Silver Standard Resources (NASDAQ:SSRM) Reaches New 52-Week High - Still a Buy?

Key Points

• Silver Standard Resources Inc. (NASDAQ: SSRM) recently reached a new 52-week high at $16.91 during trading, although it closed slightly lower at $16.53.
• Several analysts have upgraded their ratings for SSRM, with UBS Group raising the price target significantly from $13.85 to $18.95.
• The company reported a quarterly EPS of $0.51, exceeding analysts' expectations, along with revenues of $410.54 million, which also surpassed projections.

Silver Standard Resources Inc. (NASDAQ:SSRM - Get Free Report) TSE: SSO shares hit a new 52-week high during trading on Monday . The stock traded as high as $16.91 and last traded at $16.53, with a volume of 255796 shares trading hands. The stock had previously closed at $16.78.

Analysts Set New Price Targets

Several brokerages have commented on SSRM. Cormark upgraded shares of Silver Standard Resources from a "hold" rating to a "moderate buy" rating in a research report on Tuesday, April 22nd. UBS Group raised shares of Silver Standard Resources from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $13.85 to $18.95 in a research note on Friday. National Bankshares restated a "sector perform" rating on shares of Silver Standard Resources in a report on Wednesday, April 23rd. Wall Street Zen upgraded shares of Silver Standard Resources from a "buy" rating to a "strong-buy" rating in a report on Saturday, July 26th. Finally, Zacks Research upgraded shares of Silver Standard Resources to a "strong-buy" rating in a report on Monday, August 11th. Five research analysts have rated the stock with a hold rating, one has given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, Silver Standard Resources has a consensus rating of "Moderate Buy" and an average target price of $12.55.

Silver Standard Resources Stock Down 1.6%

The company has a market cap of $3.35 billion, a P/E ratio of 21.12 and a beta of -0.16. The stock's 50-day moving average price is $13.11 and its 200-day moving average price is $11.37. The company has a current ratio of 2.39, a quick ratio of 1.20 and a debt-to-equity ratio of 0.03.

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

Institutional Investors Weigh In On Silver Standard Resources

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Deutsche Bank AG boosted its holdings in shares of Silver Standard Resources by 23.5% in the 4th quarter. Deutsche Bank AG now owns 363,494 shares of the basic materials company's stock worth $2,530,000 after buying an additional 69,124 shares during the last quarter. RFG Advisory LLC bought a new position in Silver Standard Resources in the 1st quarter worth approximately $206,000. Alps Advisors Inc. purchased a new stake in shares of Silver Standard Resources in the first quarter worth about $292,000. Victory Capital Management Inc. purchased a new stake in shares of Silver Standard Resources in the first quarter worth about $846,000. Finally, Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Silver Standard Resources by 3.9% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 28,794 shares of the basic materials company's stock worth $289,000 after buying an additional 1,089 shares in the last quarter. Hedge funds and other institutional investors own 68.30% of the company's stock.

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.

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