Silver Standard Resources (NASDAQ:SSRM) Upgraded at Scotiabank

Scotiabank upgraded shares of Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) from a sector perform rating to a sector outperform rating in a research note issued to investors on Thursday, Marketbeat reports.

A number of other equities analysts have also recently weighed in on the company. Wall Street Zen upgraded Silver Standard Resources from a “buy” rating to a “strong-buy” rating in a report on Saturday, July 26th. UBS Group cut Silver Standard Resources from a “buy” rating to a “neutral” rating and increased their price target for the stock from $18.95 to $22.95 in a report on Friday, September 19th. Bank of America raised their target price on Silver Standard Resources from $12.75 to $18.00 and gave the company an “underperform” rating in a report on Thursday, October 16th. Zacks Research upgraded Silver Standard Resources from a “hold” rating to a “strong-buy” rating in a report on Friday, October 17th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Silver Standard Resources in a report on Wednesday, October 8th. Two equities research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $18.19.

Silver Standard Resources Stock Down 0.6%

Shares of NASDAQ:SSRM opened at $22.88 on Thursday. The company has a quick ratio of 1.20, a current ratio of 2.39 and a debt-to-equity ratio of 0.03. The business has a fifty day moving average of $21.72 and a two-hundred day moving average of $15.46. The stock has a market cap of $4.64 billion, a P/E ratio of 29.33 and a beta of -0.09. Silver Standard Resources has a 52-week low of $5.06 and a 52-week high of $25.98.

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) last released its quarterly earnings results on Tuesday, August 5th. The basic materials company reported $0.51 earnings per share for the quarter, topping analysts’ consensus estimates of $0.23 by $0.28. The business had revenue of $410.54 million during the quarter, compared to analysts’ expectations of $381.08 million. Silver Standard Resources had a return on equity of 4.99% and a net margin of 12.66%. On average, research analysts expect that Silver Standard Resources will post 0.73 earnings per share for the current year.

Hedge Funds Weigh In On Silver Standard Resources

Hedge funds and other institutional investors have recently bought and sold shares of the company. Strs Ohio acquired a new stake in Silver Standard Resources in the 1st quarter valued at about $50,000. Belpointe Asset Management LLC acquired a new stake in Silver Standard Resources in the 1st quarter valued at about $206,000. Bayforest Capital Ltd acquired a new stake in Silver Standard Resources in the 1st quarter valued at about $147,000. 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. 68.30% of the stock is currently owned by hedge funds and other institutional investors.

About Silver Standard Resources

SSR Mining Inc, together with its subsidiaries, engages in the operation, acquisition, exploration, and development of precious metal resource properties in the United States, Türkiye, Canada, and Argentina. The company explores for gold doré, copper, silver, lead, and zinc deposits. Its mines include the Çöpler, located in Erzincan province, Turkey; the Marigold, located in Nevada, the United States; the Seabee, located in Saskatchewan, Canada; and the Puna, located in Jujuy province, Argentina.