Aigen Investment Management LP Acquires 34,701 Shares of Silver Standard Resources Inc. (NASDAQ:SSRM)

Key Points

• Aigen Investment Management LP increased its stake in Silver Standard Resources by 267.3%, acquiring an additional 34,701 shares during the first quarter, bringing their total holdings to 47,683 shares worth $529,000.
• Multiple institutional investors have made changes to their positions in Silver Standard Resources, with 68.30% of the company's stock now owned by hedge funds and institutional investors.
• Silver Standard Resources' stock has been upgraded by several analysts, with Cormark moving its rating from "hold" to "moderate buy," while the consensus target price is currently set at $11.28.

Aigen Investment Management LP grew its position in shares of Silver Standard Resources Inc. (NASDAQ:SSRM - Free Report) TSE: SSO by 267.3% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 47,683 shares of the basic materials company's stock after buying an additional 34,701 shares during the quarter. Aigen Investment Management LP's holdings in Silver Standard Resources were worth $529,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in the company. Bleakley Financial Group LLC grew its holdings in shares of Silver Standard Resources by 3.9% during the first quarter. Bleakley Financial Group LLC now owns 26,466 shares of the basic materials company's stock valued at $265,000 after buying an additional 1,005 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in shares of Silver Standard Resources by 3.9% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 28,794 shares of the basic materials company's stock valued at $289,000 after buying an additional 1,089 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of Silver Standard Resources by 0.5% during the fourth quarter. The Manufacturers Life Insurance Company now owns 241,415 shares of the basic materials company's stock valued at $1,686,000 after buying an additional 1,200 shares during the last quarter. Cadence Wealth Management LLC grew its holdings in shares of Silver Standard Resources by 2.8% during the first quarter. Cadence Wealth Management LLC now owns 50,290 shares of the basic materials company's stock valued at $504,000 after buying an additional 1,374 shares during the last quarter. Finally, Wellington Management Group LLP grew its holdings in shares of Silver Standard Resources by 0.4% during the fourth quarter. Wellington Management Group LLP now owns 497,378 shares of the basic materials company's stock valued at $3,462,000 after buying an additional 1,884 shares during the last quarter. Hedge funds and other institutional investors own 68.30% of the company's stock.

Wall Street Analysts Forecast Growth

SSRM has been the topic of a number of recent analyst reports. Cormark upgraded shares of Silver Standard Resources from a "hold" rating to a "moderate buy" rating in a report on Tuesday, April 22nd. UBS Group restated a "neutral" rating and issued a $13.85 target price (up previously from $12.35) on shares of Silver Standard Resources in a report on Tuesday, June 24th. 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. BMO Capital Markets assumed coverage on shares of Silver Standard Resources in a report on Friday, July 18th. They issued a "market perform" rating and a $13.50 target price on the stock. Finally, National Bankshares restated a "sector perform" rating on shares of Silver Standard Resources in a report on Wednesday, April 23rd. Six research analysts have rated the stock with a hold rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $11.28.

Silver Standard Resources Trading Up 3.7%

Shares of Silver Standard Resources stock opened at $16.13 on Wednesday. The company's fifty day simple moving average is $12.88 and its 200-day simple moving average is $11.17. The stock has a market capitalization of $3.27 billion, a PE ratio of 20.68 and a beta of -0.16. Silver Standard Resources Inc. has a 1-year low of $4.62 and a 1-year high of $16.18. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.39 and a quick ratio of 1.20.

Silver Standard Resources (NASDAQ:SSRM - Get Free Report) TSE: SSO last issued its quarterly earnings results on Tuesday, August 5th. The basic materials company reported $0.51 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.28. The business had revenue of $410.54 million for the quarter, compared to analysts' expectations 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, equities analysts anticipate that Silver Standard Resources Inc. will post 0.73 earnings per share for the current 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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