Silver Standard Resources (NASDAQ:SSRM) Now Covered by BMO Capital Markets

Equities researchers at BMO Capital Markets assumed coverage on shares of Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) in a report issued on Friday. The brokerage set a “market perform” rating and a $13.50 price target on the basic materials company’s stock. BMO Capital Markets’ price target would suggest a potential upside of 12.83% from the company’s current price.

SSRM has been the topic of several other research reports. Wall Street Zen cut shares of Silver Standard Resources from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 12th. Cormark raised shares of Silver Standard Resources from a “hold” rating to a “moderate buy” rating in a research note on Tuesday, April 22nd. UBS Group reissued a “neutral” rating and set a $13.85 price target (up previously from $12.35) on shares of Silver Standard Resources in a research report on Tuesday, June 24th. National Bankshares reissued a “sector perform” rating on shares of Silver Standard Resources in a research report on Wednesday, April 23rd. Finally, National Bank Financial raised shares of Silver Standard Resources to a “hold” rating in a research report on Friday, March 21st. Six research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $11.28.

Silver Standard Resources Stock Performance

Shares of NASDAQ:SSRM traded down $0.16 during trading on Friday, hitting $11.97. 214,211 shares of the stock traded hands, compared to its average volume of 2,470,036. The company has a fifty day moving average price of $12.21 and a two-hundred day moving average price of $10.42. Silver Standard Resources has a 52-week low of $4.32 and a 52-week high of $13.48. The company has a market cap of $2.43 billion, a price-to-earnings ratio of 29.19 and a beta of -0.12. The company has a quick ratio of 1.85, a current ratio of 3.95 and a debt-to-equity ratio of 0.08.

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) last released its quarterly earnings results on Tuesday, May 6th. The basic materials company reported $0.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.21. Silver Standard Resources had a net margin of 7.82% and a return on equity of 2.44%. The firm had revenue of $303.43 million for the quarter, compared to analysts’ expectations of $332.64 million. As a group, equities analysts predict that Silver Standard Resources will post 0.73 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of SSRM. Strs Ohio purchased a new stake in Silver Standard Resources in the 1st quarter valued at about $50,000. Belpointe Asset Management LLC purchased a new stake in Silver Standard Resources in the 1st quarter valued at about $206,000. Bayforest Capital Ltd purchased a new stake in Silver Standard Resources during the first quarter worth about $147,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake 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 purchasing an additional 201,525 shares during the period. Finally, Goldman Sachs Group Inc. increased its stake in Silver Standard Resources by 27.1% during 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 purchasing an additional 529,035 shares during the period. Institutional investors and hedge funds 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.