Silver Standard Resources (NASDAQ:SSRM) Reaches New 1-Year High – Time to Buy?

Silver Standard Resources Inc. (NASDAQ:SSRM) (TSE:SSO) hit a new 52-week high during trading on Thursday . The stock traded as high as $32.02 and last traded at $31.8790, with a volume of 1646672 shares traded. The stock had previously closed at $30.49.

Analyst Upgrades and Downgrades

SSRM has been the subject of a number of analyst reports. Zacks Research downgraded shares of Silver Standard Resources from a “strong-buy” rating to a “hold” rating in a report on Monday, December 29th. Wall Street Zen upgraded shares of Silver Standard Resources from a “buy” rating to a “strong-buy” rating in a research note on Saturday, February 21st. Canadian Imperial Bank of Commerce upped their price objective on Silver Standard Resources from $28.50 to $29.00 and gave the company a “neutral” rating in a research note on Wednesday, November 12th. TD Cowen upgraded Silver Standard Resources from a “hold” rating to a “buy” rating in a research report on Thursday, January 22nd. Finally, UBS Group increased their target price on shares of Silver Standard Resources from $36.00 to $37.00 and gave the stock a “buy” rating in a research report on Wednesday, February 18th. Two analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Silver Standard Resources currently has a consensus rating of “Moderate Buy” and an average price target of $24.38.

Silver Standard Resources Price Performance

The company’s 50-day simple moving average is $24.73 and its 200-day simple moving average is $22.54. The stock has a market capitalization of $6.47 billion, a P/E ratio of 17.28 and a beta of -0.14. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.08 and a quick ratio of 1.25.

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) last announced its quarterly earnings results on Tuesday, February 17th. The basic materials company reported $0.88 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.29. Silver Standard Resources had a return on equity of 10.40% and a net margin of 24.28%.The firm had revenue of $521.73 million for the quarter, compared to the consensus estimate of $436.23 million. As a group, sell-side analysts expect that Silver Standard Resources Inc. will post 0.73 EPS for the current fiscal year.

Institutional Trading of Silver Standard Resources

Institutional investors have recently added to or reduced their stakes in the company. Strs Ohio acquired a new stake in shares of Silver Standard Resources during the first quarter worth $50,000. AQR Capital Management LLC increased its position in Silver Standard Resources by 461.5% during the first 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 raised its stake in Silver Standard Resources by 96.6% in 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 purchasing an additional 201,525 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted 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 valued at $24,895,000 after purchasing an additional 529,035 shares during the period. 68.30% of the stock is currently owned by institutional investors.

Silver Standard Resources Company Profile

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.