Silver Standard Resources (NASDAQ:SSRM) Shares Gap Up After Earnings Beat

Silver Standard Resources Inc. (NASDAQ:SSRM) (TSE:SSO)’s share price gapped up prior to trading on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $28.25, but opened at $32.41. Silver Standard Resources shares last traded at $33.9210, with a volume of 751,021 shares changing hands.

The basic materials company reported $1.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.81 by $0.34. The firm had revenue of $581.78 million for the quarter, compared to analyst estimates of $524.80 million. Silver Standard Resources had a return on equity of 14.87% and a net margin of 12.17%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on SSRM. Zacks Research raised shares of Silver Standard Resources from a “hold” rating to a “strong-buy” rating in a report on Thursday, April 30th. Wall Street Zen cut Silver Standard Resources from a “strong-buy” rating to a “buy” rating in a research report on Saturday, April 18th. Weiss Ratings lowered Silver Standard Resources from a “buy (b-)” rating to a “hold (c)” rating in a research note on Wednesday. Bank of America raised Silver Standard Resources from an “underperform” rating to a “buy” rating in a report on Wednesday, March 4th. Finally, TD Cowen raised Silver Standard Resources from a “hold” rating to a “buy” rating in a report on Thursday, January 22nd. Two analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $37.75.

Institutional Investors Weigh In On Silver Standard Resources

Institutional investors and hedge funds have recently bought and sold shares of the business. Strs Ohio bought a new position in Silver Standard Resources in the 1st quarter worth $50,000. AQR Capital Management LLC increased its position in shares of Silver Standard Resources by 461.5% during the first quarter. AQR Capital Management LLC now owns 86,050 shares of the basic materials company’s stock valued at $863,000 after buying an additional 70,726 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised 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 buying an additional 201,525 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted 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 worth $24,895,000 after buying an additional 529,035 shares during the period. Hedge funds and other institutional investors own 68.30% of the company’s stock.

Silver Standard Resources Trading Up 4.6%

The company has a current ratio of 5.33, a quick ratio of 1.25 and a debt-to-equity ratio of 0.01. The stock’s fifty day moving average price is $29.88 and its 200 day moving average price is $25.60. The stock has a market cap of $7.40 billion, a P/E ratio of 32.57, a PEG ratio of 0.46 and a beta of -0.17.

Silver Standard Resources Company Profile

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.