Silver Standard Resources (NASDAQ:SSRM) Hits New 52-Week High – Should You Buy?

Silver Standard Resources Inc. (NASDAQ:SSRM) (TSE:SSO) shares reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $33.37 and last traded at $33.37, with a volume of 172863 shares changing hands. The stock had previously closed at $28.93.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Zacks Research downgraded shares of Silver Standard Resources from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 29th. Weiss Ratings reiterated a “hold (c)” rating on shares of Silver Standard Resources in a research note on Thursday, January 22nd. Wall Street Zen upgraded 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 target price on Silver Standard Resources from $28.50 to $29.00 and gave the company a “neutral” rating in a research report on Wednesday, November 12th. Finally, UBS Group increased their target price on Silver Standard Resources from $36.00 to $37.00 and gave the stock a “buy” rating in a report on Wednesday, February 18th. Two analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $24.38.

Silver Standard Resources Stock Up 12.1%

The company has a quick ratio of 1.25, a current ratio of 2.08 and a debt-to-equity ratio of 0.03. The firm has a 50 day moving average of $25.40 and a two-hundred day moving average of $23.01. The firm has a market capitalization of $6.58 billion, a price-to-earnings ratio of 17.52, a price-to-earnings-growth ratio of 0.53 and a beta of -0.18.

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

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. AQR Capital Management LLC boosted its holdings 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 valued at $863,000 after acquiring an additional 70,726 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Silver Standard Resources by 27.1% during the first 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 in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Silver Standard Resources by 96.6% during the first 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 during the last quarter. Finally, Strs Ohio acquired a new position in shares of Silver Standard Resources in the first quarter valued at approximately $50,000. 68.30% of the stock is currently owned by institutional investors and hedge funds.

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.