Silver Standard Resources (NASDAQ:SSRM) Hits New 1-Year High - Time to Buy?

Key Points

• Silver Standard Resources (NASDAQ:SSRM) stock reached a new 52-week high of $19.74, closing at $19.13 on Tuesday with significant trading volume.
• Analysts are optimistic about the company, with several upgrades; UBS Group raised its price target from $13.85 to $18.95 and changed its rating from neutral to buy.
• In its latest earnings report, Silver Standard Resources posted an EPS of $0.51, surpassing estimates and showing a revenue of $410.54 million against expected $381.08 million.

Silver Standard Resources Inc. (NASDAQ:SSRM - Get Free Report) TSE: SSO's stock price hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $19.74 and last traded at $19.13, with a volume of 540795 shares trading hands. The stock had previously closed at $19.31.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. BMO Capital Markets assumed coverage on Silver Standard Resources in a report on Friday, July 18th. They issued a "market perform" rating and a $13.50 target price for the company. Wall Street Zen upgraded Silver Standard Resources from a "buy" rating to a "strong-buy" rating in a report on Saturday, July 26th. Zacks Research upgraded Silver Standard Resources to a "strong-buy" rating in a report on Monday, August 11th. Finally, UBS Group upgraded Silver Standard Resources from a "neutral" rating to a "buy" rating and increased their price target for the stock from $13.85 to $18.95 in a report on Friday, August 15th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, Silver Standard Resources currently has an average rating of "Hold" and an average price target of $12.55.

Silver Standard Resources Stock Up 1.8%

The business has a fifty day moving average of $14.20 and a 200 day moving average of $12.05. The company has a market capitalization of $3.99 billion, a PE ratio of 25.24 and a beta of -0.08. The company has a current ratio of 2.39, a quick ratio of 1.20 and a debt-to-equity ratio of 0.03.

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, beating analysts' consensus estimates of $0.23 by $0.28. Silver Standard Resources had a return on equity of 4.99% and a net margin of 12.66%.The company had revenue of $410.54 million during the quarter, compared to analysts' expectations of $381.08 million. Equities research analysts anticipate that Silver Standard Resources Inc. will post 0.73 EPS for the current year.

Hedge Funds Weigh In On Silver Standard Resources

A number of hedge funds and other institutional investors have recently bought and sold shares of SSRM. Caitong International Asset Management Co. Ltd purchased a new position in shares of Silver Standard Resources in the 1st quarter valued at about $32,000. Tacita Capital Inc purchased a new position in shares of Silver Standard Resources in the 1st quarter valued at about $48,000. Strs Ohio purchased a new position in shares of Silver Standard Resources in the 1st quarter valued at about $50,000. Northwest & Ethical Investments L.P. purchased a new position in shares of Silver Standard Resources in the 1st quarter valued at about $72,000. Finally, Tower Research Capital LLC TRC boosted its stake in shares of Silver Standard Resources by 187.7% in the 4th quarter. Tower Research Capital LLC TRC now owns 13,599 shares of the basic materials company's stock valued at $95,000 after buying an additional 8,872 shares during the period. 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.

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