Silver Standard Resources (NASDAQ:SSRM) Stock Rating Upgraded by Wall Street Zen

Key Points

• Silver Standard Resources (NASDAQ: SSRM) was upgraded by Wall Street Zen from buy to strong-buy, adding to a broader wave of analyst optimism around the stock.
• The company recently beat earnings and revenue estimates for its latest quarter, reporting EPS of $1.15 versus $0.81 expected and revenue of $581.78 million versus $524.80 million expected.
• Shares have risen sharply, with the stock trading near its 52-week high of $36.51 and above both its 50-day and 200-day moving averages, while institutional ownership remains high at 68.30%.

Silver Standard Resources (NASDAQ:SSRM - Get Free Report) TSE: SSO was upgraded by analysts at Wall Street Zen from a "buy" rating to a "strong-buy" rating in a note issued to investors on Saturday.

Other equities analysts also recently issued research reports about the stock. National Bank Financial upgraded shares of Silver Standard Resources from a "sector perform" rating to an "outperform" rating in a report on Wednesday, March 4th. TD Securities upgraded shares of Silver Standard Resources from a "hold" rating to a "strong-buy" rating in a report on Thursday, January 22nd. BMO Capital Markets upgraded shares of Silver Standard Resources from a "market perform" rating to an "outperform" rating and set a $41.00 price target for the company in a report on Thursday, March 5th. Bank of America upgraded shares of Silver Standard Resources from an "underperform" rating to a "buy" rating in a report on Wednesday, March 4th. Finally, UBS Group raised their target price on shares of Silver Standard Resources from $43.00 to $44.00 and gave the company a "buy" rating in a report on Wednesday. Two investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $37.75.

Silver Standard Resources Stock Performance

Shares of SSRM opened at $34.20 on Friday. The company has a 50-day simple moving average of $29.88 and a 200-day simple moving average of $25.60. The company has a quick ratio of 1.25, a current ratio of 5.33 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $7.40 billion, a PE ratio of 32.57, a P/E/G ratio of 0.46 and a beta of -0.17. Silver Standard Resources has a 52-week low of $10.19 and a 52-week high of $36.51.

Silver Standard Resources (NASDAQ:SSRM - Get Free Report) TSE: SSO last announced its quarterly earnings results on Tuesday, May 5th. The basic materials company reported $1.15 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.81 by $0.34. The business had revenue of $581.78 million during the quarter, compared to the consensus estimate of $524.80 million. Silver Standard Resources had a net margin of 12.17% and a return on equity of 14.87%. Equities research analysts predict that Silver Standard Resources will post 3.93 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Silver Standard Resources

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Strs Ohio purchased a new stake in shares of Silver Standard Resources during the first quarter worth about $50,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of 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 buying an additional 201,525 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of Silver Standard Resources by 27.1% during 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 buying an additional 529,035 shares in the last quarter. Finally, AQR Capital Management LLC grew its holdings in shares of 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 in the last quarter. 68.30% of the stock is currently 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.

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