Cubist Systematic Strategies LLC Cuts Holdings in Silver Standard Resources Inc. $SSRM

Key Points

• Cubist Systematic Strategies LLC sold 20,491 shares of Silver Standard Resources, reducing its holdings by 17% to 100,054 shares worth approximately $1,004,000.
• Silver Standard Resources reported strong earnings, with $0.51 earnings per share for the last quarter, significantly beating the consensus estimate of $0.23 and earning revenue of $410.54 million versus the expected $381.08 million.
• Analysts have upgraded Silver Standard Resources to a "strong-buy" rating, with the average target price currently set at $12.55, reflecting positive sentiment in the market.

Cubist Systematic Strategies LLC trimmed its stake in Silver Standard Resources Inc. (NASDAQ:SSRM - Free Report) TSE: SSO by 17.0% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 100,054 shares of the basic materials company's stock after selling 20,491 shares during the period. Cubist Systematic Strategies LLC's holdings in Silver Standard Resources were worth $1,004,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of SSRM. Caitong International Asset Management Co. Ltd bought a new stake in shares of Silver Standard Resources in the 1st quarter valued at about $32,000. Tacita Capital Inc acquired a new position in shares of Silver Standard Resources in the 1st quarter valued at about $48,000. Northwest & Ethical Investments L.P. bought a new stake in shares of Silver Standard Resources during the 1st quarter valued at about $72,000. Simplicity Wealth LLC acquired a new stake in Silver Standard Resources during the first quarter worth approximately $109,000. Finally, Merit Financial Group LLC bought a new stake in Silver Standard Resources in the first quarter worth approximately $113,000. 68.30% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on SSRM shares. Wall Street Zen upgraded Silver Standard Resources from a "buy" rating to a "strong-buy" rating in a report on Saturday, July 26th. UBS Group raised shares of Silver Standard Resources from a "neutral" rating to a "buy" rating and increased their target price for the stock from $13.85 to $18.95 in a research note on Friday, August 15th. Zacks Research cut shares of Silver Standard Resources from a "strong-buy" rating to a "hold" rating in a report on Tuesday. Finally, BMO Capital Markets began coverage on shares of Silver Standard Resources in a research note on Friday, July 18th. They issued a "market perform" rating and a $13.50 price target for the company. One equities research analyst has rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat, Silver Standard Resources presently has an average rating of "Hold" and an average target price of $12.55.

Silver Standard Resources Stock Down 1.6%

Shares of NASDAQ:SSRM traded down $0.37 during midday trading on Friday, hitting $22.39. 3,430,570 shares of the company's stock were exchanged, compared to its average volume of 3,417,357. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.39 and a quick ratio of 1.20. The stock has a 50 day moving average price of $15.73 and a 200-day moving average price of $12.73. The company has a market cap of $4.54 billion, a PE ratio of 28.71 and a beta of -0.08. Silver Standard Resources Inc. has a 12 month low of $5.06 and a 12 month high of $23.07.

Silver Standard Resources (NASDAQ:SSRM - Get Free Report) TSE: SSO last released its quarterly earnings results on Tuesday, August 5th. The basic materials company reported $0.51 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.23 by $0.28. The business had revenue of $410.54 million during the quarter, compared to the consensus estimate of $381.08 million. Silver Standard Resources had a return on equity of 4.99% and a net margin of 12.66%. On average, sell-side analysts anticipate that Silver Standard Resources Inc. will post 0.73 EPS 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.