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

Key Points

• Silver Standard Resources Inc. (NASDAQ:SSRM) shares reached a new 52-week high of $15.58 during trading, closing slightly lower at $15.56 with a volume of over 3.4 million shares traded.
• Analysts have mixed opinions on SSRM, with Cormark upgrading it to a "moderate buy" and others maintaining hold or neutral ratings, with a consensus target price of $11.28.
• The company reported strong quarterly earnings, achieving $0.51 EPS which surpassed estimates, and generating revenue of $410.54 million compared to the expected $381.08 million.

Shares of Silver Standard Resources Inc. (NASDAQ:SSRM - Get Free Report) TSE: SSO hit a new 52-week high on Tuesday . The stock traded as high as $15.58 and last traded at $15.56, with a volume of 3403735 shares trading hands. The stock had previously closed at $15.19.

Wall Street Analyst Weigh In

Several analysts recently issued reports on SSRM shares. National Bankshares reaffirmed a "sector perform" rating on shares of Silver Standard Resources in a report on Wednesday, April 23rd. UBS Group reiterated a "neutral" rating and set a $13.85 price objective (up from $12.35) on shares of Silver Standard Resources in a research note on Tuesday, June 24th. Cormark upgraded shares of Silver Standard Resources from a "hold" rating to a "moderate buy" rating in a research note on Tuesday, April 22nd. Wall Street Zen upgraded shares of Silver Standard Resources from a "buy" rating to a "strong-buy" rating in a research note on Saturday, July 26th. Finally, BMO Capital Markets initiated coverage on shares of Silver Standard Resources in a research note on Friday, July 18th. They set a "market perform" rating and a $13.50 price objective on the stock. Six investment analysts have rated the stock with a hold rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $11.28.

Silver Standard Resources Stock Up 1.4%

The company has a market capitalization of $3.32 billion, a price-to-earnings ratio of 20.96 and a beta of -0.16. The stock's fifty day simple moving average is $12.96 and its two-hundred day simple moving average is $11.20. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.39 and a quick ratio of 1.20.

Silver Standard Resources (NASDAQ:SSRM - Get Free Report) TSE: SSO last released its quarterly earnings data on Tuesday, August 5th. The basic materials company reported $0.51 earnings per share for the quarter, topping analysts' consensus estimates of $0.23 by $0.28. Silver Standard Resources had a net margin of 12.66% and a return on equity of 4.99%. The business had revenue of $410.54 million for the quarter, compared to analysts' expectations of $381.08 million. On average, sell-side analysts predict that Silver Standard Resources Inc. will post 0.73 earnings per share for the current fiscal year.

Institutional Trading of Silver Standard Resources

Large investors have recently modified their holdings of the company. Caitong International Asset Management Co. Ltd bought a new position in shares of Silver Standard Resources during the 1st quarter valued at about $32,000. Tacita Capital Inc bought a new position in shares of Silver Standard Resources during the 1st quarter valued at about $48,000. Strs Ohio bought a new position in shares of Silver Standard Resources during the 1st quarter valued at about $50,000. Northwest & Ethical Investments L.P. bought a new position in shares of Silver Standard Resources during the 1st quarter valued at about $72,000. Finally, Tower Research Capital LLC TRC boosted its position in shares of Silver Standard Resources by 187.7% during 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 purchasing an additional 8,872 shares in the last quarter. Institutional investors and hedge funds own 68.30% of the company's stock.

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.