TD Cowen Upgrades Silver Standard Resources (NASDAQ:SSRM) to Buy

Key Points

• TD Cowen upgraded Silver Standard Resources (SSRM) from "hold" to "buy", indicating increased analyst confidence in the stock.
• Analyst coverage remains mixed — MarketBeat shows 1 Strong Buy, 3 Buy, 6 Hold and 1 Sell, with an average rating of "Hold" and an average price target of $20.60.
• The stock opened at $23.13 with a $4.7B market cap and one-year range of $7.55–$25.98; last quarter EPS was $0.32 (beat $0.31) but revenue missed at $390.2M versus $444.8M expected.

Silver Standard Resources (NASDAQ:SSRM - Get Free Report) TSE: SSO was upgraded by stock analysts at TD Cowen from a "hold" rating to a "buy" rating in a research report issued to clients and investors on Thursday, Marketbeat Ratings reports.

Several other brokerages also recently weighed in on SSRM. CIBC increased their price target on shares of Silver Standard Resources from $28.50 to $29.00 and gave the stock a "neutral" rating in a report on Wednesday, November 12th. Zacks Research downgraded shares of Silver Standard Resources from a "strong-buy" rating to a "hold" rating in a report on Monday, December 29th. Weiss Ratings reissued a "hold (c)" rating on shares of Silver Standard Resources in a report on Wednesday, October 8th. Bank of America boosted their target price on shares of Silver Standard Resources from $12.75 to $18.00 and gave the company an "underperform" rating in a research report on Thursday, October 16th. Finally, Wall Street Zen lowered shares of Silver Standard Resources from a "strong-buy" rating to a "buy" rating in a report on Saturday, January 10th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $20.60.

Silver Standard Resources Stock Performance

Shares of SSRM opened at $23.13 on Thursday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.24 and a current ratio of 2.41. The stock has a 50-day moving average of $22.17 and a two-hundred day moving average of $20.10. The stock has a market cap of $4.70 billion, a P/E ratio of 22.24 and a beta of -0.11. Silver Standard Resources has a one year low of $7.55 and a one year high of $25.98.

Silver Standard Resources (NASDAQ:SSRM - Get Free Report) TSE: SSO last announced its quarterly earnings data on Tuesday, November 4th. The basic materials company reported $0.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.31 by $0.01. Silver Standard Resources had a return on equity of 6.46% and a net margin of 15.36%.The firm had revenue of $390.16 million during the quarter, compared to analysts' expectations of $444.80 million. As a group, research analysts predict that Silver Standard Resources will post 0.73 EPS for the current year.

Hedge Funds Weigh In On Silver Standard Resources

A number of institutional investors have recently bought and sold shares of SSRM. Strs Ohio acquired a new position in Silver Standard Resources during the first quarter worth $50,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Silver Standard Resources by 96.6% during 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 worth $4,113,000 after buying an additional 201,525 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in Silver Standard Resources by 27.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,482,100 shares of the basic materials company's stock worth $24,895,000 after buying an additional 529,035 shares in the last quarter. Finally, AQR Capital Management LLC boosted its position in Silver Standard Resources by 461.5% in the 1st quarter. AQR Capital Management LLC now owns 86,050 shares of the basic materials company's stock valued at $863,000 after buying an additional 70,726 shares during the period. 68.30% of the stock is owned by hedge funds and other institutional investors.

About Silver Standard Resources

Silver Standard Resources Inc NASDAQ: SSRM is a Vancouver‐based precious metals company engaged in the acquisition, exploration, development and production of silver and gold deposits primarily across the Americas. The company’s strategy centers on advancing high‐quality projects into production while maintaining a portfolio of operating mines that deliver consistent metal output. Silver Standard emphasizes sustainable resource development and community partnership at each stage of its operations.

The company’s principal producing assets include the Marigold gold mine in Nevada, which entered commercial production in 2006; the Seabee gold operation in Saskatchewan, Canada, acquired in 2016; and the Pirquitas silver‐gold mine in Argentina, which began producing in 2009.

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