Silver Standard Resources (NASDAQ:SSRM) Shares Gap Down - Here's What Happened

Silver Standard Resources Inc. (NASDAQ:SSRM - Get Free Report) TSE: SSO's share price gapped down prior to trading on Tuesday . The stock had previously closed at $13.03, but opened at $12.61. Silver Standard Resources shares last traded at $12.36, with a volume of 1,456,766 shares.

Analyst Ratings Changes

A number of brokerages have commented on SSRM. Cormark raised shares of Silver Standard Resources from a "hold" rating to a "moderate buy" rating in a research report on Tuesday, April 22nd. National Bank Financial upgraded Silver Standard Resources to a "hold" rating in a research note on Friday, March 21st. Wall Street Zen upgraded Silver Standard Resources from a "buy" rating to a "strong-buy" rating in a report on Saturday. UBS Group restated a "neutral" rating and set a $13.85 target price (up previously from $12.35) on shares of Silver Standard Resources in a research note on Tuesday. Finally, National Bankshares reissued a "sector perform" rating on shares of Silver Standard Resources in a report on Wednesday, April 23rd. Five equities research analysts have rated the stock with a hold rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Silver Standard Resources currently has a consensus rating of "Hold" and a consensus target price of $10.53.

Silver Standard Resources Price Performance

The company has a fifty day moving average price of $11.49 and a two-hundred day moving average price of $9.80. The firm has a market capitalization of $2.51 billion, a price-to-earnings ratio of 30.15 and a beta of -0.13. The company has a quick ratio of 1.85, a current ratio of 3.95 and a debt-to-equity ratio of 0.08.

Silver Standard Resources (NASDAQ:SSRM - Get Free Report) TSE: SSO last posted its quarterly earnings data on Tuesday, May 6th. The basic materials company reported $0.29 EPS for the quarter, beating analysts' consensus estimates of $0.08 by $0.21. Silver Standard Resources had a net margin of 7.82% and a return on equity of 2.44%. The company had revenue of $303.43 million for the quarter, compared to analyst estimates of $332.64 million. On average, equities research analysts expect that Silver Standard Resources Inc. will post 0.73 EPS for the current fiscal year.

Institutional Investors Weigh In On Silver Standard Resources

Several hedge funds have recently modified their holdings of SSRM. Bleakley Financial Group LLC grew its position in Silver Standard Resources by 3.9% during the first quarter. Bleakley Financial Group LLC now owns 26,466 shares of the basic materials company's stock worth $265,000 after buying an additional 1,005 shares during the period. Wealth Enhancement Advisory Services LLC increased its stake in 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 purchasing an additional 1,089 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in Silver Standard Resources by 0.5% during the fourth quarter. The Manufacturers Life Insurance Company now owns 241,415 shares of the basic materials company's stock worth $1,686,000 after purchasing an additional 1,200 shares during the last quarter. Xponance Inc. boosted its position in Silver Standard Resources by 9.3% during the fourth quarter. Xponance Inc. now owns 14,387 shares of the basic materials company's stock worth $100,000 after purchasing an additional 1,222 shares in the last quarter. Finally, US Bancorp DE grew its holdings in Silver Standard Resources by 62.4% in the fourth quarter. US Bancorp DE now owns 3,540 shares of the basic materials company's stock valued at $25,000 after purchasing an additional 1,360 shares during the last quarter. 68.30% of the stock is owned by institutional investors and hedge funds.

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.