Silver Standard Resources (NASDAQ:SSRM) Trading Down 4.9% - Should You Sell?

Key Points

• Silver Standard Resources' stock price decreased by 4.9%, reaching a low of $22.71 during trading, with a significant decline in trading volume.
• Analysts have mixed opinions on the stock, with Zacks lowering its rating to "hold", while Wall Street Zen upgraded it to "strong-buy".
• The company reported a quarterly EPS of $0.51, exceeding estimates, and generated revenue of $410.54 million, surpassing expectations of $381.08 million.

Silver Standard Resources Inc. (NASDAQ:SSRM - Get Free Report) TSE: SSO's share price traded down 4.9% during mid-day trading on Thursday . The company traded as low as $22.71 and last traded at $22.72. 1,526,374 shares were traded during mid-day trading, a decline of 47% from the average session volume of 2,889,806 shares. The stock had previously closed at $23.89.

Analyst Upgrades and Downgrades

SSRM has been the subject of a number of research reports. Zacks Research lowered shares of Silver Standard Resources from a "strong-buy" rating to a "hold" rating in a report on Tuesday, September 9th. Wall Street Zen raised shares of Silver Standard Resources from a "buy" rating to a "strong-buy" rating in a research report on Saturday, July 26th. UBS Group cut shares of Silver Standard Resources from a "buy" rating to a "neutral" rating and increased their price target for the stock from $18.95 to $22.95 in a research report on Friday, September 19th. Finally, BMO Capital Markets initiated coverage on shares of Silver Standard Resources in a research note on Friday, July 18th. They set a "market perform" rating and a $13.50 target price on the stock. Seven research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $13.55.

Silver Standard Resources Stock Down 2.0%

The firm has a market cap of $4.75 billion, a price-to-earnings ratio of 29.94 and a beta of -0.10. The firm has a 50 day moving average price of $18.48 and a 200-day moving average price of $13.88. The company has a current ratio of 2.39, a quick ratio of 1.20 and a debt-to-equity ratio of 0.03.

Silver Standard Resources (NASDAQ:SSRM - Get Free Report) TSE: SSO last posted its quarterly earnings data on Tuesday, August 5th. The basic materials company reported $0.51 EPS for the quarter, topping analysts' consensus estimates of $0.23 by $0.28. The firm had revenue of $410.54 million during the quarter, compared to analysts' expectations of $381.08 million. Silver Standard Resources had a return on equity of 4.99% and a net margin of 12.66%. On average, equities analysts forecast that Silver Standard Resources Inc. will post 0.73 EPS for the current year.

Institutional Investors Weigh In On Silver Standard Resources

A number of institutional investors have recently bought and sold shares of the stock. Goldman Sachs Group Inc. grew 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 valued at $24,895,000 after purchasing an additional 529,035 shares during the period. Nuveen LLC purchased a new stake in Silver Standard Resources in the first quarter valued at approximately $18,759,000. Charles Schwab Investment Management Inc. grew its holdings in shares of Silver Standard Resources by 2.2% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,409,521 shares of the basic materials company's stock worth $14,128,000 after purchasing an additional 30,862 shares during the period. Jacobs Levy Equity Management Inc. grew its holdings in shares of Silver Standard Resources by 921.1% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 1,013,320 shares of the basic materials company's stock worth $10,164,000 after purchasing an additional 914,084 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of Silver Standard Resources by 413.1% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 930,200 shares of the basic materials company's stock worth $9,323,000 after purchasing an additional 748,900 shares during the period. 68.30% of the stock is currently owned by hedge funds and other institutional investors.

About Silver Standard Resources

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.

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