Silver Standard Resources (NASDAQ:SSRM) Price Target Raised to $29.00 at CIBC

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

Several other equities research analysts also recently weighed in on the stock. Weiss Ratings reissued a “hold (c)” rating on shares of Silver Standard Resources in a research report on Wednesday, October 8th. Bank of America increased their price objective on Silver Standard Resources from $12.75 to $18.00 and gave the company an “underperform” rating in a research report on Thursday, October 16th. Scotiabank raised shares of Silver Standard Resources from a “sector perform” rating to a “sector outperform” rating in a report on Thursday, October 23rd. UBS Group downgraded shares of Silver Standard Resources from a “buy” rating to a “neutral” rating and increased their price objective for the company from $18.95 to $22.95 in a research report on Friday, September 19th. Finally, 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. Two investment 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 given a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $18.29.

Silver Standard Resources Trading Up 4.3%

Silver Standard Resources stock traded up $0.91 during trading hours on Wednesday, reaching $21.73. The company had a trading volume of 1,465,451 shares, compared to its average volume of 2,925,204. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.39 and a quick ratio of 1.20. Silver Standard Resources has a 12-month low of $5.26 and a 12-month high of $25.98. The company has a 50-day moving average price of $22.59 and a 200 day moving average price of $16.46. The firm 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 (NASDAQ:SSRM) (TSE:SSO) last posted 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. 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%. Equities analysts forecast that Silver Standard Resources will post 0.73 earnings per share for the current year.

Institutional Trading of Silver Standard Resources

Several institutional investors and hedge funds have recently added to or reduced their stakes in SSRM. Nuveen LLC purchased a new stake in Silver Standard Resources during the 1st quarter worth $18,759,000. Jacobs Levy Equity Management Inc. increased its position in shares of Silver Standard Resources by 921.1% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 1,013,320 shares of the basic materials company’s stock worth $10,164,000 after purchasing an additional 914,084 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its stake in Silver Standard Resources by 413.1% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 930,200 shares of the basic materials company’s stock valued at $9,323,000 after buying an additional 748,900 shares in the last quarter. Russell Investments Group Ltd. lifted its stake in Silver Standard Resources by 2,392.4% during the first quarter. Russell Investments Group Ltd. now owns 579,552 shares of the basic materials company’s stock worth $5,813,000 after purchasing an additional 556,299 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its position in shares of 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 buying an additional 529,035 shares during the last quarter. 68.30% of the stock is owned by hedge funds and other 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.