Silver Standard Resources (NASDAQ:SSRM) Shares Gap Up – Should You Buy?

Shares of Silver Standard Resources Inc. (NASDAQ:SSRM) (TSE:SSO) gapped up before the market opened on Wednesday . The stock had previously closed at $31.69, but opened at $33.76. Silver Standard Resources shares last traded at $34.2750, with a volume of 300,165 shares traded.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Weiss Ratings upgraded Silver Standard Resources from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, August 6th. Wall Street Zen lowered Silver Standard Resources from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 18th. UBS Group cut 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 report on Tuesday, June 30th. Royal Bank Of Canada decreased their price objective on shares of Silver Standard Resources from $40.00 to $39.00 and set an “outperform” rating for the company in a research report on Thursday, July 9th. Finally, Zacks Research cut shares of Silver Standard Resources from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 29th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $41.60.

Silver Standard Resources Trading Up 4.1%

The stock has a 50-day simple moving average of $29.17 and a 200 day simple moving average of $29.30. The company has a market cap of $7.60 billion, a price-to-earnings ratio of 33.48, a PEG ratio of 7.29 and a beta of -0.10.

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) last announced its quarterly earnings data on Tuesday, August 4th. The basic materials company reported $0.66 earnings per share for the quarter, missing analysts’ consensus estimates of $0.67 by ($0.01). Silver Standard Resources had a net margin of 12.30% and a return on equity of 16.17%. The firm had revenue of $443.80 million during the quarter, compared to analyst estimates of $483.84 million. As a group, research analysts forecast that Silver Standard Resources Inc. will post 3.92 EPS for the current fiscal year.

Silver Standard Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 11th. Investors of record on Friday, August 14th will be given a dividend of $0.03 per share. The ex-dividend date is Friday, August 14th. This represents a $0.12 dividend on an annualized basis and a yield of 0.3%. Silver Standard Resources’s payout ratio is currently 10.91%.

Institutional Investors Weigh In On Silver Standard Resources

Several hedge funds have recently added to or reduced their stakes in the business. Strs Ohio purchased a new position in shares of Silver Standard Resources during the 1st quarter valued at about $50,000. AQR Capital Management LLC lifted its holdings 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 buying an additional 70,726 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Silver Standard Resources by 96.6% in 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 buying an additional 201,525 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its stake in shares of Silver Standard Resources by 27.1% in the first quarter. Goldman Sachs Group Inc. now owns 2,482,100 shares of the basic materials company’s stock worth $24,895,000 after buying an additional 529,035 shares during the last quarter. 68.30% of the stock is owned by hedge funds and other institutional investors.

About Silver Standard Resources

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.