Silver Standard Resources (NASDAQ:SSRM) Stock Gets Price Target Trim from UBS Group

Key Points

• UBS cut its price target on SSR Mining from $39 to $37 but maintained a Buy rating; the new target implies 31.44% upside from the prior close.
• Analyst sentiment is generally positive: MarketBeat reports a consensus Moderate Buy rating and an average price target of $42.20, though some firms recently downgraded the stock.
• The company reported quarterly EPS of $0.64, slightly above estimates, while revenue of $447.65 million fell short of consensus. Shares rose 7.6% on Wednesday to $28.15.

Silver Standard Resources (NASDAQ:SSRM - Get Free Report) TSE: SSO had its target price cut by investment analysts at UBS Group from $39.00 to $37.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm presently has a "buy" rating on the basic materials company's stock. UBS Group's target price points to a potential upside of 31.44% from the company's previous close.

Other equities analysts have also issued research reports about the stock. Bank of America decreased their price target on shares of Silver Standard Resources from $41.00 to $40.00 and set a "buy" rating for the company in a report on Thursday, July 9th. Canadian Imperial Bank of Commerce boosted their target price on Silver Standard Resources from $48.00 to $50.00 and gave the company an "outperformer" rating in a research note on Monday, October 5th. Wall Street Zen downgraded Silver Standard Resources from a "buy" rating to a "hold" rating in a report on Saturday, October 17th. Weiss Ratings downgraded Silver Standard Resources from a "buy (b-)" rating to a "hold (c+)" rating in a report on Friday, October 23rd. Finally, Zacks Research lowered Silver Standard Resources from a "hold" rating to a "strong sell" rating in a research report on Monday, October 19th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, Silver Standard Resources currently has an average rating of "Moderate Buy" and a consensus price target of $42.20.

Silver Standard Resources Stock Up 7.6%

NASDAQ SSRM traded up $1.99 during trading on Wednesday, reaching $28.15. 6,274,365 shares of the stock traded hands, compared to its average volume of 3,327,525. The firm has a market cap of $5.67 billion, a price-to-earnings ratio of 25.59, a price-to-earnings-growth ratio of 5.65 and a beta of -0.09. The stock's 50-day moving average price is $33.91 and its 200 day moving average price is $30.31. Silver Standard Resources has a fifty-two week low of $18.19 and a fifty-two week high of $39.44.

Silver Standard Resources (NASDAQ:SSRM - Get Free Report) TSE: SSO last issued its earnings results on Tuesday, November 3rd. The basic materials company reported $0.64 EPS for the quarter, beating the consensus estimate of $0.63 by $0.01. The firm had revenue of $447.65 million during the quarter, compared to the consensus estimate of $454.47 million. Silver Standard Resources had a net margin of 12.30% and a return on equity of 16.17%. Analysts anticipate that Silver Standard Resources will post 3.82 EPS for the current fiscal year.

Hedge Funds Weigh In On Silver Standard Resources

An institutional investor recently raised its stake in Silver Standard Resources stock. Parallel Advisors LLC raised its holdings in shares of Silver Standard Resources Inc. (NASDAQ:SSRM - Free Report) TSE: SSO by 132.5% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,453 shares of the basic materials company's stock after acquiring an additional 828 shares during the quarter. Parallel Advisors LLC's holdings in Silver Standard Resources were worth $48,000 at the end of the most recent reporting period. 68.30% of the stock is owned by hedge funds and other institutional investors.

About Silver Standard Resources

Silver Standard Resources, now known as SSR Mining Inc NASDAQ: SSRM, is a precious metals mining company focused primarily on the exploration, development and production of gold and silver. The company's operations have included open-pit and underground mines, processing facilities and exploration properties in the Americas and Türkiye.

SSR Mining has historically operated the Marigold gold mine in Nevada, the Seabee gold operation in Saskatchewan, Canada, and the Puna silver-lead-zinc complex in Jujuy, Argentina.

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