Silver Standard Resources (NASDAQ:SSRM) Reaches New 1-Year High – Here’s Why

Silver Standard Resources Inc. (NASDAQ:SSRM) (TSE:SSO)’s stock price reached a new 52-week high during trading on Wednesday . The stock traded as high as $33.37 and last traded at $33.37, with a volume of 172863 shares traded. The stock had previously closed at $28.93.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on SSRM. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Silver Standard Resources in a research note on Thursday, January 22nd. Canadian Imperial Bank of Commerce increased their price objective on Silver Standard Resources from $28.50 to $29.00 and gave the company a “neutral” rating in a report on Wednesday, November 12th. TD Securities raised Silver Standard Resources from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 22nd. TD Cowen raised Silver Standard Resources from a “hold” rating to a “buy” rating in a research note on Thursday, January 22nd. Finally, Wall Street Zen upgraded Silver Standard Resources from a “buy” rating to a “strong-buy” rating in a research report on Saturday, February 21st. Two investment analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Silver Standard Resources has an average rating of “Moderate Buy” and a consensus price target of $24.38.

Silver Standard Resources Price Performance

The firm has a market capitalization of $6.58 billion, a price-to-earnings ratio of 17.52, a PEG ratio of 0.53 and a beta of -0.18. The business’s fifty day simple moving average is $25.40 and its 200 day simple moving average is $23.01. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.08 and a quick ratio of 1.25.

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) last issued its earnings results on Tuesday, February 17th. The basic materials company reported $0.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.29. Silver Standard Resources had a return on equity of 10.40% and a net margin of 24.28%.The company had revenue of $521.73 million for the quarter, compared to analysts’ expectations of $436.23 million. On average, research analysts forecast that Silver Standard Resources Inc. will post 0.73 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of SSRM. Strs Ohio bought a new position in Silver Standard Resources during the 1st quarter valued at $50,000. AQR Capital Management LLC boosted its holdings 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 purchasing an additional 70,726 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in 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 worth $4,113,000 after purchasing an additional 201,525 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its position 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 purchasing an additional 529,035 shares in the last quarter. Institutional investors 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.