Silver Standard Resources (NASDAQ:SSRM) Reaches New 12-Month High - Should You Buy?

Key Points

• Silver Standard Resources' stock reached a new 52-week high, trading at $25.63, which represents a significant increase from its previous close at $23.60.
• Analysts have mixed views on SSRM, with some downgrading their ratings while others increased price targets; the consensus rating is currently "Hold" with an average price target of $18.24.
• The company reported strong quarterly earnings of $0.51 per share, overshadowing analysts' expectations of $0.23, and generated revenues of $410.54 million, exceeding estimates of $381.08 million.

Silver Standard Resources Inc. (NASDAQ:SSRM - Get Free Report) TSE: SSO's share price hit a new 52-week high during trading on Wednesday . The company traded as high as $25.39 and last traded at $25.63, with a volume of 729682 shares changing hands. The stock had previously closed at $23.60.

Wall Street Analysts Forecast Growth

SSRM has been the topic of several analyst reports. Weiss Ratings reiterated a "hold (c)" rating on shares of Silver Standard Resources in a report on Wednesday, October 8th. Zacks Research downgraded Silver Standard Resources from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, September 9th. CIBC boosted their price target on Silver Standard Resources from $25.00 to $28.50 and gave the stock a "neutral" rating in a research report on Friday, October 10th. BMO Capital Markets raised Silver Standard Resources from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, September 30th. Finally, UBS Group downgraded Silver Standard Resources from a "buy" rating to a "neutral" rating and boosted their price target for the stock from $18.95 to $22.95 in a research report on Friday, September 19th. One 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, Silver Standard Resources presently has an average rating of "Hold" and a consensus price target of $18.24.

Silver Standard Resources Stock Up 9.3%

The firm has a 50 day simple moving average of $20.44 and a two-hundred day simple moving average of $14.67. The company has a quick ratio of 1.20, a current ratio of 2.39 and a debt-to-equity ratio of 0.03. The stock has a market capitalization of $5.23 billion, a P/E ratio of 33.07 and a beta of -0.09.

Silver Standard Resources (NASDAQ:SSRM - Get Free Report) TSE: SSO last issued its quarterly earnings data on Tuesday, August 5th. The basic materials company reported $0.51 earnings per share for the quarter, topping analysts' consensus estimates of $0.23 by $0.28. The business had revenue of $410.54 million for the quarter, compared to analyst estimates of $381.08 million. Silver Standard Resources had a return on equity of 4.99% and a net margin of 12.66%. On average, equities research analysts expect that Silver Standard Resources Inc. will post 0.73 earnings per share for the current year.

Institutional Trading of Silver Standard Resources

A number of large investors have recently bought and sold shares of SSRM. Wealth Enhancement Advisory Services LLC grew its stake in shares of Silver Standard Resources by 3.9% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 28,794 shares of the basic materials company's stock valued at $289,000 after buying an additional 1,089 shares during the period. Intact Investment Management Inc. grew its stake in Silver Standard Resources by 65.3% in the 1st quarter. Intact Investment Management Inc. now owns 47,100 shares of the basic materials company's stock valued at $472,000 after buying an additional 18,600 shares in the last quarter. Highland Capital Management LLC purchased a new position in shares of Silver Standard Resources during the 1st quarter valued at $177,000. Principal Financial Group Inc. grew its position in Silver Standard Resources by 19.4% in the first quarter. Principal Financial Group Inc. now owns 13,453 shares of the basic materials company's stock worth $135,000 after acquiring an additional 2,190 shares in the last quarter. Finally, Alps Advisors Inc. bought a new stake in Silver Standard Resources in the first quarter worth $292,000. 68.30% of the stock is currently owned by institutional investors and hedge funds.

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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