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

Key Points

• Silver Standard Resources reached a new 52-week high of $24.85, showing significant price movement with a current trading position around $24.69.
• Recent analyst ratings have varied, with BMO Capital beginning coverage at a target price of $13.50, while Wall Street Zen upgraded the stock to a "strong-buy" rating.
• The company reported earnings of $0.51 per share for the last quarter, exceeding estimates and indicating healthy revenue performance of $410.54 million.

Silver Standard Resources Inc. (NASDAQ:SSRM - Get Free Report) TSE: SSO hit a new 52-week high on Monday . The company traded as high as $24.85 and last traded at $24.69, with a volume of 369367 shares. The stock had previously closed at $24.13.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on SSRM shares. 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 on the stock. UBS Group downgraded Silver Standard Resources from a "buy" rating to a "neutral" rating and boosted their target price for the stock from $18.95 to $22.95 in a research note on Friday, September 19th. Zacks Research downgraded Silver Standard Resources from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, September 9th. Finally, Wall Street Zen upgraded Silver Standard Resources from a "buy" rating to a "strong-buy" rating in a research note on Saturday, July 26th. Seven investment analysts have rated the stock with a Hold rating, According to MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $13.55.

Silver Standard Resources Price Performance

The business's fifty day moving average is $17.78 and its 200 day moving average is $13.64. 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 company has a market cap of $5.00 billion, a P/E ratio of 31.65 and a beta of -0.08.

Silver Standard Resources (NASDAQ:SSRM - Get Free Report) TSE: SSO last issued its earnings results on Tuesday, August 5th. The basic materials company reported $0.51 earnings per share (EPS) for the quarter, beating 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. 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

A number of hedge funds have recently made changes to their positions in the company. Caitong International Asset Management Co. Ltd purchased a new position in Silver Standard Resources in the first quarter worth $32,000. Tacita Capital Inc purchased a new position in Silver Standard Resources in the first quarter worth $48,000. Strs Ohio purchased a new position in Silver Standard Resources in the first quarter worth $50,000. Northwest & Ethical Investments L.P. purchased a new position in Silver Standard Resources in the first quarter worth $72,000. Finally, Simplicity Wealth LLC purchased a new position in Silver Standard Resources in the first quarter worth $109,000. 68.30% of the stock is currently 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.

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