Silver Standard Resources (NASDAQ:SSRM) Stock Price Down 6.8% - Time to Sell?

Shares of Silver Standard Resources Inc. (NASDAQ:SSRM - Get Free Report) TSE: SSO were down 6.8% during trading on Tuesday . The stock traded as low as $12.78 and last traded at $12.54. Approximately 398,337 shares changed hands during trading, a decline of 84% from the average daily volume of 2,480,155 shares. The stock had previously closed at $13.45.

Analyst Ratings Changes

Several analysts have recently commented on SSRM shares. Cormark upgraded Silver Standard Resources from a "hold" rating to a "moderate buy" rating in a report on Tuesday, April 22nd. National Bankshares restated a "sector perform" rating on shares of Silver Standard Resources in a report on Wednesday, April 23rd. Wall Street Zen upgraded Silver Standard Resources from a "buy" rating to a "strong-buy" rating in a report on Saturday, June 21st. UBS Group reaffirmed a "neutral" rating and set a $13.85 price target (up previously from $12.35) on shares of Silver Standard Resources in a research note on Tuesday, June 24th. Finally, National Bank Financial raised Silver Standard Resources to a "hold" rating in a research note on Friday, March 21st. 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 MarketBeat, Silver Standard Resources has an average rating of "Hold" and an average price target of $10.53.

Silver Standard Resources Price Performance

The company has a 50 day moving average of $11.91 and a 200-day moving average of $10.17. The firm has a market capitalization of $2.52 billion, a P/E ratio of 30.37 and a beta of -0.12. The company has a current ratio of 3.95, a quick ratio of 1.85 and a debt-to-equity ratio of 0.08.

Silver Standard Resources (NASDAQ:SSRM - Get Free Report) TSE: SSO last released its earnings results on Tuesday, May 6th. The basic materials company reported $0.29 earnings per share for the quarter, beating analysts' consensus estimates of $0.08 by $0.21. Silver Standard Resources had a return on equity of 2.44% and a net margin of 7.82%. The firm had revenue of $303.43 million during the quarter, compared to the consensus estimate of $332.64 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

Institutional investors have recently made changes to their positions in the stock. Bleakley Financial Group LLC boosted its position in shares of Silver Standard Resources by 3.9% during the 1st quarter. Bleakley Financial Group LLC now owns 26,466 shares of the basic materials company's stock valued at $265,000 after purchasing an additional 1,005 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Silver Standard Resources by 3.9% in the first 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 lifted its holdings in shares of Silver Standard Resources by 0.5% in the fourth quarter. The Manufacturers Life Insurance Company now owns 241,415 shares of the basic materials company's stock valued at $1,686,000 after purchasing an additional 1,200 shares in the last quarter. Xponance Inc. increased its position in shares of Silver Standard Resources by 9.3% during the fourth quarter. Xponance Inc. now owns 14,387 shares of the basic materials company's stock valued at $100,000 after acquiring an additional 1,222 shares during the last quarter. Finally, US Bancorp DE increased its position in shares of Silver Standard Resources by 62.4% during the fourth quarter. US Bancorp DE now owns 3,540 shares of the basic materials company's stock valued at $25,000 after acquiring an additional 1,360 shares during the last quarter. Institutional investors own 68.30% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.