Silver Standard Resources (NASDAQ:SSRM) Hits New 1-Year High - Here's What Happened

Shares of Silver Standard Resources Inc. (NASDAQ:SSRM - Get Free Report) TSE: SSO 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 trading hands. The stock had previously closed at $13.18.

Analyst Upgrades and Downgrades

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

Silver Standard Resources Stock Up 0.3%

The firm has a 50 day moving average of $12.02 and a 200 day moving average of $10.23. The firm has a market cap of $2.52 billion, a price-to-earnings ratio of 30.29 and a beta of -0.12. The company has a quick ratio of 1.85, a current ratio of 3.95 and a debt-to-equity ratio of 0.08.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in SSRM. US Bancorp DE boosted its holdings in Silver Standard Resources by 62.4% in the fourth quarter. US Bancorp DE now owns 3,540 shares of the basic materials company's stock worth $25,000 after acquiring an additional 1,360 shares in the last quarter. SBI Securities Co. Ltd. bought a new position in shares of Silver Standard Resources in the fourth quarter valued at approximately $29,000. Allianz SE bought a new position in shares of Silver Standard Resources in the fourth quarter valued at approximately $30,000. Caitong International Asset Management Co. Ltd bought a new position in shares of Silver Standard Resources in the first quarter valued at approximately $32,000. Finally, Tacita Capital Inc bought a new position in shares of Silver Standard Resources in the first quarter valued at approximately $48,000. Institutional investors own 68.30% of the company's stock.

About Silver Standard Resources

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.