Alps Advisors Inc. Takes Position in Silver Standard Resources Inc. (NASDAQ:SSRM)

Alps Advisors Inc. purchased a new stake in Silver Standard Resources Inc. (NASDAQ:SSRM - Free Report) TSE: SSO in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 29,070 shares of the basic materials company's stock, valued at approximately $292,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in SSRM. Principal Financial Group Inc. lifted its position in Silver Standard Resources by 19.4% in the 1st quarter. Principal Financial Group Inc. now owns 13,453 shares of the basic materials company's stock valued at $135,000 after acquiring an additional 2,190 shares in the last quarter. Highland Capital Management LLC bought a new stake in shares of Silver Standard Resources during the first quarter valued at approximately $177,000. Intact Investment Management Inc. raised its stake in shares of Silver Standard Resources by 65.3% during the first quarter. Intact Investment Management Inc. now owns 47,100 shares of the basic materials company's stock valued at $472,000 after acquiring an additional 18,600 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in Silver Standard Resources by 3.9% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 28,794 shares of the basic materials company's stock worth $289,000 after buying an additional 1,089 shares in the last quarter. Finally, Integrated Advisors Network LLC purchased a new position in Silver Standard Resources in the first quarter worth $132,000. 68.30% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

SSRM has been the subject of several research analyst reports. Cormark upgraded shares of Silver Standard Resources from a "hold" rating to a "moderate buy" rating in a research note on Tuesday, April 22nd. National Bankshares reissued a "sector perform" rating on shares of Silver Standard Resources in a research note on Wednesday, April 23rd. Wall Street Zen cut shares of Silver Standard Resources from a "strong-buy" rating to a "buy" rating in a research note on Saturday, July 12th. BMO Capital Markets began coverage on shares of Silver Standard Resources in a research note on Friday. They set a "market perform" rating and a $13.50 price objective on the stock. Finally, UBS Group reissued a "neutral" rating and issued a $13.85 price objective (up previously from $12.35) on shares of Silver Standard Resources in a research report on Tuesday, June 24th. Six equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $11.28.

Silver Standard Resources Price Performance

NASDAQ:SSRM traded up $0.68 during trading hours on Monday, reaching $12.48. 2,346,326 shares of the company traded hands, compared to its average volume of 2,479,183. The company has a debt-to-equity ratio of 0.08, a current ratio of 3.95 and a quick ratio of 1.85. The stock has a market cap of $2.53 billion, a P/E ratio of 30.44 and a beta of -0.12. The firm's 50-day moving average is $12.21 and its 200-day moving average is $10.50. Silver Standard Resources Inc. has a 1-year low of $4.32 and a 1-year high of $13.48.

Silver Standard Resources (NASDAQ:SSRM - Get Free Report) TSE: SSO last issued its quarterly earnings data on Tuesday, May 6th. The basic materials company reported $0.29 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.08 by $0.21. Silver Standard Resources had a net margin of 7.82% and a return on equity of 2.44%. The firm had revenue of $303.43 million during the quarter, compared to analysts' expectations of $332.64 million. Equities research analysts expect that Silver Standard Resources Inc. will post 0.73 earnings per share for the current fiscal year.

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.