Bank of America Raises Silver Standard Resources (NASDAQ:SSRM) Price Target to $18.00

Key Points

• Bank of America has raised its price target for Silver Standard Resources from $12.75 to $18.00, maintaining an "underperform" rating.
• The stock of Silver Standard Resources has seen a resurgence, with a recent increase of 7.7% and a current trading price of approximately $25.41.
• Analysts have mixed opinions on the stock, with one rating it as a Strong Buy while others recommend Hold or Neutral, indicating a consensus target price of about $18.19.

Silver Standard Resources (NASDAQ:SSRM - Get Free Report) TSE: SSO had its price objective lifted by equities research analysts at Bank of America from $12.75 to $18.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has an "underperform" rating on the basic materials company's stock. Bank of America's price objective points to a potential downside of 29.16% from the stock's previous close.

Several other equities analysts have also weighed in on SSRM. Wall Street Zen upgraded shares of Silver Standard Resources from a "buy" rating to a "strong-buy" rating in a report on Saturday, July 26th. CIBC boosted their target price on shares of Silver Standard Resources from $25.00 to $28.50 and gave the company a "neutral" rating in a report on Friday, October 10th. Zacks Research lowered shares of Silver Standard Resources from a "strong-buy" rating to a "hold" rating in a report on Tuesday, September 9th. UBS Group lowered shares of Silver Standard Resources from a "buy" rating to a "neutral" rating and boosted their target price for the company from $18.95 to $22.95 in a report on Friday, September 19th. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Silver Standard Resources in a report on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $18.19.

Silver Standard Resources Stock Up 7.7%

SSRM stock opened at $25.41 on Thursday. The company has a market cap of $5.15 billion, a price-to-earnings ratio of 32.58 and a beta of -0.09. The company has a current ratio of 2.39, a quick ratio of 1.20 and a debt-to-equity ratio of 0.03. Silver Standard Resources has a 12 month low of $5.06 and a 12 month high of $25.98. The firm has a 50-day moving average of $20.65 and a two-hundred day moving average of $14.75.

Silver Standard Resources (NASDAQ:SSRM - Get Free Report) TSE: SSO last posted its earnings results on Tuesday, August 5th. The basic materials company reported $0.51 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.28. The company had revenue of $410.54 million for the quarter, compared to analyst estimates of $381.08 million. Silver Standard Resources had a net margin of 12.66% and a return on equity of 4.99%. As a group, analysts forecast that Silver Standard Resources will post 0.73 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Silver Standard Resources

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its position in Silver Standard Resources by 25.4% in the 1st quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 113,709 shares of the basic materials company's stock valued at $1,140,000 after buying an additional 23,034 shares during the period. Charles Schwab Investment Management Inc. boosted its position in Silver Standard Resources by 2.2% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,409,521 shares of the basic materials company's stock valued at $14,128,000 after buying an additional 30,862 shares during the period. Ieq Capital LLC acquired a new stake in shares of Silver Standard Resources in the 1st quarter valued at $173,000. Compound Planning Inc. acquired a new stake in shares of Silver Standard Resources in the 1st quarter valued at $289,000. Finally, TriaGen Wealth Management LLC acquired a new stake in shares of Silver Standard Resources in the 1st quarter valued at $575,000. Hedge funds and other institutional investors own 68.30% of the company's stock.

Silver Standard Resources Company Profile

SSR Mining Inc, together with its subsidiaries, engages in the operation, acquisition, exploration, and development of precious metal resource properties in the United States, Türkiye, Canada, and Argentina. The company explores for gold doré, copper, silver, lead, and zinc deposits. Its mines include the Çöpler, located in Erzincan province, Turkey; the Marigold, located in Nevada, the United States; the Seabee, located in Saskatchewan, Canada; and the Puna, located in Jujuy province, Argentina.

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