Silver Standard Resources Inc. $SSRM Shares Sold by Amundi

Key Points

• Amundi has reduced its stake in Silver Standard Resources Inc. by 19.2%, selling 225,642 shares and leaving it with 949,706 shares valued at approximately $9.57 million.
• In the latest quarter, Silver Standard reported earnings per share of $0.51, exceeding analysts' expectations of $0.23, alongside revenues of $410.54 million, which surpassed the anticipated $381.08 million.
• Analysts have recently increased their outlook on Silver Standard, with UBS upgrading its rating from "neutral" to "buy," and a new target price of $18.95, reflecting a bullish sentiment amidst strong quarterly results.

Amundi reduced its stake in Silver Standard Resources Inc. (NASDAQ:SSRM - Free Report) TSE: SSO by 19.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 949,706 shares of the basic materials company's stock after selling 225,642 shares during the quarter. Amundi owned about 0.47% of Silver Standard Resources worth $9,573,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in SSRM. Vident Advisory LLC increased its stake in Silver Standard Resources by 25.6% in the first quarter. Vident Advisory LLC now owns 62,645 shares of the basic materials company's stock valued at $628,000 after purchasing an additional 12,770 shares during the last quarter. Ieq Capital LLC acquired a new position in Silver Standard Resources in the first quarter valued at $173,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its stake in Silver Standard Resources by 25.4% in the first quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 113,709 shares of the basic materials company's stock valued at $1,140,000 after purchasing an additional 23,034 shares during the last quarter. Groupe la Francaise increased its stake in Silver Standard Resources by 2.0% in the first quarter. Groupe la Francaise now owns 255,000 shares of the basic materials company's stock valued at $2,558,000 after purchasing an additional 5,000 shares during the last quarter. Finally, Sprott Inc. increased its stake in Silver Standard Resources by 136.3% in the first quarter. Sprott Inc. now owns 384,034 shares of the basic materials company's stock valued at $3,852,000 after purchasing an additional 221,533 shares during the last quarter. 68.30% of the stock is currently owned by hedge funds and other institutional investors.

Silver Standard Resources Trading Down 1.6%

NASDAQ:SSRM traded down $0.37 on Friday, hitting $22.39. 3,430,570 shares of the stock were exchanged, compared to its average volume of 3,417,357. The stock has a market cap of $4.54 billion, a PE ratio of 28.71 and a beta of -0.08. The company has a current ratio of 2.39, a quick ratio of 1.20 and a debt-to-equity ratio of 0.03. The stock has a fifty day moving average of $15.73 and a 200-day moving average of $12.72. Silver Standard Resources Inc. has a fifty-two week low of $5.06 and a fifty-two week high of $23.07.

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 EPS for the quarter, topping the consensus estimate of $0.23 by $0.28. The company had revenue of $410.54 million during the quarter, compared to analyst estimates of $381.08 million. Silver Standard Resources had a return on equity of 4.99% and a net margin of 12.66%. As a group, equities analysts expect that Silver Standard Resources Inc. will post 0.73 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on SSRM shares. Wall Street Zen upgraded Silver Standard Resources from a "buy" rating to a "strong-buy" rating in a research note on Saturday, July 26th. UBS Group upgraded Silver Standard Resources from a "neutral" rating to a "buy" rating and upped their target price for the company from $13.85 to $18.95 in a research note on Friday, August 15th. BMO Capital Markets started coverage on Silver Standard Resources in a research note on Friday, July 18th. They issued a "market perform" rating and a $13.50 target price for the company. Finally, Zacks Research lowered Silver Standard Resources from a "strong-buy" rating to a "hold" rating in a research note on Tuesday. One analyst has rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $12.55.

Silver Standard Resources 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.