Silver Standard Resources (NASDAQ:SSRM) Shares Gap Up – Here’s What Happened

Silver Standard Resources Inc. (NASDAQ:SSRM) (TSE:SSO)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $35.83, but opened at $36.97. Silver Standard Resources shares last traded at $37.6450, with a volume of 182,042 shares traded.

Analyst Ratings Changes

A number of research analysts recently issued reports on SSRM shares. UBS Group decreased 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. Weiss Ratings raised Silver Standard Resources from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, August 6th. Bank of America lowered their price target on Silver Standard Resources from $41.00 to $40.00 and set a “buy” rating for the company in a report on Thursday, July 9th. Zacks Research downgraded Silver Standard Resources from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 29th. Finally, Wall Street Zen lowered Silver Standard Resources from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 18th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $41.60.

Silver Standard Resources Stock Performance

The business has a fifty day simple moving average of $30.41 and a 200-day simple moving average of $30.05. The firm has a market cap of $7.67 billion, a price-to-earnings ratio of 33.70, a PEG ratio of 7.85 and a beta of -0.04.

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) last announced its quarterly earnings results on Tuesday, August 4th. The basic materials company reported $0.66 EPS 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 for the quarter, compared to analyst estimates of $483.84 million. On average, equities analysts anticipate that Silver Standard Resources Inc. will post 3.87 earnings per share for the current year.

Silver Standard Resources Dividend Announcement

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Strs Ohio acquired a new stake in shares of Silver Standard Resources in the first quarter valued at about $50,000. AQR Capital Management LLC boosted its stake 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 purchasing an additional 70,726 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised 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 worth $4,113,000 after buying an additional 201,525 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its position 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 during the last quarter. 68.30% of the stock is owned by institutional investors and hedge funds.

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.