Silver Standard Resources (NASDAQ:SSRM) Stock Rating Lowered by Zacks Research

Key Points

• Silver Standard Resources' rating has been downgraded from "strong-buy" to "hold" by Zacks Research, reflecting a bearish outlook on the stock.
• Despite the downgrade, the stock has received mixed ratings from other analysts, with UBS Group and Wall Street Zen rating it as a "buy" and "strong-buy," respectively.
• The company's latest quarterly earnings surpassed estimates, reporting $0.51 earnings per share (EPS) against a consensus estimate of $0.23, alongside a revenue of $410.54 million.

Silver Standard Resources (NASDAQ:SSRM - Get Free Report) TSE: SSO was downgraded by equities researchers at Zacks Research from a "strong-buy" rating to a "hold" rating in a research report issued on Tuesday, September 9th,Zacks.com reports.

Other analysts have also recently issued research reports about the company. UBS Group raised Silver Standard Resources from a "neutral" rating to a "buy" rating and raised their target price for the stock from $13.85 to $18.95 in a research report on Friday, August 15th. Wall Street Zen raised 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 Silver Standard Resources in a research report on Friday, July 18th. They set a "market perform" rating and a $13.50 price objective for the company. One analyst has rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $12.55.

Silver Standard Resources Stock Down 3.5%

Shares of Silver Standard Resources stock traded down $0.80 during midday trading on Tuesday, hitting $21.85. The company's stock had a trading volume of 1,767,681 shares, compared to its average volume of 2,800,861. The firm has a market capitalization of $4.43 billion, a P/E ratio of 28.13 and a beta of -0.08. The stock has a 50-day simple moving average of $15.92 and a 200-day simple moving average of $12.84. The company has a quick ratio of 1.20, a current ratio of 2.39 and a debt-to-equity ratio of 0.03. Silver Standard Resources has a 1-year low of $5.06 and a 1-year high of $23.07.

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 EPS for the quarter, topping the consensus estimate of $0.23 by $0.28. The business had revenue of $410.54 million during the quarter, compared to analysts' expectations 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 expect that Silver Standard Resources will post 0.73 earnings per share for the current year.

Hedge Funds Weigh In On Silver Standard Resources

Institutional investors have recently made changes to their positions in the business. Deutsche Bank AG increased its stake in shares of Silver Standard Resources by 23.5% in the fourth quarter. Deutsche Bank AG now owns 363,494 shares of the basic materials company's stock worth $2,530,000 after purchasing an additional 69,124 shares during the period. RFG Advisory LLC acquired a new position in Silver Standard Resources in the 1st quarter valued at approximately $206,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its holdings in Silver Standard Resources by 25.4% in the 1st quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 113,709 shares of the basic materials company's stock valued at $1,140,000 after acquiring an additional 23,034 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Silver Standard Resources by 2.2% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,409,521 shares of the basic materials company's stock valued at $14,128,000 after acquiring an additional 30,862 shares in the last quarter. Finally, Ieq Capital LLC acquired a new position in Silver Standard Resources in the 1st quarter valued at approximately $173,000. 68.30% of the stock is currently 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.