Silver Standard Resources (NASDAQ:SSRM) Share Price Passes Above Two Hundred Day Moving Average - Here's What Happened

Key Points

• Shares passed above the 200-day moving average: SSRM traded as high as $24.20 (last $24.16) on Friday—above its 200-day MA of $21.11—with about 3.23 million shares changing hands.
• The analyst view is mixed but broadly positive: the stock has a consensus rating of “Moderate Buy” with a $23.75 price target, and analysts’ stances range from 2 Strong Buy / 3 Buy / 5 Hold / 1 Sell while several firms (eg. UBS, CIBC) recently raised targets.
• Solid fundamentals but mixed quarter: Q reported EPS of $0.32 beat estimates while revenue missed ($390.2M vs $444.8M); market cap is ~$4.90B with low debt-to-equity (0.03) and a current ratio of 2.41.

Silver Standard Resources Inc. (NASDAQ:SSRM - Get Free Report) TSE: SSO shares passed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $21.11 and traded as high as $24.20. Silver Standard Resources shares last traded at $24.16, with a volume of 3,231,643 shares changing hands.

Analyst Ratings Changes

Several research analysts have recently weighed in on SSRM shares. Wall Street Zen downgraded Silver Standard Resources from a "strong-buy" rating to a "buy" rating in a research note on Saturday, January 10th. Weiss Ratings restated a "hold (c)" rating on shares of Silver Standard Resources in a research report on Thursday, January 22nd. Canadian Imperial Bank of Commerce increased their price objective on shares of Silver Standard Resources from $28.50 to $29.00 and gave the company a "neutral" rating in a report on Wednesday, November 12th. UBS Group lifted their target price on shares of Silver Standard Resources from $31.50 to $34.50 and gave the company a "buy" rating in a research report on Wednesday, January 14th. Finally, Bank of America upped their price target on shares of Silver Standard Resources from $12.75 to $18.00 and gave the stock an "underperform" rating in a research report on Thursday, October 16th. Two investment analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $23.75.

Silver Standard Resources Stock Performance

The company has a market cap of $4.90 billion, a price-to-earnings ratio of 23.23 and a beta of -0.14. The firm's 50 day simple moving average is $23.06 and its 200-day simple moving average is $21.11. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.24 and a current ratio of 2.41.

Silver Standard Resources (NASDAQ:SSRM - Get Free Report) TSE: SSO last posted its quarterly earnings results on Tuesday, November 4th. The basic materials company reported $0.32 earnings per share for the quarter, topping the consensus estimate of $0.31 by $0.01. Silver Standard Resources had a net margin of 15.36% and a return on equity of 6.46%. The firm had revenue of $390.16 million for the quarter, compared to the consensus estimate of $444.80 million. On average, sell-side analysts predict that Silver Standard Resources Inc. will post 0.73 EPS for the current year.

Institutional Investors Weigh In On Silver Standard Resources

Large investors have recently made changes to their positions in the stock. Goldman Sachs Group Inc. lifted its position in Silver Standard Resources by 27.1% during 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 buying an additional 529,035 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased 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 worth $4,113,000 after acquiring an additional 201,525 shares during the last quarter. AQR Capital Management LLC increased its stake in shares of Silver Standard Resources by 461.5% in the 1st quarter. AQR Capital Management LLC now owns 86,050 shares of the basic materials company's stock worth $863,000 after acquiring an additional 70,726 shares during the last quarter. Finally, Strs Ohio purchased a new position in shares of Silver Standard Resources during the 1st quarter worth $50,000. 68.30% of the stock is currently owned by hedge funds and other 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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