Silver Standard Resources (NASDAQ:SSRM) Price Target Raised to $28.50 at CIBC

Key Points

• CIBC has raised the price target for Silver Standard Resources (NASDAQ:SSRM) from $25.00 to $28.50, indicating a potential upside of 28.22% from the current price.
• Multiple analysts have differing ratings on SSRM, with BMO Capital Markets upgrading the stock to strong-buy and UBS Group downgrading it to neutral.
• Silver Standard Resources reported earnings of $0.51 EPS, significantly beating consensus estimates, with a revenue of $410.54 million for the recent quarter.

Silver Standard Resources (NASDAQ:SSRM - Get Free Report) TSE: SSO had its target price boosted by research analysts at CIBC from $25.00 to $28.50 in a research note issued on Friday,Benzinga reports. The firm currently has a "neutral" rating on the basic materials company's stock. CIBC's target price suggests a potential upside of 28.22% from the company's current price.

A number of other analysts also recently issued reports on SSRM. BMO Capital Markets upgraded shares of Silver Standard Resources from a "hold" rating to a "strong-buy" rating in a report on Tuesday, September 30th. Weiss Ratings reiterated a "hold (c)" rating on shares of Silver Standard Resources in a report on Wednesday. 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. UBS Group downgraded shares of Silver Standard Resources from a "buy" rating to a "neutral" rating and lifted their price target for the company from $18.95 to $22.95 in a report on Friday, September 19th. Finally, Zacks Research downgraded shares of Silver Standard Resources from a "strong-buy" rating to a "hold" rating in a report on Tuesday, September 9th. One equities research analyst has rated the stock with a Strong Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $18.24.

Silver Standard Resources Price Performance

Shares of SSRM stock traded down $0.62 on Friday, hitting $22.23. 1,938,544 shares of the stock traded hands, compared to its average volume of 2,911,414. The firm has a market cap of $4.51 billion, a price-to-earnings ratio of 28.50 and a beta of -0.09. Silver Standard Resources has a 52 week low of $5.06 and a 52 week high of $25.09. The firm has a 50 day simple moving average of $19.80 and a two-hundred day simple moving average of $14.39. 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 announced its quarterly earnings data 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 firm had revenue of $410.54 million for the quarter, compared to the consensus estimate 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, equities research analysts predict that Silver Standard Resources will post 0.73 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Silver Standard Resources

A number of large investors have recently made changes to their positions in SSRM. Caitong International Asset Management Co. Ltd purchased a new position in shares of Silver Standard Resources during the 1st quarter worth about $32,000. Tacita Capital Inc purchased a new position in shares of Silver Standard Resources during the 1st quarter worth about $48,000. Strs Ohio purchased a new position in shares of Silver Standard Resources during the 1st quarter worth about $50,000. Northwest & Ethical Investments L.P. purchased a new position in shares of Silver Standard Resources during the 1st quarter worth about $72,000. Finally, Simplicity Wealth LLC purchased a new position in shares of Silver Standard Resources during the 1st quarter worth about $109,000. 68.30% of the stock is owned by hedge funds and other institutional investors.

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.

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