Silver Standard Resources (NASDAQ:SSRM) Reaches New 1-Year High – What’s Next?

Shares of Silver Standard Resources Inc. (NASDAQ:SSRM) (TSE:SSO) hit a new 52-week high during trading on Wednesday . The stock traded as high as $34.62 and last traded at $34.8370, with a volume of 29306 shares traded. The stock had previously closed at $32.59.

Analyst Ratings Changes

Several analysts have commented on the stock. Zacks Research lowered shares of Silver Standard Resources from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 29th. Weiss Ratings raised shares of Silver Standard Resources from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, April 2nd. BMO Capital Markets raised shares of Silver Standard Resources from a “market perform” rating to an “outperform” rating and set a $41.00 price objective on the stock in a research report on Thursday, March 5th. National Bank Financial raised shares of Silver Standard Resources from a “sector perform” rating to an “outperform” rating in a research report on Wednesday, March 4th. Finally, 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 price objective on the stock in a research report on Thursday, March 12th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $37.25.

Silver Standard Resources Price Performance

The stock has a market cap of $7.54 billion, a PE ratio of 18.91, a P/E/G ratio of 0.52 and a beta of -0.11. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.08 and a quick ratio of 1.25. The firm’s 50 day moving average price is $28.02 and its two-hundred day moving average price is $24.55.

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) last posted its earnings results on Tuesday, February 17th. The basic materials company reported $0.88 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.29. The firm had revenue of $521.73 million during the quarter, compared to the consensus estimate of $436.23 million. Silver Standard Resources had a net margin of 24.28% and a return on equity of 10.40%. On average, research analysts expect that Silver Standard Resources Inc. will post 0.73 earnings per share for the current year.

Hedge Funds Weigh In On Silver Standard Resources

Several large investors have recently modified their holdings of the business. Strs Ohio purchased a new position in Silver Standard Resources during the first quarter valued at approximately $50,000. AQR Capital Management LLC grew its stake in Silver Standard Resources by 461.5% during 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 in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in 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 valued at $4,113,000 after acquiring an additional 201,525 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its stake in 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 acquiring an additional 529,035 shares in the last quarter. Hedge funds and other institutional investors 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.