Silver Standard Resources (NASDAQ:SSRM) Shares Down 8.3% – Here’s Why

Silver Standard Resources Inc. (NASDAQ:SSRM) (TSE:SSO) fell 8.3% during trading on Wednesday . The stock traded as low as $27.49 and last traded at $27.4350. Approximately 1,190,555 shares traded hands during mid-day trading, a decline of 68% from the average session volume of 3,762,573 shares. The stock had previously closed at $29.91.

Wall Street Analyst Weigh In

SSRM has been the topic of several research reports. Royal Bank Of Canada cut their price target on Silver Standard Resources from $40.00 to $39.00 and set an “outperform” rating on the stock in a research note on Thursday. Canadian Imperial Bank of Commerce raised shares of Silver Standard Resources from a “neutral” rating to a “sector outperform” rating and set a $48.00 target price for the company in a report on Thursday, March 12th. Zacks Research downgraded Silver Standard Resources from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 29th. UBS Group reduced their price objective on shares of Silver Standard Resources from $43.00 to $40.00 and set a “buy” rating on the stock in a research note on Tuesday, June 30th. Finally, Weiss Ratings raised shares of Silver Standard Resources from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, July 1st. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $41.60.

Silver Standard Resources Stock Down 1.3%

The stock’s fifty day moving average price is $29.98 and its 200-day moving average price is $28.19. The company has a quick ratio of 4.57, a current ratio of 5.33 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $5.97 billion, a price-to-earnings ratio of 27.43, a P/E/G ratio of 0.35 and a beta of -0.10.

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) last issued its quarterly earnings results on Tuesday, May 5th. The basic materials company reported $1.15 EPS for the quarter, beating the consensus estimate of $0.81 by $0.34. The firm had revenue of $418.46 million during the quarter, compared to analysts’ expectations of $524.79 million. Silver Standard Resources had a return on equity of 14.87% and a net margin of 12.17%. On average, sell-side analysts predict that Silver Standard Resources Inc. will post 4.53 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Silver Standard Resources

A number of institutional investors have recently added to or reduced their stakes in the company. Strs Ohio bought a new stake in Silver Standard Resources during the first quarter worth $50,000. AQR Capital Management LLC grew its position in shares of Silver Standard Resources by 461.5% in 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. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased 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 purchasing an additional 201,525 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased 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 last quarter. 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.