Sprott Inc. Purchases 221,533 Shares of Silver Standard Resources Inc. $SSRM

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 position in Silver Standard Resources Inc. (NASDAQ:SSRM - Free Report) TSE: SSO by 136.3% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 384,034 shares of the basic materials company's stock after purchasing an additional 221,533 shares during the period. Sprott Inc. owned 0.19% of Silver Standard Resources worth $3,852,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd acquired a new position in Silver Standard Resources during the 1st quarter worth approximately $32,000. Tacita Capital Inc acquired a new stake in shares of Silver Standard Resources during the first quarter worth $48,000. Northwest & Ethical Investments L.P. acquired a new position in Silver Standard Resources in the first quarter valued at $72,000. Tower Research Capital LLC TRC raised its position in Silver Standard Resources by 187.7% in the fourth quarter. Tower Research Capital LLC TRC now owns 13,599 shares of the basic materials company's stock valued at $95,000 after purchasing an additional 8,872 shares during the period. Finally, Simplicity Wealth LLC purchased a new stake in shares of Silver Standard Resources during the first quarter worth about $109,000. Institutional investors and hedge funds own 68.30% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Wall Street Zen raised Silver Standard Resources from a "buy" rating to a "strong-buy" rating in a report on Saturday, July 26th. BMO Capital Markets assumed coverage on Silver Standard Resources in a report on Friday, July 18th. They issued a "market perform" rating and a $13.50 price objective for the company. Zacks Research raised Silver Standard Resources to a "strong-buy" rating in a report on Monday, August 11th. Finally, UBS Group raised Silver Standard Resources from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $13.85 to $18.95 in a report on Friday, August 15th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $12.55.

Silver Standard Resources Stock Performance

Shares of NASDAQ SSRM traded down $0.05 during midday trading on Wednesday, hitting $18.27. 1,219,530 shares of the company's stock were exchanged, compared to its average volume of 2,727,544. 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's 50 day moving average price is $13.73 and its 200-day moving average price is $11.76. The firm has a market cap of $3.71 billion, a P/E ratio of 23.40 and a beta of -0.16. Silver Standard Resources Inc. has a twelve month low of $4.82 and a twelve month high of $18.45.

Silver Standard Resources (NASDAQ:SSRM - Get Free Report) TSE: SSO last announced its earnings results on Tuesday, August 5th. The basic materials company reported $0.51 EPS for the quarter, topping 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 for the quarter, compared to analysts' expectations of $381.08 million. Equities research analysts anticipate that Silver Standard Resources Inc. will post 0.73 EPS for the current year.

Silver Standard Resources 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.