Silver Standard Resources (NASDAQ:SSRM) Shares Gap Down – Should You Sell?

Silver Standard Resources Inc. (NASDAQ:SSRM) (TSE:SSO) shares gapped down before the market opened on Wednesday . The stock had previously closed at $21.70, but opened at $18.63. Silver Standard Resources shares last traded at $19.3230, with a volume of 1,668,348 shares trading hands.

Wall Street Analyst Weigh In

A number of research firms have issued reports on SSRM. Wall Street Zen raised shares of Silver Standard Resources from a “buy” rating to a “strong-buy” rating in a research note on Saturday, July 26th. Zacks Research raised Silver Standard Resources from a “hold” rating to a “strong-buy” rating in a report on Friday, October 17th. UBS Group lowered Silver Standard Resources from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $18.95 to $22.95 in a research report on Friday, September 19th. BMO Capital Markets raised Silver Standard Resources from a “hold” rating to a “strong-buy” rating in a report on Tuesday, September 30th. Finally, CIBC upped their price objective on shares of Silver Standard Resources from $25.00 to $28.50 and gave the stock a “neutral” rating in a report on Friday, October 10th. Two equities research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $18.19.

Silver Standard Resources Stock Up 0.8%

The company has a current ratio of 2.39, a quick ratio of 1.20 and a debt-to-equity ratio of 0.03. The company has a market cap of $4.04 billion, a price-to-earnings ratio of 25.56 and a beta of -0.11. The business has a fifty day moving average price of $22.54 and a two-hundred day moving average price of $16.22.

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) last posted its quarterly earnings results on Tuesday, November 4th. The basic materials company reported $0.32 earnings per share for the quarter, topping analysts’ consensus estimates of $0.31 by $0.01. Silver Standard Resources had a return on equity of 4.99% and a net margin of 12.66%.The company had revenue of $390.16 million during the quarter, compared to the consensus estimate of $444.80 million. On average, equities analysts predict 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 bought and sold shares of SSRM. Bleakley Financial Group LLC lifted its position in shares of Silver Standard Resources by 3.9% in the 1st quarter. Bleakley Financial Group LLC now owns 26,466 shares of the basic materials company’s stock worth $265,000 after acquiring an additional 1,005 shares during the period. Cadence Wealth Management LLC increased its holdings in Silver Standard Resources by 2.8% during the 1st quarter. Cadence Wealth Management LLC now owns 50,290 shares of the basic materials company’s stock valued at $504,000 after purchasing an additional 1,374 shares in the last quarter. Hsbc Holdings PLC boosted its stake in Silver Standard Resources by 1.1% in the first quarter. Hsbc Holdings PLC now owns 206,667 shares of the basic materials company’s stock worth $2,098,000 after purchasing an additional 2,174 shares in the last quarter. Principal Financial Group Inc. grew its holdings in Silver Standard Resources by 19.4% during the 1st quarter. Principal Financial Group Inc. now owns 13,453 shares of the basic materials company’s stock worth $135,000 after acquiring an additional 2,190 shares during the last quarter. Finally, CWM LLC increased its position in Silver Standard Resources by 12.3% in the 1st quarter. CWM LLC now owns 27,203 shares of the basic materials company’s stock valued at $273,000 after acquiring an additional 2,980 shares in the last quarter. 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.