Silver Standard Resources (NASDAQ:SSRM) Releases Earnings Results, Meets Estimates

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) issued its quarterly earnings results on Tuesday. The basic materials company reported $0.32 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.32, Zacks reports. Silver Standard Resources had a net margin of 12.66% and a return on equity of 4.99%.

Silver Standard Resources Trading Down 5.2%

Shares of Silver Standard Resources stock traded down $1.19 during trading hours on Tuesday, hitting $21.70. The company’s stock had a trading volume of 2,678,854 shares, compared to its average volume of 2,918,642. The company has a market capitalization of $4.40 billion, a PE ratio of 27.82 and a beta of -0.09. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.39 and a quick ratio of 1.20. The stock has a 50 day moving average of $22.41 and a 200 day moving average of $16.03. Silver Standard Resources has a 12 month low of $5.06 and a 12 month high of $25.98.

Analyst Ratings Changes

Several equities analysts recently issued reports on SSRM shares. BMO Capital Markets upgraded Silver Standard Resources from a “hold” rating to a “strong-buy” rating in a report on Tuesday, September 30th. CIBC upped their target price on shares of Silver Standard Resources from $25.00 to $28.50 and gave the company a “neutral” rating in a research report on Friday, October 10th. Wall Street Zen upgraded Silver Standard Resources from a “buy” rating to a “strong-buy” rating in a research report on Saturday, July 26th. Zacks Research upgraded Silver Standard Resources from a “hold” rating to a “strong-buy” rating in a report on Friday, October 17th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Silver Standard Resources in a research report on Wednesday, October 8th. Two research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $18.19.

Hedge Funds Weigh In On Silver Standard Resources

Several institutional investors and hedge funds have recently modified their holdings of the business. Goldman Sachs Group Inc. raised its holdings in 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 buying an additional 529,035 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings 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 valued at $4,113,000 after buying an additional 201,525 shares during the period. AQR Capital Management LLC boosted its holdings in shares of Silver Standard Resources by 461.5% in the first 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. Finally, Strs Ohio bought a new stake in shares of Silver Standard Resources during the first quarter worth $50,000. 68.30% of the stock is currently owned by institutional investors and hedge funds.

About Silver Standard Resources

SSR Mining Inc, together with its subsidiaries, engages in the operation, acquisition, exploration, and development of precious metal resource properties in the United States, Türkiye, Canada, and Argentina. The company explores for gold doré, copper, silver, lead, and zinc deposits. Its mines include the Çöpler, located in Erzincan province, Turkey; the Marigold, located in Nevada, the United States; the Seabee, located in Saskatchewan, Canada; and the Puna, located in Jujuy province, Argentina.