Silver Standard Resources (NASDAQ:SSRM) Shares Down 7.6% – Here’s What Happened

Shares of Silver Standard Resources Inc. (NASDAQ:SSRM) (TSE:SSO) dropped 7.6% on Tuesday . The stock traded as low as $25.52 and last traded at $25.9760. Approximately 2,589,379 shares were traded during trading, a decline of 32% from the average daily volume of 3,807,062 shares. The stock had previously closed at $28.11.

Wall Street Analyst Weigh In

Several equities analysts recently commented on SSRM shares. Weiss Ratings restated a “hold (c)” rating on shares of Silver Standard Resources in a research note on Thursday, January 22nd. TD Securities raised shares of Silver Standard Resources from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 22nd. Canadian Imperial Bank of Commerce raised their target price on shares of Silver Standard Resources from $28.50 to $29.00 and gave the stock a “neutral” rating in a report on Wednesday, November 12th. Wall Street Zen downgraded shares of Silver Standard Resources from a “strong-buy” rating to a “buy” rating in a research report on Saturday, January 10th. Finally, TD Cowen raised Silver Standard Resources from a “hold” rating to a “buy” rating in a research report on Thursday, January 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $24.38.

Silver Standard Resources Price Performance

The firm has a market capitalization of $5.91 billion, a P/E ratio of 15.74 and a beta of -0.14. The company has a quick ratio of 1.24, a current ratio of 2.08 and a debt-to-equity ratio of 0.03. The business’s 50 day moving average is $24.06 and its 200-day moving average is $22.03.

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

Institutional Investors Weigh In On Silver Standard Resources

Hedge funds have recently made changes to their positions in the stock. Strs Ohio bought a new stake in shares of Silver Standard Resources during the 1st quarter valued at approximately $50,000. AQR Capital Management LLC increased its holdings in shares of Silver Standard Resources by 461.5% during the first quarter. AQR Capital Management LLC now owns 86,050 shares of the basic materials company’s stock worth $863,000 after buying an additional 70,726 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of 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 acquiring an additional 201,525 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its stake 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 valued at $24,895,000 after acquiring an additional 529,035 shares during the last quarter. 68.30% of the stock is currently owned by institutional investors and hedge funds.

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.