Silver Standard Resources (NASDAQ:SSRM) Sets New 52-Week High - Here's Why

Silver Standard Resources Inc. (NASDAQ:SSRM - Get Free Report) TSE: SSO's share price hit a new 52-week high on Monday . The stock traded as high as $13.48 and last traded at $13.45, with a volume of 2534466 shares changing hands. The stock had previously closed at $13.18.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on SSRM. Cormark upgraded Silver Standard Resources from a "hold" rating to a "moderate buy" rating in a research note on Tuesday, April 22nd. National Bankshares restated a "sector perform" rating on shares of Silver Standard Resources in a research note on Wednesday, April 23rd. UBS Group restated a "neutral" rating and set a $13.85 target price (up from $12.35) on shares of Silver Standard Resources in a research note on Tuesday, June 24th. National Bank Financial upgraded Silver Standard Resources to a "hold" rating in a research note on Friday, March 21st. Finally, Wall Street Zen upgraded Silver Standard Resources from a "buy" rating to a "strong-buy" rating in a research note on Saturday, June 21st. Five analysts have rated the stock with a hold rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $10.53.

Silver Standard Resources Price Performance

The company has a market cap of $2.49 billion, a P/E ratio of 29.95 and a beta of -0.12. The company has a fifty day simple moving average of $11.91 and a 200-day simple moving average of $10.17. The company has a debt-to-equity ratio of 0.08, a current ratio of 3.95 and a quick ratio of 1.85.

Silver Standard Resources (NASDAQ:SSRM - Get Free Report) TSE: SSO last posted its quarterly earnings results on Tuesday, May 6th. The basic materials company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.21. Silver Standard Resources had a return on equity of 2.44% and a net margin of 7.82%. The company had revenue of $303.43 million for the quarter, compared to analysts' expectations of $332.64 million. On average, sell-side analysts predict that Silver Standard Resources Inc. will post 0.73 earnings per share for the current year.

Hedge Funds Weigh In On Silver Standard Resources

Institutional investors and hedge funds have recently modified their holdings of the stock. Nuveen LLC bought a new stake in Silver Standard Resources in the first quarter worth $18,759,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Silver Standard Resources by 21.8% in 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 buying an additional 1,802,821 shares in the last quarter. Federated Hermes Inc. grew its position in Silver Standard Resources by 53.9% during the 4th quarter. Federated Hermes Inc. now owns 3,671,138 shares of the basic materials company's stock worth $25,551,000 after acquiring an additional 1,285,347 shares during the last quarter. Jacobs Levy Equity Management Inc. boosted its position in Silver Standard Resources by 921.1% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 1,013,320 shares of the basic materials company's stock valued at $10,164,000 after buying an additional 914,084 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its position in Silver Standard Resources by 413.1% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 930,200 shares of the basic materials company's stock valued at $9,323,000 after buying an additional 748,900 shares during the last quarter. 68.30% of the stock is currently owned by hedge funds and other institutional investors.

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.