Silver Standard Resources (NASDAQ:SSRM) Reaches New 1-Year High on Earnings Beat

Key Points

• Silver Standard Resources shares reached a new 52-week high, trading as high as $13.66, following a quarterly earnings report that surpassed expectations with earnings per share of $0.51 vs. the estimated $0.23.
• The company reported revenue of $410.54 million for the quarter, exceeding analyst expectations of $381.08 million, and has a market capitalization of $3.03 billion.
• Hedge funds have increased their positions in Silver Standard Resources, with institutional investors now owning 68.30% of the company's stock.

Silver Standard Resources Inc. (NASDAQ:SSRM - Get Free Report) TSE: SSO's share price hit a new 52-week high during trading on Wednesday after the company announced better than expected quarterly earnings. The company traded as high as $13.66 and last traded at $14.16, with a volume of 106368 shares. The stock had previously closed at $12.99.

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 return on equity of 2.44% and a net margin of 7.82%. The business had revenue of $410.54 million for the quarter, compared to analysts' expectations of $381.08 million.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on SSRM shares. BMO Capital Markets started coverage on shares of Silver Standard Resources in a research report on Friday, July 18th. They set a "market perform" rating and a $13.50 price target for the company. UBS Group reiterated a "neutral" rating and issued a $13.85 target price (up previously from $12.35) on shares of Silver Standard Resources in a report on Tuesday, June 24th. Cormark upgraded Silver Standard Resources from a "hold" rating to a "moderate buy" rating in a research note on Tuesday, April 22nd. Wall Street Zen raised Silver Standard Resources from a "buy" rating to a "strong-buy" rating in a research note on Saturday, July 26th. Finally, National Bankshares reissued a "sector perform" rating on shares of Silver Standard Resources in a research note on Wednesday, April 23rd. Six analysts have rated the stock with a hold rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $11.28.

Hedge Funds Weigh In On Silver Standard Resources

Hedge funds have recently made changes to their positions in the company. Strs Ohio acquired a new position in shares of Silver Standard Resources in the 1st quarter valued at $50,000. Belpointe Asset Management LLC purchased a new position in Silver Standard Resources in the first quarter worth $206,000. Bayforest Capital Ltd acquired a new stake in Silver Standard Resources in the first quarter valued at $147,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Silver Standard Resources by 96.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 410,046 shares of the basic materials company's stock worth $4,113,000 after purchasing an additional 201,525 shares during the period. Finally, Goldman Sachs Group Inc. increased its holdings in shares of Silver Standard Resources by 27.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,482,100 shares of the basic materials company's stock valued at $24,895,000 after purchasing an additional 529,035 shares in the last quarter. Hedge funds and other institutional investors own 68.30% of the company's stock.

Silver Standard Resources Stock Performance

The company has a market capitalization of $3.03 billion, a PE ratio of 36.60 and a beta of -0.16. The company has a quick ratio of 1.85, a current ratio of 3.95 and a debt-to-equity ratio of 0.08. The stock's fifty day simple moving average is $12.56 and its 200-day simple moving average is $10.90.

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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