Silver Standard Resources Inc. $SSRM Shares Purchased by Sprott Inc.

Key Points

• Sprott Inc. has increased its stake in Silver Standard Resources Inc. by 136.3%, acquiring an additional 221,533 shares, giving it a total of 384,034 shares valued at approximately $3.85 million.
• Silver Standard Resources reported a strong earnings performance, with an earnings per share (EPS) of $0.51 for the last quarter, exceeding analysts' estimates of $0.23 by a significant margin.
• Recent analyst ratings for Silver Standard Resources show a shift in sentiment, with several firms upgrading their ratings, including a move from "buy" to "strong-buy", reflecting increasing confidence in the stock.

Sprott Inc. increased its holdings in shares of Silver Standard Resources Inc. (NASDAQ:SSRM - Free Report) TSE: SSO by 136.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 384,034 shares of the basic materials company's stock after buying an additional 221,533 shares during the period. Sprott Inc. owned about 0.19% of Silver Standard Resources worth $3,852,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Silver Standard Resources in the first quarter valued at $32,000. Tacita Capital Inc purchased a new position in shares of Silver Standard Resources in the 1st quarter valued at about $48,000. Northwest & Ethical Investments L.P. purchased a new position in shares of Silver Standard Resources in the 1st quarter valued at about $72,000. Simplicity Wealth LLC purchased a new position in shares of Silver Standard Resources in the 1st quarter valued at about $109,000. Finally, Merit Financial Group LLC purchased a new position in shares of Silver Standard Resources in the 1st quarter valued at about $113,000. Institutional investors and hedge funds own 68.30% of the company's stock.

Analyst Upgrades and Downgrades

SSRM has been the subject of several recent research reports. Wall Street Zen upgraded Silver Standard Resources from a "buy" rating to a "strong-buy" rating in a research note on Saturday, July 26th. BMO Capital Markets initiated coverage on Silver Standard Resources in a research note on Friday, July 18th. They issued a "market perform" rating and a $13.50 price objective for the company. Zacks Research upgraded Silver Standard Resources to a "strong-buy" rating in a research note on Monday, August 11th. Finally, UBS Group raised Silver Standard Resources from a "neutral" rating to a "buy" rating and lifted their price target for the stock from $13.85 to $18.95 in a report on Friday, August 15th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $12.55.

Silver Standard Resources Price Performance

Shares of SSRM traded up $0.41 on Monday, reaching $17.52. The stock had a trading volume of 3,642,957 shares, compared to its average volume of 2,726,974. Silver Standard Resources Inc. has a twelve month low of $4.82 and a twelve month high of $17.63. The firm has a market capitalization of $3.55 billion, a PE ratio of 22.46 and a beta of -0.16. The firm has a 50-day moving average of $13.62 and a 200 day moving average of $11.72. The company has a quick ratio of 1.20, a current ratio of 2.39 and a debt-to-equity ratio of 0.03.

Silver Standard Resources (NASDAQ:SSRM - Get Free Report) TSE: SSO last released its quarterly earnings data 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. Silver Standard Resources had a return on equity of 4.99% and a net margin of 12.66%.The firm had revenue of $410.54 million during the quarter, compared to the consensus estimate of $381.08 million. Sell-side analysts expect that Silver Standard Resources Inc. will post 0.73 EPS for the current year.

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.