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

Wall Street Zen lowered 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.

A number of other research firms have also weighed in on SSRM. Scotiabank raised shares of Silver Standard Resources from a “sector perform” rating to a “sector outperform” rating in a report on Thursday, October 23rd. Bank of America increased their price objective on shares of Silver Standard Resources from $12.75 to $18.00 and gave the company an “underperform” rating in a research report on Thursday, October 16th. CIBC lifted their price objective on shares of Silver Standard Resources from $28.50 to $29.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 12th. UBS Group upped their target price on shares of Silver Standard Resources from $29.60 to $31.50 and gave the company a “buy” rating in a research report on Wednesday, November 26th. Finally, BMO Capital Markets raised shares of Silver Standard Resources from a “hold” rating to a “strong-buy” rating in a report on Tuesday, September 30th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Silver Standard Resources has a consensus rating of “Hold” and an average price target of $20.00.

Silver Standard Resources Stock Up 4.0%

NASDAQ SSRM opened at $22.89 on Friday. Silver Standard Resources has a 12 month low of $7.03 and a 12 month high of $25.98. The company has a current ratio of 2.41, a quick ratio of 1.24 and a debt-to-equity ratio of 0.03. The stock has a market cap of $4.65 billion, a PE ratio of 22.01 and a beta of -0.11. The stock’s 50 day moving average is $21.76 and its 200 day moving average is $19.63.

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) last posted its 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%. Research analysts predict that Silver Standard Resources will post 0.73 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Strs Ohio purchased a new position in shares of Silver Standard Resources during the first quarter worth approximately $50,000. Belpointe Asset Management LLC bought a new position in Silver Standard Resources in the first quarter worth approximately $206,000. Bayforest Capital Ltd purchased a new position in Silver Standard Resources during the 1st quarter worth $147,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Silver Standard Resources by 96.6% during 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 purchasing an additional 201,525 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its holdings in shares of 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 buying an additional 529,035 shares during the period. Institutional investors own 68.30% of the company’s stock.

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.