Palisade Capital Management LP Sells 1,971,150 Shares of Silver Standard Resources Inc. (NASDAQ:SSRM)

Palisade Capital Management LP reduced its position in shares of Silver Standard Resources Inc. (NASDAQ:SSRM - Free Report) TSE: SSO by 98.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 28,850 shares of the basic materials company's stock after selling 1,971,150 shares during the period. Palisade Capital Management LP's holdings in Silver Standard Resources were worth $289,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in SSRM. Proficio Capital Partners LLC purchased a new stake in shares of Silver Standard Resources in the fourth quarter worth $158,000. US Bancorp DE raised its position in shares of Silver Standard Resources by 62.4% in the fourth quarter. US Bancorp DE now owns 3,540 shares of the basic materials company's stock worth $25,000 after buying an additional 1,360 shares in the last quarter. SBI Securities Co. Ltd. purchased a new stake in shares of Silver Standard Resources in the fourth quarter worth $29,000. Charles Schwab Investment Management Inc. raised its position in shares of Silver Standard Resources by 3.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,378,659 shares of the basic materials company's stock worth $9,614,000 after buying an additional 51,408 shares in the last quarter. Finally, Sequoia Financial Advisors LLC purchased a new stake in shares of Silver Standard Resources in the fourth quarter worth $96,000. Institutional investors own 68.30% of the company's stock.

Silver Standard Resources Stock Performance

NASDAQ SSRM opened at $13.21 on Friday. The company has a 50-day simple moving average of $11.79 and a two-hundred day simple moving average of $10.03. The company has a quick ratio of 1.85, a current ratio of 3.95 and a debt-to-equity ratio of 0.08. Silver Standard Resources Inc. has a 12-month low of $4.32 and a 12-month high of $13.46. The firm has a market cap of $2.68 billion, a price-to-earnings ratio of 32.22 and a beta of -0.12.

Silver Standard Resources (NASDAQ:SSRM - Get Free Report) TSE: SSO last posted its quarterly earnings results on Tuesday, May 6th. The basic materials company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.21. Silver Standard Resources had a net margin of 7.82% and a return on equity of 2.44%. The business had revenue of $303.43 million during the quarter, compared to analyst estimates of $332.64 million. On average, equities analysts forecast that Silver Standard Resources Inc. will post 0.73 EPS for the current year.

Analyst Ratings Changes

SSRM has been the topic of a number of recent analyst reports. UBS Group reiterated a "neutral" rating and issued a $13.85 price objective (up previously from $12.35) on shares of Silver Standard Resources in a research report on Tuesday, June 24th. Cormark raised Silver Standard Resources from a "hold" rating to a "moderate buy" rating in a research note on Tuesday, April 22nd. Wall Street Zen raised Silver Standard Resources from a "buy" rating to a "strong-buy" rating in a research note on Saturday, June 21st. National Bank Financial raised Silver Standard Resources to a "hold" rating in a research note on Friday, March 21st. Finally, National Bankshares reissued a "sector perform" rating on shares of Silver Standard Resources in a research note on Wednesday, April 23rd. Five investment analysts have rated the stock with a hold rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Silver Standard Resources has an average rating of "Hold" and an average target price of $10.53.

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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