Silver Standard Resources (NASDAQ:SSRM) Sets New 1-Year High on Analyst Upgrade

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's stock price reached a new 52-week high during mid-day trading on Monday after Zacks Research upgraded the stock to a strong-buy rating. The stock traded as high as $16.91 and last traded at $16.53, with a volume of 255796 shares. The stock had previously closed at $16.78.

Several other research analysts have also issued reports on the company. UBS Group upgraded Silver Standard Resources from a "neutral" rating to a "buy" rating and raised their price target for the stock from $13.85 to $18.95 in a research report on Friday, August 15th. BMO Capital Markets initiated coverage on Silver Standard Resources in a research report on Friday, July 18th. They issued a "market perform" rating and a $13.50 price target on the stock. National Bankshares restated a "sector perform" rating on shares of Silver Standard Resources in a research report on Wednesday, April 23rd. Cormark upgraded Silver Standard Resources from a "hold" rating to a "moderate buy" rating in a research report on Tuesday, April 22nd. Finally, Wall Street Zen upgraded Silver Standard Resources from a "buy" rating to a "strong-buy" rating in a research report on Saturday, July 26th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $12.55.

Institutional Trading of Silver Standard Resources

Several hedge funds and other institutional investors have recently modified their holdings of the company. Strs Ohio acquired a new stake in shares of Silver Standard Resources in the 1st quarter valued at about $50,000. Belpointe Asset Management LLC acquired a new stake in shares of Silver Standard Resources in the 1st quarter valued at about $206,000. Bayforest Capital Ltd acquired a new stake in shares of Silver Standard Resources in the 1st quarter valued at about $147,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Silver Standard Resources by 96.6% in 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 valued at $4,113,000 after purchasing an additional 201,525 shares during the period. Finally, Goldman Sachs Group Inc. raised its stake 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 during the period. Institutional investors and hedge funds own 68.30% of the company's stock.

Silver Standard Resources Price Performance

The company has a market cap of $3.47 billion, a P/E ratio of 21.94 and a beta of -0.16. The company has a fifty day moving average price of $13.53 and a two-hundred day moving average price of $11.62. 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 announced its quarterly earnings data on Tuesday, August 5th. The basic materials company reported $0.51 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.28. The company had revenue of $410.54 million during the quarter, compared to analysts' expectations of $381.08 million. Silver Standard Resources had a return on equity of 4.99% and a net margin of 12.66%. On average, sell-side analysts anticipate that Silver Standard Resources Inc. will post 0.73 earnings per share for the current fiscal year.

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.