Silver Standard Resources Inc. $SSRM Shares Sold by Martingale Asset Management L P

Key Points

• Martingale Asset Management L P has sold 118,221 shares of Silver Standard Resources, reducing its stake by 31.3% to approximately 259,068 shares.
• Silver Standard Resources reported earnings of $0.51 EPS for the quarter, exceeding analysts' expectations of $0.23 EPS, and had a revenue of $410.54 million compared to a consensus estimate of $381.08 million.
• Several firms, including UBS Group and Zacks Research, have upgraded their ratings for Silver Standard Resources, with one report setting a new price target of $18.95.

Martingale Asset Management L P lessened its stake in shares of Silver Standard Resources Inc. (NASDAQ:SSRM - Free Report) TSE: SSO by 31.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 259,068 shares of the basic materials company's stock after selling 118,221 shares during the quarter. Martingale Asset Management L P owned 0.13% of Silver Standard Resources worth $2,598,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Silver Standard Resources by 21.8% during 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 buying an additional 1,802,821 shares during the period. Tidal Investments LLC boosted its stake in 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 worth $22,094,000 after buying an additional 407,920 shares during the period. Voloridge Investment Management LLC boosted its stake in 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 worth $15,339,000 after buying an additional 399,806 shares during the period. Nuveen LLC acquired a new stake in shares of Silver Standard Resources during the first quarter worth about $18,759,000. Finally, Charles Schwab Investment Management Inc. lifted 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 worth $14,128,000 after purchasing 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 Performance

NASDAQ:SSRM traded up $0.41 during midday trading on Monday, reaching $17.52. The stock had a trading volume of 3,642,957 shares, compared to its average volume of 3,422,356. The firm has a fifty day simple moving average of $13.62 and a two-hundred day simple moving average of $11.72. Silver Standard Resources Inc. has a 12-month low of $4.82 and a 12-month high of $17.63. The company has a quick ratio of 1.20, a current ratio of 2.39 and a debt-to-equity ratio of 0.03. The stock has a market cap of $3.55 billion, a P/E ratio of 22.46 and a beta of -0.16.

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, beating analysts' consensus estimates of $0.23 by $0.28. Silver Standard Resources had a net margin of 12.66% and a return on equity of 4.99%. The firm had revenue of $410.54 million for the quarter, compared to analyst estimates of $381.08 million. 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 have recently issued reports on SSRM. BMO Capital Markets initiated coverage on shares of Silver Standard Resources in a research report on Friday, July 18th. They set a "market perform" rating and a $13.50 price target on the stock. UBS Group raised shares of Silver Standard Resources from a "neutral" rating to a "buy" rating and raised their target price for the company from $13.85 to $18.95 in a report on Friday, August 15th. Wall Street Zen upgraded shares of Silver Standard Resources from a "buy" rating to a "strong-buy" rating in a research note on Saturday, July 26th. Finally, Zacks Research upgraded shares of 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 issued a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, Silver Standard Resources has an average rating of "Hold" and a consensus price target of $12.55.

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.