Silver Standard Resources (NASDAQ:SSRM) Upgraded to Buy at UBS Group

Key Points

• UBS Group has upgraded Silver Standard Resources (NASDAQ:SSRM) from a "neutral" to a "buy" rating with a price target of $18.95, indicating a potential upside of 17.85%.
• Silver Standard Resources reported a significant Q2 earnings beat, posting $0.51 earnings per share, outperforming estimates by $0.28, alongside revenue of $410.54 million.
• Institutional investors hold 68.30% of Silver Standard Resources stock, with analysts giving it a consensus rating of "Hold" and a target price of $12.55.

Silver Standard Resources (NASDAQ:SSRM - Get Free Report) TSE: SSO was upgraded by analysts at UBS Group from a "neutral" rating to a "buy" rating in a note issued to investors on Friday,Finviz reports. The brokerage presently has a $18.95 price objective on the basic materials company's stock. UBS Group's price objective indicates a potential upside of 17.85% from the company's current price.

A number of other analysts have also recently issued reports on SSRM. National Bankshares reaffirmed a "sector perform" rating on shares of Silver Standard Resources in a research report on Wednesday, April 23rd. Cormark raised Silver Standard Resources from a "hold" rating to a "moderate buy" rating in a report on Tuesday, April 22nd. Wall Street Zen raised Silver Standard Resources from a "buy" rating to a "strong-buy" rating in a report on Saturday, July 26th. Finally, BMO Capital Markets began coverage on Silver Standard Resources in a report on Friday, July 18th. They set a "market perform" rating and a $13.50 price target for the company. Five analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $12.55.

Silver Standard Resources Stock Performance

SSRM opened at $16.08 on Friday. Silver Standard Resources has a 12-month low of $4.82 and a 12-month high of $16.57. The stock has a market cap of $3.26 billion, a price-to-earnings ratio of 20.62 and a beta of -0.16. The business has a 50 day moving average of $13.03 and a 200-day moving average of $11.26. The company has a quick ratio of 1.20, a current ratio of 2.39 and a debt-to-equity ratio of 0.03.

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

Institutional Trading of Silver Standard Resources

Large investors have recently modified their holdings of the stock. Deutsche Bank AG increased its position in shares of Silver Standard Resources by 23.5% in the fourth quarter. Deutsche Bank AG now owns 363,494 shares of the basic materials company's stock worth $2,530,000 after purchasing an additional 69,124 shares during the period. RFG Advisory LLC bought a new position in shares of Silver Standard Resources in the first quarter worth $206,000. Alps Advisors Inc. bought a new position in shares of Silver Standard Resources in the first quarter worth $292,000. Victory Capital Management Inc. bought a new position in shares of Silver Standard Resources in the first quarter worth $846,000. Finally, Wealth Enhancement Advisory Services LLC increased its position in shares of Silver Standard Resources by 3.9% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 28,794 shares of the basic materials company's stock worth $289,000 after purchasing an additional 1,089 shares during the period. 68.30% of the stock is owned by institutional investors and hedge funds.

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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