Amundi Sells 225,642 Shares of Silver Standard Resources Inc. $SSRM

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 cut its holdings in Silver Standard Resources Inc. (NASDAQ:SSRM - Free Report) TSE: SSO by 19.2% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm 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 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Caitong International Asset Management Co. Ltd acquired a new position in shares of Silver Standard Resources in the 1st quarter valued at approximately $32,000. Tacita Capital Inc acquired a new position in shares of Silver Standard Resources in the 1st quarter valued at approximately $48,000. Northwest & Ethical Investments L.P. acquired a new position in shares of Silver Standard Resources in the 1st quarter valued at approximately $72,000. Simplicity Wealth LLC acquired a new position in shares of Silver Standard Resources in the 1st quarter valued at approximately $109,000. Finally, Merit Financial Group LLC acquired a new position in shares of Silver Standard Resources in the 1st quarter valued at approximately $113,000. 68.30% of the stock is currently owned by institutional investors and hedge funds.

Silver Standard Resources Stock Performance

SSRM traded up $0.25 during trading hours on Monday, reaching $22.64. The company's stock had a trading volume of 3,303,665 shares, compared to its average volume of 3,370,963. Silver Standard Resources Inc. has a 52 week low of $5.06 and a 52 week high of $23.07. The company's 50-day moving average is $15.92 and its 200-day moving average is $12.84. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.20 and a current ratio of 2.39. The firm has a market cap of $4.59 billion, a PE ratio of 29.03 and a beta of -0.08.

Silver Standard Resources (NASDAQ:SSRM - Get Free Report) TSE: SSO last posted its quarterly earnings data 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 firm had revenue of $410.54 million for the quarter, compared to analysts' expectations of $381.08 million. Silver Standard Resources had a return on equity of 4.99% and a net margin of 12.66%. On average, equities analysts forecast that Silver Standard Resources Inc. will post 0.73 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. BMO Capital Markets assumed coverage on Silver Standard Resources in a research report on Friday, July 18th. They set a "market perform" rating and a $13.50 price target for the company. Zacks Research downgraded Silver Standard Resources from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, September 9th. UBS Group raised Silver Standard Resources from a "neutral" rating to a "buy" rating and upped their price target for the stock from $13.85 to $18.95 in a research report on Friday, August 15th. Finally, Wall Street Zen raised Silver Standard Resources from a "buy" rating to a "strong-buy" rating in a research report on Saturday, July 26th. 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 company has a consensus rating of "Hold" and an average price target of $12.55.

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.