Silver Standard Resources (NASDAQ:SSRM) Cut to “Buy” at Wall Street Zen

Wall Street Zen downgraded shares of Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) from a strong-buy rating to a buy rating in a research report released on Saturday morning.

Several other equities research analysts have also commented on SSRM. Royal Bank Of Canada lowered their price objective on Silver Standard Resources from $40.00 to $39.00 and set an “outperform” rating on the stock in a research report on Thursday, July 9th. Weiss Ratings lowered shares of Silver Standard Resources from a “hold (c)” rating to a “hold (c-)” rating in a report on Wednesday, July 15th. 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. Bank of America lowered their price target on shares of Silver Standard Resources from $41.00 to $40.00 and set a “buy” rating on the stock in a report on Thursday, July 9th. Finally, UBS Group dropped their price target on shares of Silver Standard Resources from $43.00 to $40.00 and set a “buy” rating on the stock in a research report on Tuesday, June 30th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $41.60.

Silver Standard Resources Stock Performance

Shares of SSRM stock opened at $25.05 on Friday. Silver Standard Resources has a 52-week low of $11.86 and a 52-week high of $36.51. 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 stock has a market cap of $5.17 billion, a PE ratio of 23.86, a price-to-earnings-growth ratio of 2.25 and a beta of -0.10. The business has a 50-day simple moving average of $29.35 and a 200-day simple moving average of $28.39.

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) last posted its earnings results on Tuesday, May 5th. The basic materials company reported $1.15 EPS for the quarter, topping the consensus estimate of $0.81 by $0.34. The firm had revenue of $418.46 million for the quarter, compared to analyst estimates of $524.79 million. Silver Standard Resources had a return on equity of 14.87% and a net margin of 12.17%. On average, equities analysts expect that Silver Standard Resources will post 3.92 EPS for the current year.

Institutional Trading of Silver Standard Resources

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Strs Ohio acquired a new position in shares of Silver Standard Resources during the 1st quarter worth approximately $50,000. AQR Capital Management LLC grew its stake in 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 grew its stake in Silver Standard Resources by 96.6% in 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. Finally, Goldman Sachs Group Inc. increased its holdings in Silver Standard Resources by 27.1% in 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 acquiring an additional 529,035 shares in the last quarter. 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.