Silver Standard Resources (NASDAQ:SSRM) Given New $44.00 Price Target at UBS Group

Key Points

• UBS raised its price target on Silver Standard Resources from $43 to $44 and maintains a buy rating, implying roughly a 34.9% upside from the prior close.
• Multiple brokers have upgraded the stock recently (including TD Cowen, Weiss, National Bank, CIBC and TD Securities), leaving an average analyst rating of Buy and an average target price of $37.75 (two Strong Buy, eight Buy).
• SSRM reported an EPS beat ($0.88 vs. $0.59 estimate) and $521.7M revenue, the stock jumped to $32.62 on heavy volume, and major institutions (AQR, UBS AM, Goldman) increased stakes, with institutions owning ~68.3% of shares.

Silver Standard Resources (NASDAQ:SSRM - Get Free Report) TSE: SSO had its target price lifted by UBS Group from $43.00 to $44.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has a "buy" rating on the basic materials company's stock. UBS Group's price target would indicate a potential upside of 34.89% from the company's previous close.

SSRM has been the topic of several other research reports. TD Cowen raised Silver Standard Resources from a "hold" rating to a "buy" rating in a report on Thursday, January 22nd. Weiss Ratings upgraded Silver Standard Resources from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday, April 2nd. National Bank Financial raised shares of Silver Standard Resources from a "sector perform" rating to an "outperform" rating in a research note on Wednesday, March 4th. Canadian Imperial Bank of Commerce upgraded shares of Silver Standard Resources from a "neutral" rating to a "sector outperform" rating and set a $48.00 target price on the stock in a report on Thursday, March 12th. Finally, TD Securities upgraded shares of Silver Standard Resources from a "hold" rating to a "strong-buy" rating in a report on Thursday, January 22nd. Two research analysts have rated the stock with a Strong Buy rating and eight have assigned a Buy rating to the company's stock. According to data from MarketBeat, Silver Standard Resources currently has an average rating of "Buy" and an average target price of $37.75.

Silver Standard Resources Stock Performance

SSRM traded up $4.37 during trading on Wednesday, hitting $32.62. The stock had a trading volume of 5,418,576 shares, compared to its average volume of 4,049,924. The firm has a market capitalization of $7.06 billion, a P/E ratio of 17.63, a PEG ratio of 0.40 and a beta of -0.17. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.25 and a current ratio of 2.08. Silver Standard Resources has a twelve month low of $10.19 and a twelve month high of $36.51. The company's 50-day moving average price is $29.79 and its 200 day moving average price is $25.49.

Silver Standard Resources (NASDAQ:SSRM - Get Free Report) TSE: SSO last released its earnings results on Tuesday, February 17th. The basic materials company reported $0.88 EPS for the quarter, topping the consensus estimate of $0.59 by $0.29. Silver Standard Resources had a net margin of 24.28% and a return on equity of 10.40%. The company had revenue of $521.73 million during the quarter, compared to analysts' expectations of $436.23 million. On average, equities research analysts forecast that Silver Standard Resources will post 3.93 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of SSRM. Strs Ohio purchased a new stake in shares of Silver Standard Resources during the first quarter valued at approximately $50,000. AQR Capital Management LLC grew its holdings in Silver Standard Resources by 461.5% during the 1st quarter. AQR Capital Management LLC now owns 86,050 shares of the basic materials company's stock valued at $863,000 after purchasing an additional 70,726 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in 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 buying an additional 201,525 shares during the period. Finally, Goldman Sachs Group Inc. increased its stake in Silver Standard Resources by 27.1% during the 1st 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 period. Institutional investors and hedge funds own 68.30% of the company's stock.

Silver Standard Resources Company Profile

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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