Silver Standard Resources (NASDAQ:SSRM) Trading Down 6.1% – Here’s What Happened

Silver Standard Resources Inc. (NASDAQ:SSRM) (TSE:SSO) was down 6.1% during mid-day trading on Wednesday . The stock traded as low as $25.97 and last traded at $26.5470. Approximately 705,544 shares changed hands during mid-day trading, a decline of 83% from the average daily volume of 4,135,784 shares. The stock had previously closed at $28.26.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on SSRM shares. UBS Group lifted their price objective on Silver Standard Resources from $36.00 to $37.00 and gave the company a “buy” rating in a research note on Wednesday, February 18th. TD Securities upgraded shares of Silver Standard Resources from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 22nd. Weiss Ratings raised Silver Standard Resources from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, March 6th. Zacks Research cut Silver Standard Resources from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 29th. Finally, BMO Capital Markets raised Silver Standard Resources from a “market perform” rating to an “outperform” rating and set a $41.00 target price on the stock in a research report on Thursday, March 5th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $36.00.

Silver Standard Resources Stock Down 6.9%

The company has a current ratio of 2.08, a quick ratio of 1.25 and a debt-to-equity ratio of 0.03. The business has a 50 day moving average of $26.97 and a 200-day moving average of $23.90. The stock has a market cap of $5.34 billion, a PE ratio of 14.22, a P/E/G ratio of 0.46 and a beta of -0.18.

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) last announced its earnings results on Tuesday, February 17th. The basic materials company reported $0.88 EPS for the quarter, beating analysts’ consensus estimates of $0.59 by $0.29. The business had revenue of $521.73 million for 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%. Equities research analysts predict that Silver Standard Resources Inc. will post 0.73 EPS for the current fiscal year.

Institutional Investors Weigh In On Silver Standard Resources

Hedge funds have recently added to or reduced their stakes in the company. Strs Ohio acquired a new stake in shares of Silver Standard Resources in the 1st quarter valued at approximately $50,000. AQR Capital Management LLC lifted its holdings in Silver Standard Resources by 461.5% in the first 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 during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position 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 purchasing an additional 201,525 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its stake in shares of 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 purchasing an additional 529,035 shares during the period. Institutional investors and hedge funds own 68.30% of the company’s stock.

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.