Silver Standard Resources (NASDAQ:SSRM) Given New $40.00 Price Target at Bank of America

Key Points

• Bank of America lowered its price target on Silver Standard Resources from $41 to $40 while keeping a buy rating, implying about 41.84% upside from the current share price.
• Analyst sentiment remains generally positive: the stock has a Moderate Buy consensus rating with an average price target of $41.80, despite a few recent target cuts and one downgrade.
• Silver Standard Resources recently reported EPS of $1.15, beating expectations, while revenue came in below estimates; the company also showed strong liquidity with a quick ratio of 4.57 and a current ratio of 5.33.

Silver Standard Resources (NASDAQ:SSRM - Get Free Report) TSE: SSO had its price objective cut by Bank of America from $41.00 to $40.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has a "buy" rating on the basic materials company's stock. Bank of America's price objective would indicate a potential upside of 41.84% from the stock's current price.

A number of other research firms have also issued reports on SSRM. Wall Street Zen upgraded Silver Standard Resources from a "buy" rating to a "strong-buy" rating in a research report on Saturday, May 9th. Royal Bank Of Canada upgraded Silver Standard Resources from a "sector perform" rating to an "outperform" rating and reduced their price objective for the stock from $45.00 to $40.00 in a research report on Wednesday, June 3rd. Canadian Imperial Bank of Commerce upgraded Silver Standard Resources from a "neutral" rating to a "sector outperform" rating and set a $48.00 target price for the company in a report on Thursday, March 12th. Zacks Research downgraded Silver Standard Resources from a "strong-buy" rating to a "hold" rating in a research note on Friday, May 29th. Finally, UBS Group reduced their price target on Silver Standard Resources from $43.00 to $40.00 and set a "buy" rating on the stock in a report on Tuesday, June 30th. One 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 stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $41.80.

Silver Standard Resources Price Performance

Silver Standard Resources stock opened at $28.20 on Thursday. Silver Standard Resources has a 52-week low of $11.70 and a 52-week high of $36.51. The firm has a market capitalization of $5.85 billion, a price-to-earnings ratio of 26.86, a PEG ratio of 0.37 and a beta of -0.10. The company has a fifty day simple moving average of $29.98 and a 200-day simple moving average of $28.15. The company has a quick ratio of 4.57, a current ratio of 5.33 and a debt-to-equity ratio of 0.01.

Silver Standard Resources (NASDAQ:SSRM - Get Free Report) TSE: SSO last posted its quarterly earnings results on Tuesday, May 5th. The basic materials company reported $1.15 earnings per share for the quarter, topping the consensus estimate of $0.81 by $0.34. The firm had revenue of $418.46 million for the quarter, compared to the consensus estimate of $524.79 million. Silver Standard Resources had a net margin of 12.17% and a return on equity of 14.87%. On average, equities analysts anticipate that Silver Standard Resources will post 4.53 EPS for the current fiscal year.

Institutional Investors Weigh In On Silver Standard Resources

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Goldman Sachs Group Inc. raised its position in Silver Standard Resources by 27.1% in the first quarter. Goldman Sachs Group Inc. now owns 2,482,100 shares of the basic materials company's stock valued at $24,895,000 after purchasing an additional 529,035 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Silver Standard Resources by 96.6% during the 1st 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 last quarter. AQR Capital Management LLC raised its stake in shares of Silver Standard Resources by 461.5% in the 1st quarter. AQR Capital Management LLC now owns 86,050 shares of the basic materials company's stock valued at $863,000 after acquiring an additional 70,726 shares during the period. Finally, Strs Ohio acquired a new position in Silver Standard Resources during the first quarter worth $50,000. Institutional investors and hedge funds 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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