Silver Standard Resources (NASDAQ:SSRM) Shares Down 8.3% – Should You Sell?

Silver Standard Resources Inc. (NASDAQ:SSRM) (TSE:SSO)’s stock price dropped 8.3% during mid-day trading on Wednesday . The company traded as low as $27.49 and last traded at $27.4350. Approximately 1,190,555 shares traded hands during trading, a decline of 68% from the average session volume of 3,762,573 shares. The stock had previously closed at $29.91.

Analyst Upgrades and Downgrades

Several research firms have recently commented on SSRM. UBS Group lowered their price objective on shares of Silver Standard Resources from $43.00 to $40.00 and set a “buy” rating for the company in a research note on Tuesday, June 30th. Wall Street Zen raised shares of Silver Standard Resources from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 9th. Weiss Ratings raised shares of Silver Standard Resources from a “hold (c-)” rating to a “hold (c)” rating in a research report on Wednesday, July 1st. Royal Bank Of Canada upgraded shares of Silver Standard Resources from a “sector perform” rating to an “outperform” rating and dropped their price target for the stock from $45.00 to $40.00 in a research note on Wednesday, June 3rd. Finally, Canadian Imperial Bank of Commerce raised Silver Standard Resources from a “neutral” rating to a “sector outperform” rating and set a $48.00 price objective on the stock in a research report on Thursday, March 12th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $37.40.

Silver Standard Resources Price Performance

The stock’s 50 day moving average is $30.03 and its two-hundred day moving average is $28.10. The company has a debt-to-equity ratio of 0.01, a current ratio of 5.33 and a quick ratio of 4.57. The stock has a market capitalization of $5.82 billion, a PE ratio of 26.75, a price-to-earnings-growth ratio of 0.38 and a beta of -0.10.

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) last issued its quarterly earnings results on Tuesday, May 5th. The basic materials company reported $1.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.81 by $0.34. Silver Standard Resources had a net margin of 12.17% and a return on equity of 14.87%. The company had revenue of $418.46 million during the quarter, compared to the consensus estimate of $524.79 million. As a group, sell-side analysts forecast that Silver Standard Resources Inc. will post 4.49 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Silver Standard Resources

Large investors have recently bought and sold shares of the business. AQR Capital Management LLC raised its stake in 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 valued at $863,000 after buying an additional 70,726 shares in the last quarter. Goldman Sachs Group Inc. boosted 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 worth $24,895,000 after acquiring an additional 529,035 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased 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, Strs Ohio acquired a new stake in shares of Silver Standard Resources during the 1st quarter worth about $50,000. Hedge funds and other institutional investors own 68.30% of the company’s stock.

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.