Silver Standard Resources (NASDAQ:SSRM) Shares Down 5.7% – Here’s Why

Silver Standard Resources Inc. (NASDAQ:SSRM) (TSE:SSO)’s stock price dropped 5.7% during trading on Friday . The company traded as low as $23.10 and last traded at $22.5020. Approximately 738,453 shares changed hands during trading, a decline of 72% from the average daily volume of 2,635,058 shares. The stock had previously closed at $23.87.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on SSRM shares. Weiss Ratings reiterated a “hold (c)” rating on shares of Silver Standard Resources in a research note on Wednesday, October 8th. BMO Capital Markets raised Silver Standard Resources from a “hold” rating to a “strong-buy” rating in a report on Tuesday, September 30th. CIBC increased their price target 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. Bank of America lifted their target price on shares of Silver Standard Resources from $12.75 to $18.00 and gave the stock an “underperform” rating in a research report on Thursday, October 16th. Finally, Zacks Research downgraded Silver Standard Resources from a “strong-buy” rating to a “hold” rating in a report on Monday, December 29th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $20.60.

Silver Standard Resources Stock Down 4.4%

The company has a 50-day moving average of $21.97 and a two-hundred day moving average of $19.77. The company has a market capitalization of $4.63 billion, a PE ratio of 22.00 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 issued its earnings results on Tuesday, November 4th. The basic materials company reported $0.32 earnings per share for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $390.16 million during the quarter, compared to analyst estimates of $444.80 million. Sell-side analysts anticipate that Silver Standard Resources Inc. will post 0.73 earnings per share for the current fiscal year.

Institutional Trading of Silver Standard Resources

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Strs Ohio bought a new position in shares of Silver Standard Resources during the 1st quarter worth approximately $50,000. AQR Capital Management LLC raised its stake in shares of Silver Standard Resources by 461.5% in the first 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 during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings 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. boosted its holdings 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 valued at $24,895,000 after purchasing an additional 529,035 shares during the last quarter. Institutional investors own 68.30% of the company’s stock.

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.