Silver Standard Resources (NASDAQ:SSRM) Hits New 12-Month High – Still a Buy?

Shares of Silver Standard Resources Inc. (NASDAQ:SSRM) (TSE:SSO) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $28.35 and last traded at $28.16, with a volume of 3310887 shares traded. The stock had previously closed at $27.92.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. UBS Group lifted their price objective on shares of Silver Standard Resources from $31.50 to $34.50 and gave the company a “buy” rating in a research note on Wednesday, January 14th. TD Cowen raised shares of Silver Standard Resources from a “hold” rating to a “buy” rating in a research note on Thursday, January 22nd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Silver Standard Resources in a research note on Thursday, January 22nd. Zacks Research lowered shares of Silver Standard Resources from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 29th. Finally, TD Securities raised Silver Standard Resources from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 22nd. Two research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Silver Standard Resources has an average rating of “Moderate Buy” and a consensus target price of $20.60.

Silver Standard Resources Price Performance

The company has a fifty day simple moving average of $22.94 and a 200-day simple moving average of $20.72. The company has a market cap of $4.63 billion, a P/E ratio of 21.95 and a beta of -0.11. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.41 and a quick ratio of 1.24.

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

Institutional Trading of Silver Standard Resources

A number of hedge funds have recently bought and sold shares of SSRM. Strs Ohio purchased a new position in shares of Silver Standard Resources in the first quarter worth approximately $50,000. AQR Capital Management LLC grew its position 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 in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake 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 during the period. Finally, Goldman Sachs Group Inc. lifted its holdings in shares of Silver Standard Resources by 27.1% in the first 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. 68.30% of the stock is owned by hedge funds and other institutional investors.

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.