Silver Standard Resources (NASDAQ:SSRM) Reaches New 1-Year High - What's Next?

Key Points

• 52-week high: Silver Standard Resources (SSRM) hit a new 52-week high (intraday $34.62, last $34.84) with a market cap of about $7.54 billion and 50-/200-day SMAs of $28.02/$24.55.
• Multiple analyst upgrades (Bank of America, TD Cowen, BMO, CIBC, Wall Street Zen) have pushed the consensus to an average "Buy" rating with a $37.25 average price target.
• Fundamental beat: SSRM reported quarterly EPS of $0.88 versus $0.59 expected and revenue of $521.7M vs. $436.2M estimated, while institutional ownership stands at ~68.3% with several large funds increasing positions.

Silver Standard Resources Inc. (NASDAQ:SSRM - Get Free Report) TSE: SSO's stock price reached a new 52-week high during trading on Wednesday . The company traded as high as $34.62 and last traded at $34.8370, with a volume of 29306 shares. The stock had previously closed at $32.59.

Analyst Ratings Changes

SSRM has been the subject of a number of research reports. Bank of America upgraded shares of Silver Standard Resources from an "underperform" rating to a "buy" rating in a report on Wednesday, March 4th. Wall Street Zen raised shares of Silver Standard Resources from a "buy" rating to a "strong-buy" rating in a research note on Saturday, February 21st. TD Cowen raised shares of Silver Standard Resources from a "hold" rating to a "buy" rating in a research note on Thursday, January 22nd. Canadian Imperial Bank of Commerce raised shares of Silver Standard Resources from a "neutral" rating to a "sector outperform" rating and set a $48.00 price objective on the stock in a research note on Thursday, March 12th. Finally, BMO Capital Markets raised shares of Silver Standard Resources from a "market perform" rating to an "outperform" rating and set a $41.00 price objective on the stock in a research note on Thursday, March 5th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the company presently has an average rating of "Buy" and an average price target of $37.25.

Silver Standard Resources Price Performance

The company has a quick ratio of 1.25, a current ratio of 2.08 and a debt-to-equity ratio of 0.03. The business's 50 day simple moving average is $28.02 and its two-hundred day simple moving average is $24.55. The stock has a market capitalization of $7.54 billion, a P/E ratio of 18.91, a price-to-earnings-growth ratio of 0.52 and a beta of -0.11.

Silver Standard Resources (NASDAQ:SSRM - Get Free Report) TSE: SSO last released its quarterly earnings results on Tuesday, February 17th. The basic materials company reported $0.88 earnings per share for the quarter, beating analysts' consensus estimates of $0.59 by $0.29. Silver Standard Resources had a net margin of 24.28% and a return on equity of 10.40%. The company had revenue of $521.73 million for the quarter, compared to analyst estimates of $436.23 million. As a group, sell-side analysts forecast that Silver Standard Resources Inc. will post 0.73 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the company. Strs Ohio bought a new position in shares of Silver Standard Resources during the first quarter valued at about $50,000. AQR Capital Management LLC lifted its position in shares of Silver Standard Resources by 461.5% during the first quarter. AQR Capital Management LLC now owns 86,050 shares of the basic materials company's stock valued at $863,000 after purchasing an additional 70,726 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Silver Standard Resources by 96.6% during the first 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 valued at $4,113,000 after purchasing an additional 201,525 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its position in Silver Standard Resources by 27.1% in the first quarter. Goldman Sachs Group Inc. now owns 2,482,100 shares of the basic materials company's stock worth $24,895,000 after acquiring an additional 529,035 shares during the period. 68.30% of the stock is owned by institutional investors.

Silver Standard Resources Company Profile

Silver Standard Resources Inc NASDAQ: SSRM is a Vancouver‐based precious metals company engaged in the acquisition, exploration, development and production of silver and gold deposits primarily across the Americas. The company’s strategy centers on advancing high‐quality projects into production while maintaining a portfolio of operating mines that deliver consistent metal output. Silver Standard emphasizes sustainable resource development and community partnership at each stage of its operations.

The company’s principal producing assets include the Marigold gold mine in Nevada, which entered commercial production in 2006; the Seabee gold operation in Saskatchewan, Canada, acquired in 2016; and the Pirquitas silver‐gold mine in Argentina, which began producing in 2009.

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