Short Interest in Silver Standard Resources Inc. (NASDAQ:SSRM) Rises By 27.9%

Silver Standard Resources Inc. (NASDAQ:SSRM - Get Free Report) TSE: SSO was the recipient of a large increase in short interest during the month of August. As of August 15th, there was short interest totaling 9,640,000 shares, an increase of 27.9% from the July 31st total of 7,540,000 shares. Currently, 4.8% of the shares of the company are short sold. Based on an average trading volume of 3,010,000 shares, the short-interest ratio is currently 3.2 days. Based on an average trading volume of 3,010,000 shares, the short-interest ratio is currently 3.2 days. Currently, 4.8% of the shares of the company are short sold.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on SSRM. Zacks Research lowered shares of Silver Standard Resources from a "strong-buy" rating to a "hold" rating in a research report on Tuesday. Wall Street Zen raised shares of 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 shares of Silver Standard Resources in a research note on Friday, July 18th. They issued a "market perform" rating and a $13.50 target price on the stock. Finally, UBS Group raised shares of Silver Standard Resources from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $13.85 to $18.95 in a research note on Friday, August 15th. One equities research analyst has rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $12.55.

Institutional Trading of Silver Standard Resources

Hedge funds and other institutional investors have recently bought and sold shares of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Silver Standard Resources by 21.8% during the 4th 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 purchasing an additional 1,802,821 shares in the last quarter. Tidal Investments LLC raised its holdings in shares of Silver Standard Resources by 14.7% in the fourth quarter. Tidal Investments LLC now owns 3,174,367 shares of the basic materials company's stock valued at $22,094,000 after purchasing an additional 407,920 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings 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 during the last quarter. Voloridge Investment Management LLC increased its stake in shares of Silver Standard Resources by 22.2% in 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 purchasing an additional 399,806 shares in the last quarter. Finally, Nuveen LLC bought a new position in shares of Silver Standard Resources in the first quarter valued at approximately $18,759,000. Institutional investors and hedge funds own 68.30% of the company's stock.

Silver Standard Resources Stock Down 1.6%

SSRM stock traded down $0.37 during midday trading on Friday, hitting $22.39. The company's stock had a trading volume of 3,430,570 shares, compared to its average volume of 3,417,357. The company's fifty day moving average price is $15.73 and its 200 day moving average price is $12.73. Silver Standard Resources has a twelve month low of $5.06 and a twelve month high of $23.07. The stock has a market capitalization of $4.54 billion, a P/E ratio of 28.71 and a beta of -0.08. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.39 and a quick ratio of 1.20.

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. The business had revenue of $410.54 million during the quarter, compared to the consensus estimate of $381.08 million. Silver Standard Resources had a net margin of 12.66% and a return on equity of 4.99%. As a group, equities research analysts predict that Silver Standard Resources will post 0.73 EPS for the current year.

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.