Acadian Asset Management LLC Reduces Stake in Silver Standard Resources Inc. $SSRM

Key Points

• Acadian Asset Management LLC reduced its stake in Silver Standard Resources by 48.9% in the first quarter, leaving it with approximately 0.68% of the company's stock valued at $13.79 million.
• Numerous institutional investors, including Caitong International and Tacita Capital, have recently made new purchases in Silver Standard, indicating increased interest in the company, with institutional ownership now at 68.30%.
• Analyst ratings on Silver Standard Resources vary, with UBS Group upgrading the stock to a "buy" and raising the target price to $18.95, while Zacks Research downgraded it to a "hold," highlighting mixed sentiments in the market.

Acadian Asset Management LLC lowered its stake in Silver Standard Resources Inc. (NASDAQ:SSRM - Free Report) TSE: SSO by 48.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,376,348 shares of the basic materials company's stock after selling 1,318,314 shares during the period. Acadian Asset Management LLC owned approximately 0.68% of Silver Standard Resources worth $13,791,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in SSRM. Caitong International Asset Management Co. Ltd purchased a new position in Silver Standard Resources in the first quarter worth about $32,000. Tacita Capital Inc purchased a new position in Silver Standard Resources in the first quarter worth about $48,000. Northwest & Ethical Investments L.P. purchased a new position in Silver Standard Resources in the first quarter worth about $72,000. Simplicity Wealth LLC purchased a new position in Silver Standard Resources in the first quarter worth about $109,000. Finally, Merit Financial Group LLC purchased a new position in Silver Standard Resources in the first quarter worth about $113,000. Hedge funds and other institutional investors own 68.30% of the company's stock.

Wall Street Analyst Weigh In

SSRM has been the topic of a number of analyst reports. BMO Capital Markets initiated coverage on Silver Standard Resources in a research note on Friday, July 18th. They set a "market perform" rating and a $13.50 target price on the stock. Wall Street Zen upgraded Silver Standard Resources from a "buy" rating to a "strong-buy" rating in a report on Saturday, July 26th. Zacks Research lowered Silver Standard Resources from a "strong-buy" rating to a "hold" rating in a research note on Tuesday. Finally, UBS Group raised shares of Silver Standard Resources from a "neutral" rating to a "buy" rating and boosted their target price for the company from $13.85 to $18.95 in a research note on Friday, August 15th. One equities research analyst has rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $12.55.

Silver Standard Resources Trading Up 3.6%

Shares of NASDAQ SSRM opened at $22.76 on Friday. The company has a quick ratio of 1.20, a current ratio of 2.39 and a debt-to-equity ratio of 0.03. The business has a fifty day simple moving average of $15.55 and a two-hundred day simple moving average of $12.63. The firm has a market cap of $4.62 billion, a PE ratio of 29.18 and a beta of -0.08. Silver Standard Resources Inc. has a twelve month low of $5.06 and a twelve month high of $22.77.

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

About Silver Standard Resources

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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