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

Key Points

• SSRM shares surged 10.7%, opening at $33.76 after closing at $31.69 and last trading near $34.28.
• Analysts maintain a consensus “Moderate Buy” rating with a $41.60 target price, despite several recent target and rating reductions.
• The company narrowly missed quarterly EPS expectations ($0.66 versus $0.67) and revenue estimates, while declaring a $0.03 quarterly dividend; institutional investors own 68.3% of the stock.

Silver Standard Resources Inc. (NASDAQ:SSRM - Get Free Report) TSE: SSO's share price gapped up before the market opened on Wednesday . The stock had previously closed at $31.69, but opened at $33.76. Silver Standard Resources shares last traded at $34.2750, with a volume of 300,165 shares.

Analysts Set New Price Targets

SSRM has been the subject of several recent research reports. Royal Bank Of Canada lowered their price target on shares of Silver Standard Resources from $40.00 to $39.00 and set an "outperform" rating for the company in a research note on Thursday, July 9th. Wall Street Zen lowered shares of Silver Standard Resources from a "strong-buy" rating to a "buy" rating in a research note on Saturday, July 18th. UBS Group lowered their target price on shares of Silver Standard Resources from $43.00 to $40.00 and set a "buy" rating for the company in a report on Tuesday, June 30th. Weiss Ratings upgraded shares of Silver Standard Resources from a "hold (c-)" rating to a "hold (c)" rating in a report on Thursday, August 6th. Finally, Zacks Research downgraded shares of Silver Standard Resources from a "strong-buy" rating to a "hold" rating in a research report on Friday, May 29th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, Silver Standard Resources currently has a consensus rating of "Moderate Buy" and a consensus target price of $41.60.

Silver Standard Resources Trading Up 10.7%

The firm has a 50 day moving average price of $28.75 and a 200-day moving average price of $29.15. The firm has a market capitalization of $7.24 billion, a P/E ratio of 31.88, a price-to-earnings-growth ratio of 6.63 and a beta of -0.09.

Silver Standard Resources (NASDAQ:SSRM - Get Free Report) TSE: SSO last released its quarterly earnings data on Tuesday, August 4th. The basic materials company reported $0.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.67 by ($0.01). The company had revenue of $443.80 million during the quarter, compared to analysts' expectations of $483.84 million. Silver Standard Resources had a net margin of 12.30% and a return on equity of 16.17%. Research analysts anticipate that Silver Standard Resources Inc. will post 3.92 earnings per share for the current year.

Silver Standard Resources Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 11th. Investors of record on Friday, August 14th will be paid a $0.03 dividend. This represents a $0.12 annualized dividend and a dividend yield of 0.3%. The ex-dividend date is Friday, August 14th. Silver Standard Resources's payout ratio is currently 10.91%.

Institutional Trading of Silver Standard Resources

A number of hedge funds have recently bought and sold shares of SSRM. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Silver Standard Resources by 96.6% in the first 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. Goldman Sachs Group Inc. lifted its position in shares of Silver Standard Resources by 27.1% during the 1st 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 during the last quarter. AQR Capital Management LLC increased its position in Silver Standard Resources by 461.5% during the first quarter. AQR Capital Management LLC now owns 86,050 shares of the basic materials company's stock worth $863,000 after buying an additional 70,726 shares during the period. Finally, Strs Ohio acquired a new position in Silver Standard Resources in the 1st quarter valued at about $50,000. Institutional investors and hedge funds own 68.30% of the company's stock.

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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