Silver Standard Resources (NASDAQ:SSRM) Hits New 12-Month High - Should You Buy?

Key Points

• Silver Standard Resources (NASDAQ: SSRM) reached a new 52-week high of $17.32, reflecting positive market performance and analyst upgrades.
• UBS Group has upgraded the stock from a "neutral" to a "buy" rating, increasing the target price from $13.85 to $18.95.
• The company reported quarterly earnings of $0.51 per share, exceeding estimates and reflecting a strong revenue of $410.54 million compared to expectations of $381.08 million.

Silver Standard Resources Inc. (NASDAQ:SSRM - Get Free Report) TSE: SSO's share price reached a new 52-week high during trading on Monday . The stock traded as high as $17.17 and last traded at $17.32, with a volume of 7416 shares. The stock had previously closed at $17.11.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. UBS Group upgraded shares of Silver Standard Resources from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $13.85 to $18.95 in a research report on Friday, August 15th. 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. BMO Capital Markets started 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 target on the stock. Finally, Zacks Research raised shares of Silver Standard Resources to a "strong-buy" rating in a report on Monday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $12.55.

Silver Standard Resources Stock Performance

The firm has a fifty day moving average of $14.07 and a 200-day moving average of $11.94. The company has a quick ratio of 1.20, a current ratio of 2.39 and a debt-to-equity ratio of 0.03. The stock has a market capitalization of $3.92 billion, a price-to-earnings ratio of 24.76 and a beta of -0.16.

Silver Standard Resources (NASDAQ:SSRM - Get Free Report) TSE: SSO last released its quarterly earnings results on Tuesday, August 5th. The basic materials company reported $0.51 EPS for the quarter, beating the consensus estimate of $0.23 by $0.28. The business had revenue of $410.54 million for the quarter, compared to analyst estimates of $381.08 million. Silver Standard Resources had a net margin of 12.66% and a return on equity of 4.99%. As a group, sell-side analysts anticipate that Silver Standard Resources Inc. will post 0.73 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in SSRM. Caitong International Asset Management Co. Ltd purchased a new stake in Silver Standard Resources during the first quarter valued at about $32,000. Tacita Capital Inc purchased a new stake in shares of Silver Standard Resources during the 1st quarter worth about $48,000. Strs Ohio acquired a new stake in Silver Standard Resources during the 1st quarter worth approximately $50,000. Northwest & Ethical Investments L.P. purchased a new position in Silver Standard Resources in the first quarter valued at approximately $72,000. Finally, Tower Research Capital LLC TRC lifted its position in Silver Standard Resources by 187.7% during the fourth 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 in the last quarter. 68.30% of the stock is owned by hedge funds and other institutional investors.

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.