Silver Standard Resources (NASDAQ:SSRM) Stock Price Crosses Above 200 Day Moving Average – What’s Next?

Silver Standard Resources Inc. (NASDAQ:SSRM) (TSE:SSO)’s stock price crossed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $27.78 and traded as high as $28.93. Silver Standard Resources shares last traded at $28.38, with a volume of 3,331,720 shares trading hands.

Analyst Ratings Changes

Several analysts have weighed in on the company. Zacks Research cut Silver Standard Resources from a “strong-buy” rating to a “hold” rating in a report on Friday, May 29th. National Bank Financial upgraded shares of Silver Standard Resources from a “sector perform” rating to an “outperform” rating in a research report on Wednesday, March 4th. Wall Street Zen raised shares of Silver Standard Resources from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 9th. UBS Group cut their price target on shares of Silver Standard Resources from $43.00 to $40.00 and set a “buy” rating for the company in a research note on Tuesday. Finally, Bank of America raised shares of Silver Standard Resources from an “underperform” rating to a “buy” rating in a report on Wednesday, March 4th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $37.40.

Silver Standard Resources Price Performance

The firm has a market capitalization of $5.98 billion, a P/E ratio of 27.46, a PEG ratio of 0.35 and a beta of -0.14. The business’s 50-day simple moving average is $30.01 and its 200 day simple moving average is $27.87. The company has a quick ratio of 4.57, a current ratio of 5.33 and a debt-to-equity ratio of 0.01.

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) last announced its quarterly earnings data on Tuesday, May 5th. The basic materials company reported $1.15 earnings per share for the quarter, topping analysts’ consensus estimates of $0.81 by $0.34. Silver Standard Resources had a net margin of 12.17% and a return on equity of 14.87%. The firm had revenue of $581.78 million during the quarter, compared to analyst estimates of $524.79 million. Sell-side analysts forecast that Silver Standard Resources Inc. will post 4.49 earnings per share for the current year.

Institutional Trading of Silver Standard Resources

Institutional investors have recently added to or reduced their stakes in the business. Strs Ohio purchased a new position in shares of Silver Standard Resources in the first quarter worth about $50,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted 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 valued at $4,113,000 after acquiring an additional 201,525 shares during the period. Goldman Sachs Group Inc. boosted 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 valued at $24,895,000 after acquiring an additional 529,035 shares during the period. Finally, AQR Capital Management LLC boosted its holdings in 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 during the period. 68.30% of the stock is currently owned by hedge funds and other 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.