Silver Standard Resources (NASDAQ:SSRM) Shares Gap Down - Time to Sell?

Key Points

• Silver Standard Resources' share price decreased significantly, opening at $22.42 down from a previous close of $24.41, and trading at $21.61 with a volume of over 1 million shares.
• Analysts' ratings are mixed, with BMO Capital Markets upgrading the stock to "strong-buy", while Bank of America assigned it an "underperform" rating after increasing its price objective.
• The company's recent earnings report exceeded expectations with an EPS of $0.51, significantly above the consensus forecast of $0.23.

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 $24.41, but opened at $22.42. Silver Standard Resources shares last traded at $21.61, with a volume of 1,171,806 shares traded.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. BMO Capital Markets raised Silver Standard Resources from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, September 30th. CIBC lifted their price target on Silver Standard Resources from $25.00 to $28.50 and gave the company a "neutral" rating in a research note on Friday, October 10th. Bank of America boosted their price objective on Silver Standard Resources from $12.75 to $18.00 and gave the company an "underperform" rating in a research note on Thursday, October 16th. Wall Street Zen raised Silver Standard Resources from a "buy" rating to a "strong-buy" rating in a research report on Saturday, July 26th. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Silver Standard Resources in a research note on Wednesday, October 8th. Two investment analysts have rated the stock with a Strong Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $18.19.

Silver Standard Resources Stock Down 9.6%

The company's fifty day simple moving average is $21.21 and its 200 day simple moving average is $15.12. The firm has a market capitalization of $4.47 billion, a PE ratio of 28.30 and a beta of -0.09. The company has a quick ratio of 1.20, a current ratio of 2.39 and a debt-to-equity ratio of 0.03.

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

Institutional Investors Weigh In On Silver Standard Resources

Large investors have recently made changes to their positions in the stock. Wealth Enhancement Advisory Services LLC raised its position in shares of Silver Standard Resources by 3.9% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 28,794 shares of the basic materials company's stock worth $289,000 after purchasing an additional 1,089 shares during the last quarter. Intact Investment Management Inc. lifted its position in shares of Silver Standard Resources by 65.3% during the 1st quarter. Intact Investment Management Inc. now owns 47,100 shares of the basic materials company's stock worth $472,000 after purchasing an additional 18,600 shares during the last quarter. Highland Capital Management LLC purchased a new stake in Silver Standard Resources in the first quarter valued at $177,000. Principal Financial Group Inc. grew its position in shares of Silver Standard Resources by 19.4% during 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 during the last quarter. Finally, Alps Advisors Inc. acquired a new position in Silver Standard Resources in the first quarter valued at $292,000. 68.30% of the stock is owned by hedge funds and other institutional investors.

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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