Silver Standard Resources (NASDAQ:SSRM) Stock Price Passes Above 200 Day Moving Average - Here's What Happened

Key Points

• Technical breakout: Shares of Silver Standard Resources (SSRM) crossed above their 200-day moving average of $24.94, trading as high as $32.71 and last at $31.16 on volume of 2,966,455 shares.
• Analyst sentiment is largely positive — the consensus rating is "Buy" (1 Strong Buy, 8 Buy, 1 Hold) with an average price target of $37.25, driven by recent upgrades from TD Cowen, CIBC and Bank of America.
• Strong quarterly results and solid fundamentals: SSRM reported $0.88 EPS versus $0.59 expected and $521.7M revenue versus $436.2M expected, alongside a low debt-to-equity ratio (0.03) and a P/E of 16.84.

Shares of Silver Standard Resources Inc. (NASDAQ:SSRM - Get Free Report) TSE: SSO crossed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $24.94 and traded as high as $32.71. Silver Standard Resources shares last traded at $31.16, with a volume of 2,966,455 shares trading hands.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on SSRM shares. Zacks Research downgraded Silver Standard Resources from a "strong-buy" rating to a "hold" rating in a research note on Monday, December 29th. TD Cowen upgraded shares of Silver Standard Resources from a "hold" rating to a "buy" rating in a research report on Thursday, January 22nd. Wall Street Zen raised shares of Silver Standard Resources from a "buy" rating to a "strong-buy" rating in a report on Saturday, February 21st. Canadian Imperial Bank of Commerce upgraded shares of Silver Standard Resources from a "neutral" rating to a "sector outperform" rating and set a $48.00 price target for the company in a research report on Thursday, March 12th. Finally, Bank of America raised shares of Silver Standard Resources from an "underperform" rating to a "buy" rating in a research note on Wednesday, March 4th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $37.25.

Silver Standard Resources Price Performance

The company has a current ratio of 2.08, a quick ratio of 1.25 and a debt-to-equity ratio of 0.03. The business's 50-day simple moving average is $28.99 and its two-hundred day simple moving average is $24.94. The firm has a market cap of $6.75 billion, a price-to-earnings ratio of 16.84, a P/E/G ratio of 0.54 and a beta of -0.11.

Silver Standard Resources (NASDAQ:SSRM - Get Free Report) TSE: SSO last posted its quarterly earnings data on Tuesday, February 17th. The basic materials company reported $0.88 EPS for the quarter, beating analysts' consensus estimates of $0.59 by $0.29. Silver Standard Resources had a net margin of 24.28% and a return on equity of 10.40%. The company had revenue of $521.73 million for the quarter, compared to analyst estimates of $436.23 million. As a group, research analysts expect that Silver Standard Resources Inc. will post 0.73 EPS for the current fiscal year.

Institutional Trading of Silver Standard Resources

Large investors have recently bought and sold shares of the business. Strs Ohio acquired a new position in shares of Silver Standard Resources in the 1st quarter valued at about $50,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Silver Standard Resources by 96.6% during 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 worth $4,113,000 after purchasing an additional 201,525 shares during the period. Goldman Sachs Group Inc. increased its holdings in Silver Standard Resources by 27.1% in 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 purchasing an additional 529,035 shares in the last quarter. Finally, AQR Capital Management LLC increased its holdings in Silver Standard Resources by 461.5% in the first quarter. AQR Capital Management LLC now owns 86,050 shares of the basic materials company's stock worth $863,000 after purchasing an additional 70,726 shares in the last quarter. 68.30% of the stock is currently owned by institutional investors and hedge funds.

About Silver Standard Resources

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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