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 saw unusually large options trading activity on Wednesday. Traders acquired 6,129 call options on the company. Thisrepresentsanincreaseof231% compared to the average daily volume of 1,853 call options.

Silver Standard Resources Price Performance

Shares of NASDAQ:SSRM traded up $0.35 during midday trading on Friday, hitting $15.19. The company had a trading volume of 3,474,465 shares, compared to its average volume of 2,757,050. Silver Standard Resources has a twelve month low of $4.49 and a twelve month high of $15.49. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.39 and a quick ratio of 1.20. The stock has a market cap of $3.08 billion, a price-to-earnings ratio of 19.47 and a beta of -0.16. The business's 50-day simple moving average is $12.76 and its 200-day simple moving average is $11.08.

Silver Standard Resources (NASDAQ:SSRM - Get Free Report) TSE: SSO last posted its earnings results 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 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, research analysts predict that Silver Standard Resources will post 0.73 earnings per share for the current year.

Analysts Set New Price Targets

SSRM has been the subject of several research analyst reports. UBS Group restated a "neutral" rating and set a $13.85 price target (up previously from $12.35) on shares of Silver Standard Resources in a research report on Tuesday, June 24th. 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 target price for the company. Wall Street Zen raised Silver Standard Resources from a "buy" rating to a "strong-buy" rating in a report on Saturday, July 26th. National Bankshares reissued a "sector perform" rating on shares of Silver Standard Resources in a research note on Wednesday, April 23rd. Finally, Cormark raised Silver Standard Resources from a "hold" rating to a "moderate buy" rating in a research note on Tuesday, April 22nd. Six analysts have rated the stock with a hold rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $11.28.

Institutional Investors Weigh In On Silver Standard Resources

Institutional investors have recently made changes to their positions in the stock. Nuveen LLC acquired a new position in Silver Standard Resources during the 1st quarter worth $18,759,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Silver Standard Resources by 21.8% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,079,816 shares of the basic materials company's stock worth $70,265,000 after buying an additional 1,802,821 shares in the last quarter. Federated Hermes Inc. grew its position in shares of Silver Standard Resources by 53.9% during the fourth quarter. Federated Hermes Inc. now owns 3,671,138 shares of the basic materials company's stock worth $25,551,000 after buying an additional 1,285,347 shares in the last quarter. Jacobs Levy Equity Management Inc. grew its position in shares of Silver Standard Resources by 921.1% during the first quarter. Jacobs Levy Equity Management Inc. now owns 1,013,320 shares of the basic materials company's stock worth $10,164,000 after buying an additional 914,084 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Silver Standard Resources by 413.1% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 930,200 shares of the basic materials company's stock worth $9,323,000 after buying an additional 748,900 shares in the last quarter. 68.30% of the stock is currently owned by institutional investors and hedge funds.

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.