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

Key Points

• Silver Standard Resources has been upgraded from a "buy" to a "strong-buy" rating by Wall Street Zen, reflecting increased confidence in the company's prospects.
• The company reported earnings of $0.29 per share for the last quarter, surpassing expectations, although its revenue of $303.43 million fell short of analyst estimates.
• Institutional investors own approximately 68.30% of Silver Standard Resources' stock, indicating strong interest from major financial players.

Wall Street Zen upgraded shares of Silver Standard Resources (NASDAQ:SSRM - Free Report) TSE: SSO from a buy rating to a strong-buy rating in a research report released on Saturday.

Several other equities research analysts also recently commented on SSRM. National Bankshares reaffirmed a "sector perform" rating on shares of Silver Standard Resources in a research note on Wednesday, April 23rd. BMO Capital Markets started coverage on shares of Silver Standard Resources in a report on Friday, July 18th. They issued a "market perform" rating and a $13.50 target price on the stock. Cormark raised shares of Silver Standard Resources from a "hold" rating to a "moderate buy" rating in a report on Tuesday, April 22nd. Finally, UBS Group reiterated a "neutral" rating and set a $13.85 price objective (up from $12.35) on shares of Silver Standard Resources in a research report on Tuesday, June 24th. Six investment analysts have rated the stock with a hold rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $11.28.

Silver Standard Resources Stock Performance

SSRM traded up $0.03 on Friday, hitting $12.24. 282,318 shares of the company's stock were exchanged, compared to its average volume of 2,598,589. The stock has a fifty day moving average of $12.44 and a two-hundred day moving average of $10.72. Silver Standard Resources has a twelve month low of $4.32 and a twelve month high of $13.48. The firm has a market cap of $2.48 billion, a PE ratio of 29.99 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 announced its quarterly earnings data on Tuesday, May 6th. The basic materials company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate 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, research analysts anticipate that Silver Standard Resources will post 0.73 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Strs Ohio purchased a new position in Silver Standard Resources during the first quarter worth about $50,000. Belpointe Asset Management LLC acquired a new position in shares of Silver Standard Resources in the 1st quarter valued at $206,000. Bayforest Capital Ltd purchased a new stake in Silver Standard Resources in the 1st quarter valued at $147,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Silver Standard Resources by 96.6% in 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 valued at $4,113,000 after purchasing an additional 201,525 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its position in Silver Standard Resources by 27.1% in the 1st 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 last quarter. Hedge funds and other institutional investors own 68.30% of the company's stock.

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.