Silver Standard Resources (NASDAQ:SSRM) Stock Price Passes Above 200-Day Moving Average - Should You Sell?

Key Points

• SSRM rose above its 200-day moving average of $29.15, reaching $32.65 before trading at $31.69, with 1.67 million shares changing hands.
• Analysts maintain a generally positive view, with a consensus “Moderate Buy” rating and an average price target of $41.60, despite several recent target and rating reductions.
• The company slightly missed quarterly earnings and revenue estimates, reporting $0.66 EPS and $443.8 million in revenue. It also announced a quarterly dividend of $0.03 per share, while institutional investors own 68.3% of the stock.

Silver Standard Resources Inc. (NASDAQ:SSRM - Get Free Report) TSE: SSO passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $29.15 and traded as high as $32.65. Silver Standard Resources shares last traded at $31.69, with a volume of 1,665,036 shares traded.

Analyst Ratings Changes

SSRM has been the topic of several research analyst reports. Zacks Research cut shares of Silver Standard Resources from a "strong-buy" rating to a "hold" rating in a research note on Friday, May 29th. Royal Bank Of Canada reduced 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 cut shares of Silver Standard Resources from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 18th. UBS Group lowered their price objective on shares of Silver Standard Resources from $43.00 to $40.00 and set a "buy" rating on the stock in a research report on Tuesday, June 30th. Finally, Bank of America dropped their target price on shares of Silver Standard Resources from $41.00 to $40.00 and set a "buy" rating on the stock in a report on Thursday, July 9th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $41.60.

Silver Standard Resources Price Performance

The company has a market cap of $6.54 billion, a PE ratio of 28.81, a PEG ratio of 6.63 and a beta of -0.09. The business has a 50-day moving average of $28.75 and a 200 day moving average of $29.15.

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

Silver Standard Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 11th. Investors of record on Friday, August 14th will be issued a $0.03 dividend. The ex-dividend date of this dividend is Friday, August 14th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.4%. Silver Standard Resources's dividend payout ratio (DPR) is presently 10.91%.

Institutional Trading of Silver Standard Resources

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SSRM. Strs Ohio bought a new position in Silver Standard Resources in the first quarter worth approximately $50,000. AQR Capital Management LLC increased its holdings in Silver Standard Resources by 461.5% in the 1st quarter. AQR Capital Management LLC now owns 86,050 shares of the basic materials company's stock worth $863,000 after acquiring an additional 70,726 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Silver Standard Resources by 96.6% during the 1st 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 acquiring an additional 201,525 shares during the period. Finally, Goldman Sachs Group Inc. lifted its position in shares of 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 valued at $24,895,000 after acquiring an additional 529,035 shares in the last quarter. 68.30% of the stock is owned by hedge funds and other institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source