Silver Standard Resources (NASDAQ:SSRM) Hits New 12-Month High - Time to Buy?

Key Points

• The share price of Silver Standard Resources reached a new 52-week high of $23.36, closing at $22.92 with a trading volume of 38,435 shares.
• Analysts have mixed ratings, including UBS Group downgrading the stock to "neutral" while raising the price target to $22.95, and Zacks Research downgrading it from "strong-buy" to "hold".
• The company reported a record earnings per share of $0.51 in its latest quarterly results, surpassing estimates of $0.23.

Silver Standard Resources Inc. (NASDAQ:SSRM - Get Free Report) TSE: SSO's stock price reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $23.36 and last traded at $22.92, with a volume of 38435 shares traded. The stock had previously closed at $22.84.

Wall Street Analyst Weigh In

SSRM has been the subject of a number of research analyst reports. UBS Group lowered shares of Silver Standard Resources from a "buy" rating to a "neutral" rating and upped their price objective for the company from $18.95 to $22.95 in a research report on Friday. Zacks Research cut Silver Standard Resources from a "strong-buy" rating to a "hold" rating in a report on Tuesday, September 9th. BMO Capital Markets began coverage on 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. Finally, Wall Street Zen raised Silver Standard Resources from a "buy" rating to a "strong-buy" rating in a report on Saturday, July 26th. Seven equities research analysts have rated the stock with a Hold rating, According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $13.55.

Silver Standard Resources Stock Up 1.6%

The firm has a market cap of $4.70 billion, a price-to-earnings ratio of 29.74 and a beta of -0.08. The business's 50-day moving average is $16.89 and its 200-day moving average is $13.27. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.20 and a current ratio of 2.39.

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 for the quarter, topping the consensus estimate 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 company had revenue of $410.54 million during the quarter, compared to analyst estimates of $381.08 million. On average, equities analysts predict that Silver Standard Resources Inc. will post 0.73 EPS for the current year.

Institutional Inflows and Outflows

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