Silver Standard Resources (NASDAQ:SSRM) Price Target Raised to $34.50

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) had its price objective upped by UBS Group from $31.50 to $34.50 in a research report released on Wednesday morning,Benzinga reports. UBS Group currently has a buy rating on the basic materials company’s stock.

Several other equities analysts also recently commented on the stock. CIBC upped their price target on shares of Silver Standard Resources from $28.50 to $29.00 and gave the company a “neutral” rating in a report on Wednesday, November 12th. Scotiabank raised Silver Standard Resources from a “sector perform” rating to a “sector outperform” rating in a research note on Thursday, October 23rd. Bank of America increased their price target on Silver Standard Resources from $12.75 to $18.00 and gave the stock an “underperform” rating in a report on Thursday, October 16th. Weiss Ratings restated a “hold (c)” rating on shares of Silver Standard Resources in a report on Wednesday, October 8th. Finally, BMO Capital Markets raised Silver Standard Resources from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, September 30th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Silver Standard Resources has a consensus rating of “Hold” and an average target price of $20.60.

Silver Standard Resources Stock Performance

NASDAQ SSRM opened at $22.87 on Wednesday. The business’s 50 day moving average price is $22.03 and its 200-day moving average price is $19.84. Silver Standard Resources has a fifty-two week low of $7.55 and a fifty-two week high of $25.98. The company has a market cap of $4.64 billion, a P/E ratio of 21.99 and a beta of -0.11. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.24 and a current ratio of 2.41.

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, topping the consensus estimate of $0.31 by $0.01. Silver Standard Resources had a net margin of 15.36% and a return on equity of 6.46%. The company had revenue of $390.16 million during the quarter, compared to analyst estimates of $444.80 million. Sell-side analysts predict that Silver Standard Resources will post 0.73 earnings per share for the current year.

Institutional Investors Weigh In On Silver Standard Resources

Institutional investors and hedge funds have recently bought and sold shares of the company. AQR Capital Management LLC lifted its holdings in shares of Silver Standard Resources by 461.5% in the 1st 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 during the period. Goldman Sachs Group Inc. lifted its stake in 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 worth $24,895,000 after acquiring an additional 529,035 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Silver Standard Resources by 96.6% in 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 worth $4,113,000 after acquiring an additional 201,525 shares during the period. Finally, Strs Ohio bought a new position in Silver Standard Resources during the 1st quarter worth about $50,000. 68.30% of the stock is owned by 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.