Silver Standard Resources Target of Unusually Large Options Trading (NASDAQ:SSRM)

Key Points

• Silver Standard Resources experienced a significant rise in call options trading, with 6,129 call options purchased, a 231% increase from the average volume.
• The company's share price increased by 16.5%, reaching $15.13, with a total of over 4 million shares exchanged during trading.
• Silver Standard Resources reported an EPS of $0.51 for the last quarter, exceeding estimates, and total revenue of $410.54 million, surpassing analyst projections.

Silver Standard Resources Inc. (NASDAQ:SSRM - Get Free Report) TSE: SSO was the target of some unusual options trading activity on Wednesday. Investors acquired 6,129 call options on the company. Thisisanincreaseof231% compared to the average volume of 1,853 call options.

Silver Standard Resources Trading Up 16.5%

Shares of SSRM stock traded up $2.14 on Wednesday, reaching $15.13. 4,112,481 shares of the company's stock were exchanged, compared to its average volume of 2,606,465. The stock has a market capitalization of $3.07 billion, a PE ratio of 37.00 and a beta of -0.16. Silver Standard Resources has a 52 week low of $4.32 and a 52 week high of $15.12. The company has a current ratio of 3.95, a quick ratio of 1.85 and a debt-to-equity ratio of 0.08. The company's fifty day simple moving average is $12.56 and its 200 day simple moving average is $10.90.

Silver Standard Resources (NASDAQ:SSRM - Get Free Report) TSE: SSO last announced its quarterly earnings data on Tuesday, August 5th. The basic materials company reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.28. The company had revenue of $410.54 million for the quarter, compared to analysts' expectations of $381.08 million. Silver Standard Resources had a return on equity of 2.44% and a net margin of 7.82%. As a group, analysts forecast that Silver Standard Resources will post 0.73 EPS for the current year.

Analyst Ratings Changes

SSRM has been the subject of several research reports. UBS Group reiterated a "neutral" rating and issued a $13.85 target price (up from $12.35) on shares of Silver Standard Resources in a research report on Tuesday, June 24th. BMO Capital Markets initiated coverage on shares of Silver Standard Resources in a research report on Friday, July 18th. They set a "market perform" rating and a $13.50 price target for the company. National Bankshares reaffirmed a "sector perform" rating on shares of Silver Standard Resources in a research report on Wednesday, April 23rd. Wall Street Zen upgraded shares of Silver Standard Resources from a "buy" rating to a "strong-buy" rating in a report on Saturday, July 26th. Finally, Cormark raised Silver Standard Resources from a "hold" rating to a "moderate buy" rating in a research report on Tuesday, April 22nd. Six research analysts have rated the stock with a hold rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $11.28.

Hedge Funds Weigh In On Silver Standard Resources

Institutional investors have recently bought and sold shares of the business. Caitong International Asset Management Co. Ltd purchased a new position in Silver Standard Resources in the first quarter valued at about $32,000. Tacita Capital Inc purchased a new stake in shares of Silver Standard Resources in the first quarter worth about $48,000. Strs Ohio purchased a new position in Silver Standard Resources in the first quarter valued at $50,000. Northwest & Ethical Investments L.P. acquired a new stake in Silver Standard Resources in the first quarter valued at approximately $72,000. Finally, Simplicity Wealth LLC acquired a new position in shares of Silver Standard Resources during the 1st quarter worth about $109,000. 68.30% of the stock is owned by hedge funds and other institutional investors.

Silver Standard Resources Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.