Cubist Systematic Strategies LLC Sells 20,491 Shares of 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 lowered its holdings in Silver Standard Resources Inc. (NASDAQ:SSRM - Free Report) TSE: SSO by 17.0% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor 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.

Other hedge funds and other institutional investors also recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Silver Standard Resources by 21.8% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,079,816 shares of the basic materials company's stock worth $70,265,000 after purchasing an additional 1,802,821 shares during the last quarter. Tidal Investments LLC grew its stake in Silver Standard Resources by 14.7% in the 4th quarter. Tidal Investments LLC now owns 3,174,367 shares of the basic materials company's stock worth $22,094,000 after buying an additional 407,920 shares in the last quarter. Voloridge Investment Management LLC increased its holdings in shares of Silver Standard Resources by 22.2% in the 4th quarter. Voloridge Investment Management LLC now owns 2,203,900 shares of the basic materials company's stock worth $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 1st quarter valued at $18,759,000. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Silver Standard Resources by 2.2% during the 1st 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 in the last quarter. Hedge funds and other institutional investors own 68.30% of the company's stock.

Silver Standard Resources Stock Up 1.4%

SSRM opened at $21.39 on Tuesday. Silver Standard Resources Inc. has a 12 month low of $4.87 and a 12 month high of $21.69. 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 business's 50-day moving average price is $15.01 and its 200-day moving average price is $12.42. The company has a market cap of $4.34 billion, a P/E ratio of 27.42 and a beta of -0.08.

Silver Standard Resources (NASDAQ:SSRM - Get Free Report) TSE: SSO last issued its earnings results on Tuesday, August 5th. The basic materials company reported $0.51 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.28. The company had revenue of $410.54 million during 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 expect that Silver Standard Resources Inc. will post 0.73 EPS for the current year.

Analysts Set New Price Targets

Several brokerages recently issued reports on SSRM. Wall Street Zen upgraded shares of Silver Standard Resources from a "buy" rating to a "strong-buy" rating in a research report on Saturday, July 26th. BMO Capital Markets initiated 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. UBS Group raised Silver Standard Resources from a "neutral" rating to a "buy" rating and raised their price objective for the company from $13.85 to $18.95 in a report on Friday, August 15th. Finally, Zacks Research raised Silver Standard Resources to a "strong-buy" rating in a research note on Monday, August 11th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Silver Standard Resources presently has an average rating of "Hold" and a consensus target price 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.

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