Silver Standard Resources (NASDAQ:SSRM) Stock Price Up 4.8% on Analyst Upgrade

Silver Standard Resources Inc. (NASDAQ:SSRM) (TSE:SSO) shares shot up 4.8% during mid-day trading on Friday after UBS Group raised their price target on the stock from $41.00 to $42.00. UBS Group currently has a buy rating on the stock. Silver Standard Resources traded as high as $25.98 and last traded at $25.8360. 756,104 shares traded hands during trading, a decline of 82% from the average session volume of 4,177,983 shares. The stock had previously closed at $24.66.

Other research analysts have also recently issued research reports about the stock. National Bank Financial raised shares of Silver Standard Resources from a “sector perform” rating to an “outperform” rating in a research report on Wednesday, March 4th. TD Securities raised shares of Silver Standard Resources from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 22nd. BMO Capital Markets raised shares of Silver Standard Resources from a “market perform” rating to an “outperform” rating and set a $41.00 price target for the company in a research note on Thursday, March 5th. Wall Street Zen upgraded shares of Silver Standard Resources from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 21st. Finally, Bank of America raised shares of Silver Standard Resources from an “underperform” rating to a “buy” rating in a research report on Wednesday, March 4th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $37.25.

Institutional Trading of Silver Standard Resources

A number of large investors have recently modified their holdings of the stock. Strs Ohio purchased a new position in Silver Standard Resources in the first quarter valued at $50,000. AQR Capital Management LLC increased its holdings in Silver Standard Resources by 461.5% during the 1st quarter. AQR Capital Management LLC now owns 86,050 shares of the basic materials company’s stock worth $863,000 after purchasing an additional 70,726 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Silver Standard Resources by 96.6% in 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. raised its position in 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 valued at $24,895,000 after purchasing an additional 529,035 shares in the last quarter. Hedge funds and other institutional investors own 68.30% of the company’s stock.

Silver Standard Resources Stock Up 6.8%

The firm has a market cap of $5.44 billion, a PE ratio of 14.26, a PEG ratio of 0.43 and a beta of -0.18. The company has a current ratio of 2.08, a quick ratio of 1.25 and a debt-to-equity ratio of 0.03. The firm has a 50 day moving average price of $27.20 and a 200-day moving average price of $24.06.

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) last released its earnings results on Tuesday, February 17th. The basic materials company reported $0.88 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.29. Silver Standard Resources had a net margin of 24.28% and a return on equity of 10.40%. The firm had revenue of $521.73 million for the quarter, compared to analyst estimates of $436.23 million. Research analysts forecast that Silver Standard Resources Inc. will post 0.73 EPS for the current fiscal 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.