Silver Standard Resources (NASDAQ:SSRM) Hits New 12-Month High - What's Next?

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 shares reached a new 52-week high during trading on Monday . The company 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 analysts have commented on SSRM shares. UBS Group upgraded Silver Standard Resources from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $13.85 to $18.95 in a research report on Friday, August 15th. Zacks Research upgraded Silver Standard Resources to a "strong-buy" rating in a research note on Monday, August 11th. BMO Capital Markets started coverage on Silver Standard Resources in a research note on Friday, July 18th. They issued a "market perform" rating and a $13.50 target price for the company. Finally, Wall Street Zen upgraded shares of Silver Standard Resources from a "buy" rating to a "strong-buy" rating in a report on Saturday, July 26th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, Silver Standard Resources presently has an average rating of "Hold" and an average target price of $12.55.

Silver Standard Resources Stock Performance

The stock has a market capitalization of $3.52 billion, a P/E ratio of 22.26 and a beta of -0.16. The company's 50-day moving average is $13.53 and its two-hundred day moving average is $11.66. 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 posted its quarterly earnings data on Tuesday, August 5th. The basic materials company reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.28. The firm had revenue of $410.54 million for the quarter, compared to the consensus estimate of $381.08 million. Silver Standard Resources had a return on equity of 4.99% and a net margin of 12.66%. As a group, sell-side analysts anticipate that Silver Standard Resources Inc. will post 0.73 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Caitong International Asset Management Co. Ltd acquired a new position in Silver Standard Resources during the first quarter worth $32,000. Tacita Capital Inc acquired a new position in Silver Standard Resources during the first quarter worth $48,000. Strs Ohio acquired a new position in Silver Standard Resources during the first quarter worth $50,000. Northwest & Ethical Investments L.P. acquired a new position in Silver Standard Resources during the first quarter worth $72,000. Finally, Tower Research Capital LLC TRC raised its stake 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 worth $95,000 after acquiring an additional 8,872 shares in the last quarter. 68.30% of the stock is owned by 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.

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