Silver Standard Resources (NASDAQ:SSRM) Sets New 52-Week High - Should You Buy?

Key Points

• Silver Standard Resources (NASDAQ:SSRM) reached a new 52-week high of $21.64 during trading, closing at $21.32 with a trading volume of 98,970 shares.
• Analyst ratings for the stock have improved significantly, with several firms upgrading their ratings to "strong-buy" and increasing target prices, reflecting strong market confidence.
• The company reported $0.51 earnings per share for the last quarter, exceeding the consensus estimate of $0.23, alongside a revenue of $410.54 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 $21.64 and last traded at $21.32, with a volume of 98970 shares trading hands. The stock had previously closed at $21.10.

Wall Street Analysts Forecast Growth

SSRM has been the subject of a number of recent analyst reports. Zacks Research cut shares of Silver Standard Resources from a "strong-buy" rating to a "hold" rating in a research report on Tuesday. UBS Group upgraded shares of Silver Standard Resources from a "neutral" rating to a "buy" rating and upped 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 report on Saturday, July 26th. Finally, BMO Capital Markets initiated coverage on shares of Silver Standard Resources in a research report on Friday, July 18th. They issued a "market perform" rating and a $13.50 price objective for the company. One investment analyst has rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, Silver Standard Resources currently has a consensus rating of "Hold" and an average target price of $12.55.

Silver Standard Resources Stock Performance

The stock has a market capitalization of $4.54 billion, a price-to-earnings ratio of 28.71 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. The stock's 50 day moving average is $15.73 and its two-hundred day moving average is $12.72.

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 earnings per share for the quarter, topping analysts' consensus estimates of $0.23 by $0.28. The firm had revenue of $410.54 million during 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%. Analysts expect that Silver Standard Resources Inc. will post 0.73 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Silver Standard Resources

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SSRM. Deutsche Bank AG boosted its stake in shares of Silver Standard Resources by 23.5% during the 4th quarter. Deutsche Bank AG now owns 363,494 shares of the basic materials company's stock worth $2,530,000 after buying an additional 69,124 shares during the last quarter. RFG Advisory LLC acquired a new position in shares of Silver Standard Resources during the 1st quarter worth about $206,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its stake in shares of Silver Standard Resources by 25.4% during the 1st quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 113,709 shares of the basic materials company's stock worth $1,140,000 after buying an additional 23,034 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Silver Standard Resources by 2.2% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,409,521 shares of the basic materials company's stock worth $14,128,000 after buying an additional 30,862 shares during the last quarter. Finally, Ieq Capital LLC acquired a new position in shares of Silver Standard Resources during the 1st quarter worth about $173,000. 68.30% of the stock is owned by institutional investors and hedge funds.

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.