the stock an “underperform” rating in a research report on Thursday, October 16th. Finally, UBS Group raised their target price on Silver Standard Resources from $31.50 to $34.50 and gave the company a “buy” rating in a research report on Wednesday, January 14th. Two analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $20.60.

Silver Standard Resources Stock Down 14.6%

The company has a debt-to-equity ratio of 0.03, a current ratio of 2.41 and a quick ratio of 1.24. The business’s 50 day moving average price is $22.88 and its 200 day moving average price is $20.65. The firm has a market cap of $4.65 billion, a PE ratio of 22.10 and a beta of -0.11.

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

Hedge Funds Weigh In On Silver Standard Resources

Hedge funds and other institutional investors have recently modified their holdings of the business. Strs Ohio acquired a new stake in Silver Standard Resources in the 1st quarter valued at about $50,000. AQR Capital Management LLC grew 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 purchasing an additional 70,726 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of 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 purchasing an additional 201,525 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its position 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 buying an additional 529,035 shares in the last quarter. 68.30% of the stock is owned by hedge funds and other institutional investors.

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.