Equities research analysts at Scotiabank have revised their earnings estimates for Silver Standard Resources Inc. (NASDAQ: SSRM, TSE: SSO), projecting a decline in anticipated earnings per share for fiscal year 2026. In a report issued to clients on September 24, 2023, analyst O. Habib adjusted the forecast to $1.27, down from a previous estimate of $1.32. This adjustment comes in light of the current consensus estimate for the company’s full-year earnings, which stands at $0.73 per share.
Several other financial firms have also provided insights into Silver Standard’s stock performance. Wall Street Zen upgraded the company’s rating from “buy” to “strong-buy” on July 26, 2023. Meanwhile, BMO Capital Markets initiated coverage with a “market perform” rating and set a target price of $13.50 on July 18, 2023. In contrast, UBS Group revised its rating from “buy” to “neutral,” increasing their target price for the stock from $18.95 to $22.95 on September 19, 2023. Additionally, Zacks Research downgraded Silver Standard from a “strong-buy” to a “hold” rating on September 9, 2023. Currently, seven investment analysts have rated the stock with a “hold” recommendation, according to data from MarketBeat.com, which suggests an average target price of $13.55.
Silver Standard Resources Stock Performance
On September 25, 2023, shares of Silver Standard opened at $24.13. The company has shown significant price fluctuations over the past year, recording a low of $5.06 and a high of $24.23. The stock has a 50-day simple moving average of $17.78 and a 200-day simple moving average of $13.64. Financial metrics reveal a debt-to-equity ratio of 0.03, a current ratio of 2.39, and a quick ratio of 1.20. As of now, Silver Standard holds a market capitalization of $4.89 billion with a price-to-earnings (P/E) ratio of 30.94.
Silver Standard Resources recently reported its quarterly earnings on August 5, 2023. The results exceeded analysts’ expectations, with the company reporting earnings of $0.51 per share, significantly higher than the consensus estimate of $0.23. The company’s revenue for the quarter reached $410.54 million, surpassing the forecast of $381.08 million. The net margin stood at 12.66%, with a return on equity of 4.99%.
Institutional Investment Trends
Recent trends indicate a shift in institutional investment in Silver Standard Resources. Various institutional investors and hedge funds have increased their holdings in the company. For instance, Bleakley Financial Group LLC raised its position by 3.9% during the first quarter, acquiring a total of 26,466 shares valued at approximately $265,000 after purchasing an additional 1,005 shares. Similarly, Wealth Enhancement Advisory Services LLC raised its stake by 3.9%, now owning 28,794 shares worth $289,000, while Cadence Wealth Management LLC increased its holdings by 2.8%, owning 50,290 shares valued at $504,000.
Other firms, such as Wellington Management Group LLP, also expanded their positions in the fourth quarter, now holding 497,378 shares worth about $3.46 million. B. Riley Wealth Advisors Inc. increased its holdings by 10.0%, bringing its total to 22,000 shares valued at approximately $153,000. Currently, hedge funds and institutional investors collectively hold around 68.30% of Silver Standard’s stock.
Silver Standard Resources engages in the operation, acquisition, exploration, and development of precious metal resource properties across the United States, Türkiye, Canada, and Argentina. The company focuses on exploring deposits of gold, copper, silver, lead, and zinc. Notable mines under its operation include the Çöpler mine in Turkey, the Marigold mine in Nevada, the Seabee mine in Saskatchewan, Canada, and the Puna mine in Argentina.
As Silver Standard continues to navigate market dynamics, the adjustments in earnings forecasts and institutional investments highlight the varying outlooks of analysts and investors.
