Silver Standard Resources (NASDAQ:SSRM) Shares Gap Down – Here’s What Happened

Silver Standard Resources Inc. (NASDAQ:SSRM) (TSE:SSO) gapped down prior to trading on Wednesday . The stock had previously closed at $21.70, but opened at $18.63. Silver Standard Resources shares last traded at $19.3230, with a volume of 1,668,348 shares trading hands.

Analyst Ratings Changes

Several equities analysts have commented on SSRM shares. Zacks Research raised shares of Silver Standard Resources from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 17th. CIBC lifted their target price on shares of Silver Standard Resources from $25.00 to $28.50 and gave the stock a “neutral” rating in a research report on Friday, October 10th. Scotiabank upgraded shares of Silver Standard Resources from a “sector perform” rating to a “sector outperform” rating in a research report on Thursday, October 23rd. Wall Street Zen upgraded shares of Silver Standard Resources from a “buy” rating to a “strong-buy” rating in a research report on Saturday, July 26th. Finally, UBS Group cut shares of Silver Standard Resources from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $18.95 to $22.95 in a research report on Friday, September 19th. Two investment analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $18.19.

Silver Standard Resources Trading Down 10.1%

The company has a debt-to-equity ratio of 0.03, a current ratio of 2.39 and a quick ratio of 1.20. The company has a market cap of $3.96 billion, a P/E ratio of 25.05 and a beta of -0.11. The stock’s 50-day moving average is $22.48 and its two-hundred day moving average is $16.11.

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) last released its quarterly earnings results on Tuesday, November 4th. The basic materials company reported $0.32 earnings per share for the quarter, topping the consensus estimate of $0.31 by $0.01. The business had revenue of $390.16 million for the quarter, compared to the consensus estimate of $444.80 million. Silver Standard Resources had a net margin of 12.66% and a return on equity of 4.99%. As a group, equities research analysts predict that Silver Standard Resources Inc. will post 0.73 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Silver Standard Resources

Several institutional investors have recently bought and sold shares of SSRM. Strs Ohio bought a new position in Silver Standard Resources in the 1st quarter worth about $50,000. Belpointe Asset Management LLC purchased a new stake in shares of Silver Standard Resources in the 1st quarter valued at $206,000. Bayforest Capital Ltd acquired a new position in shares of Silver Standard Resources in the 1st quarter valued at $147,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in 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 worth $4,113,000 after acquiring an additional 201,525 shares during the period. Finally, Goldman Sachs Group Inc. raised its position 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 buying an additional 529,035 shares during 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.