Silver Standard Resources (NASDAQ:SSRM) Lowered to “Hold” Rating by Zacks Research

Zacks Research cut shares of Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) from a strong-buy rating to a hold rating in a research note issued to investors on Tuesday,Zacks.com reports.

SSRM has been the topic of several other research reports. Wall Street Zen raised Silver Standard Resources from a “buy” rating to a “strong-buy” rating in a report on Saturday, July 26th. BMO Capital Markets started coverage on Silver Standard Resources in a report on Friday, July 18th. They issued a “market perform” rating and a $13.50 price target on the stock. Finally, UBS Group raised Silver Standard Resources from a “neutral” rating to a “buy” rating and raised their price target for the stock from $13.85 to $18.95 in a report on Friday, August 15th. One research analyst has rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $12.55.

Silver Standard Resources Trading Up 3.6%

NASDAQ:SSRM opened at $22.76 on Tuesday. 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’s 50 day moving average is $15.55 and its two-hundred day moving average is $12.63. Silver Standard Resources has a 52 week low of $5.06 and a 52 week high of $22.77. The company has a market cap of $4.62 billion, a PE ratio of 29.18 and a beta of -0.08.

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

Institutional Trading of Silver Standard Resources

Several hedge funds have recently added to or reduced their stakes in the business. Tidal Investments LLC raised its stake in Silver Standard Resources by 14.7% during the 4th quarter. Tidal Investments LLC now owns 3,174,367 shares of the basic materials company’s stock valued at $22,094,000 after acquiring an additional 407,920 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in Silver Standard Resources by 27.1% during 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 in the last quarter. Voloridge Investment Management LLC raised its stake in Silver Standard Resources by 22.2% during the 4th quarter. Voloridge Investment Management LLC now owns 2,203,900 shares of the basic materials company’s stock valued at $15,339,000 after acquiring an additional 399,806 shares in the last quarter. Nuveen LLC bought a new stake in Silver Standard Resources during the 1st quarter valued at $18,759,000. Finally, Charles Schwab Investment Management Inc. raised its stake in Silver Standard Resources by 2.2% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,409,521 shares of the basic materials company’s stock valued at $14,128,000 after acquiring an additional 30,862 shares in the last quarter. Institutional investors own 68.30% of the company’s stock.

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.