Silver Standard Resources (NASDAQ:SSRM) Stock Price Expected to Rise, CIBC Analyst Says

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) had its target price hoisted by equities research analysts at CIBC from $28.50 to $29.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has a “neutral” rating on the basic materials company’s stock. CIBC’s target price would suggest a potential upside of 33.49% from the company’s current price.

SSRM has been the topic of several other reports. Wall Street Zen raised shares of Silver Standard Resources from a “buy” rating to a “strong-buy” rating in a research report on Saturday, July 26th. BMO Capital Markets raised Silver Standard Resources from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, September 30th. UBS Group lowered shares of Silver Standard Resources from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $18.95 to $22.95 in a research report on Friday, September 19th. Weiss Ratings reiterated a “hold (c)” rating on shares of Silver Standard Resources in a research note on Wednesday, October 8th. Finally, Zacks Research upgraded Silver Standard Resources from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 17th. Two analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Silver Standard Resources has an average rating of “Hold” and an average target price of $18.29.

Silver Standard Resources Price Performance

SSRM stock traded up $0.91 on Wednesday, hitting $21.73. 1,465,451 shares of the company’s stock traded hands, compared to its average volume of 2,925,204. The stock has a market cap of $4.41 billion, a price-to-earnings ratio of 27.85 and a beta of -0.11. Silver Standard Resources has a 1-year low of $5.26 and a 1-year high of $25.98. The company has a current ratio of 2.39, a quick ratio of 1.20 and a debt-to-equity ratio of 0.03. The stock has a fifty day moving average of $22.59 and a 200-day moving average of $16.46.

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) last posted its quarterly earnings data on Tuesday, November 4th. The basic materials company reported $0.32 EPS for the quarter, beating analysts’ consensus estimates of $0.31 by $0.01. The company had revenue of $390.16 million during the quarter, compared to analyst estimates of $444.80 million. Silver Standard Resources had a net margin of 12.66% and a return on equity of 4.99%. On average, analysts forecast that Silver Standard Resources will post 0.73 EPS for the current fiscal year.

Institutional Investors Weigh In On Silver Standard Resources

A number of large investors have recently bought and sold shares of the business. Strs Ohio bought a new stake in Silver Standard Resources during the 1st quarter worth about $50,000. Belpointe Asset Management LLC acquired a new position in shares of Silver Standard Resources during the first quarter worth approximately $206,000. Bayforest Capital Ltd bought a new stake in shares of Silver Standard Resources during the first quarter valued at approximately $147,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Silver Standard Resources by 96.6% during the first 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 last quarter. Finally, Goldman Sachs Group Inc. increased 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 currently owned by institutional investors.

Silver Standard Resources Company Profile

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.