Silver Standard Resources (NASDAQ:SSRM) Shares Gap Down on Analyst Downgrade

Silver Standard Resources Inc. (NASDAQ:SSRM) (TSE:SSO)’s share price gapped down prior to trading on Monday after Zacks Research downgraded the stock from a strong-buy rating to a hold rating. The stock had previously closed at $23.16, but opened at $21.86. Silver Standard Resources shares last traded at $21.8360, with a volume of 682,631 shares changing hands.

Several other brokerages have also issued reports on SSRM. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Silver Standard Resources in a research note on Wednesday, October 8th. UBS Group raised their price objective on shares of Silver Standard Resources from $29.60 to $31.50 and gave the company a “buy” rating in a research note on Wednesday, November 26th. Scotiabank upgraded shares of Silver Standard Resources from a “sector perform” rating to a “sector outperform” rating in a research report on Thursday, October 23rd. Wall Street Zen upgraded Silver Standard Resources from a “buy” rating to a “strong-buy” rating in a research report on Saturday, December 13th. Finally, CIBC upped their price objective on Silver Standard Resources from $28.50 to $29.00 and gave the company a “neutral” rating in a report on Wednesday, November 12th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $20.00.

Institutional Trading of Silver Standard Resources

Several hedge funds have recently added to or reduced their stakes in the business. Strs Ohio bought a new position in Silver Standard Resources during the first quarter worth about $50,000. Bayforest Capital Ltd acquired a new stake in shares of Silver Standard Resources during the first quarter worth about $147,000. Ieq Capital LLC bought a new position in shares of Silver Standard Resources during the 1st quarter valued at about $173,000. Belpointe Asset Management LLC acquired a new position in shares of Silver Standard Resources in the 1st quarter valued at approximately $206,000. Finally, Dynamic Technology Lab Private Ltd bought a new stake in Silver Standard Resources during the 1st quarter worth approximately $540,000. Institutional investors and hedge funds own 68.30% of the company’s stock.

Silver Standard Resources Stock Up 0.3%

The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.24 and a current ratio of 2.41. The firm’s fifty day simple moving average is $21.86 and its 200 day simple moving average is $19.04. The stock has a market capitalization of $4.45 billion, a price-to-earnings ratio of 21.10 and a beta of -0.10.

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) last released its quarterly earnings results on Tuesday, November 4th. The basic materials company reported $0.32 earnings per share for the quarter, beating the consensus estimate of $0.31 by $0.01. The company had revenue of $390.16 million during the quarter, compared to analysts’ expectations of $444.80 million. Silver Standard Resources had a net margin of 15.36% and a return on equity of 6.46%. On average, sell-side analysts forecast that Silver Standard Resources Inc. will post 0.73 earnings per share for the current year.

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.