Silver Standard Resources (NASDAQ:SSRM) Stock Price Down 5.7% – Time to Sell?

Silver Standard Resources Inc. (NASDAQ:SSRM) (TSE:SSO) dropped 5.7% on Friday . The stock traded as low as $23.10 and last traded at $22.5020. Approximately 738,453 shares changed hands during mid-day trading, a decline of 72% from the average daily volume of 2,635,058 shares. The stock had previously closed at $23.87.

Wall Street Analysts Forecast Growth

SSRM has been the subject of a number of recent research reports. UBS Group boosted their price objective on Silver Standard Resources from $31.50 to $34.50 and gave the stock a “buy” rating in a report on Wednesday. Weiss Ratings reiterated a “hold (c)” rating on shares of Silver Standard Resources in a report on Wednesday, October 8th. Bank of America increased their price target on Silver Standard Resources from $12.75 to $18.00 and gave the company an “underperform” rating in a research report on Thursday, October 16th. Wall Street Zen cut Silver Standard Resources from a “strong-buy” rating to a “buy” rating in a research note on Saturday, January 10th. Finally, Zacks Research lowered shares of Silver Standard Resources from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 29th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Silver Standard Resources has an average rating of “Hold” and a consensus price target of $20.60.

Silver Standard Resources Price Performance

The stock has a market cap of $4.64 billion, a P/E ratio of 21.99 and a beta of -0.11. The business has a 50 day simple moving average of $22.03 and a 200-day simple moving average of $19.89. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.24 and a current ratio of 2.41.

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) last issued its quarterly earnings results on Tuesday, November 4th. The basic materials company reported $0.32 earnings per share for the quarter, topping analysts’ consensus estimates of $0.31 by $0.01. Silver Standard Resources had a net margin of 15.36% and a return on equity of 6.46%. The company had revenue of $390.16 million for the quarter, compared to the consensus estimate of $444.80 million. On average, sell-side analysts forecast that Silver Standard Resources Inc. will post 0.73 EPS for the current year.

Hedge Funds Weigh In On Silver Standard Resources

Several institutional investors and hedge funds have recently bought and sold shares of SSRM. Strs Ohio purchased a new stake in Silver Standard Resources in the first quarter worth $50,000. AQR Capital Management LLC grew its stake in shares of Silver Standard Resources by 461.5% during the 1st quarter. AQR Capital Management LLC now owns 86,050 shares of the basic materials company’s stock worth $863,000 after acquiring an additional 70,726 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of 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 acquiring an additional 201,525 shares during the period. Finally, Goldman Sachs Group Inc. increased its holdings 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 worth $24,895,000 after acquiring an additional 529,035 shares during the last quarter. 68.30% of the stock is owned by 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.