Silver Standard Resources (NASDAQ:SSRM) Shares Gap Up - Here's What Happened

Key Points

• Silver Standard Resources shares gapped higher, opening at $36.97 versus a prior close of $35.83 and last trading around $37.65.
• Analyst sentiment remained positive, with a consensus rating of “Moderate Buy” and an average price target of $41.60, despite target cuts from Bank of America and UBS and downgrades from Zacks Research and Wall Street Zen.
• The company narrowly missed quarterly earnings and revenue estimates, reporting $0.66 EPS and $443.8 million in revenue, while declaring a $0.03 quarterly dividend and reporting that institutional investors own 68.3% of its stock.

Silver Standard Resources Inc. (NASDAQ:SSRM - Get Free Report) TSE: SSO gapped up before the market opened on Wednesday . The stock had previously closed at $35.83, but opened at $36.97. Silver Standard Resources shares last traded at $37.6450, with a volume of 182,042 shares.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. Bank of America dropped their price target on Silver Standard Resources from $41.00 to $40.00 and set a "buy" rating on the stock in a research note on Thursday, July 9th. UBS Group decreased their price objective on shares of Silver Standard Resources from $43.00 to $40.00 and set a "buy" rating on the stock in a report on Tuesday, June 30th. Zacks Research cut shares of Silver Standard Resources from a "strong-buy" rating to a "hold" rating in a research note on Friday, May 29th. Weiss Ratings raised shares of Silver Standard Resources from a "hold (c-)" rating to a "hold (c)" rating in a report on Thursday, August 6th. Finally, Wall Street Zen lowered shares of Silver Standard Resources from a "strong-buy" rating to a "buy" rating in a research note on Saturday, July 18th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $41.60.

Silver Standard Resources Price Performance

The company has a market cap of $7.67 billion, a P/E ratio of 33.70, a PEG ratio of 7.85 and a beta of -0.04. The stock's 50-day moving average price is $30.41 and its 200-day moving average price is $30.05.

Silver Standard Resources (NASDAQ:SSRM - Get Free Report) TSE: SSO last issued its quarterly earnings data on Tuesday, August 4th. The basic materials company reported $0.66 earnings per share for the quarter, missing the consensus estimate of $0.67 by ($0.01). Silver Standard Resources had a return on equity of 16.17% and a net margin of 12.30%.The business had revenue of $443.80 million during the quarter, compared to analyst estimates of $483.84 million. As a group, analysts expect that Silver Standard Resources Inc. will post 3.87 EPS for the current fiscal year.

Silver Standard Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 11th. Investors of record on Friday, August 14th will be paid a $0.03 dividend. This represents a $0.12 annualized dividend and a dividend yield of 0.3%. The ex-dividend date is Friday, August 14th. Silver Standard Resources's payout ratio is 10.91%.

Hedge Funds Weigh In On Silver Standard Resources

Hedge funds have recently added to or reduced their stakes in the stock. Strs Ohio bought a new stake in shares of Silver Standard Resources during the 1st quarter valued at $50,000. AQR Capital Management LLC lifted its position in Silver Standard Resources by 461.5% during the first quarter. AQR Capital Management LLC now owns 86,050 shares of the basic materials company's stock worth $863,000 after purchasing an additional 70,726 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Silver Standard Resources by 96.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 410,046 shares of the basic materials company's stock worth $4,113,000 after purchasing an additional 201,525 shares during the period. Finally, Goldman Sachs Group Inc. grew its stake in Silver Standard Resources by 27.1% during the first quarter. Goldman Sachs Group Inc. now owns 2,482,100 shares of the basic materials company's stock worth $24,895,000 after buying an additional 529,035 shares in the last quarter. Institutional investors own 68.30% of the company's stock.

About Silver Standard Resources

Silver Standard Resources Inc NASDAQ: SSRM is a Vancouver‐based precious metals company engaged in the acquisition, exploration, development and production of silver and gold deposits primarily across the Americas. The company’s strategy centers on advancing high‐quality projects into production while maintaining a portfolio of operating mines that deliver consistent metal output. Silver Standard emphasizes sustainable resource development and community partnership at each stage of its operations.

The company’s principal producing assets include the Marigold gold mine in Nevada, which entered commercial production in 2006; the Seabee gold operation in Saskatchewan, Canada, acquired in 2016; and the Pirquitas silver‐gold mine in Argentina, which began producing in 2009.

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