Bayforest Capital Ltd Invests $147,000 in Silver Standard Resources Inc. $SSRM

Key Points

• Bayforest Capital Ltd has acquired a new position in Silver Standard Resources Inc., investing approximately $147,000 to purchase 14,636 shares.
• Silver Standard Resources reported earnings per share of $0.51, exceeding estimates by $0.28, and had a revenue of $410.54 million for the last quarter.
• Institutional ownership is significant, with 68.30% of the stock held by hedge funds and other institutional investors, signaling strong market confidence in the company.

Bayforest Capital Ltd bought a new position in Silver Standard Resources Inc. (NASDAQ:SSRM - Free Report) TSE: SSO during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 14,636 shares of the basic materials company's stock, valued at approximately $147,000.

Several other institutional investors also recently modified their holdings of the business. Tidal Investments LLC boosted its position in shares of Silver Standard Resources by 14.7% during the fourth quarter. Tidal Investments LLC now owns 3,174,367 shares of the basic materials company's stock valued at $22,094,000 after buying an additional 407,920 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in shares of Silver Standard Resources by 27.1% during the first quarter. Goldman Sachs Group Inc. now owns 2,482,100 shares of the basic materials company's stock valued at $24,895,000 after buying an additional 529,035 shares during the last quarter. Voloridge Investment Management LLC boosted its position in shares of Silver Standard Resources by 22.2% during the fourth quarter. Voloridge Investment Management LLC now owns 2,203,900 shares of the basic materials company's stock valued at $15,339,000 after buying an additional 399,806 shares during the last quarter. Nuveen LLC purchased a new stake in shares of Silver Standard Resources during the first quarter valued at $18,759,000. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Silver Standard Resources by 2.2% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,409,521 shares of the basic materials company's stock valued at $14,128,000 after buying an additional 30,862 shares during the last quarter. 68.30% of the stock is owned by hedge funds and other institutional investors.

Silver Standard Resources Trading Down 1.6%

Shares of NASDAQ:SSRM opened at $22.39 on Friday. The stock has a market capitalization of $4.54 billion, a price-to-earnings ratio of 28.71 and a beta of -0.08. 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 stock's 50-day simple moving average is $15.73 and its two-hundred day simple moving average is $12.72. Silver Standard Resources Inc. has a 52-week low of $5.06 and a 52-week high of $23.07.

Silver Standard Resources (NASDAQ:SSRM - Get Free Report) TSE: SSO last announced its earnings results on Tuesday, August 5th. The basic materials company reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate 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 analysts' expectations of $381.08 million. Analysts expect that Silver Standard Resources Inc. will post 0.73 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms recently commented on SSRM. Zacks Research cut Silver Standard Resources from a "strong-buy" rating to a "hold" rating in a research report on Tuesday. UBS Group raised Silver Standard Resources from a "neutral" rating to a "buy" rating and increased their price objective for the company from $13.85 to $18.95 in a research report on Friday, August 15th. BMO Capital Markets started coverage on Silver Standard Resources in a research report on Friday, July 18th. They set a "market perform" rating and a $13.50 price objective on the stock. 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 investment analyst has rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat, Silver Standard Resources presently has a consensus rating of "Hold" and a consensus target price 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.

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