Scotiabank has revised its earnings outlook for Silver Standard Resources Inc. (NASDAQ:SSRM) ahead of the 2026 financial year. In a research report released on September 24, 2023, analyst O. Habib lowered the earnings per share (EPS) estimate from $1.32 to $1.27. This update comes as part of a broader analysis of the basic materials sector, with the current consensus estimate for the company’s full-year earnings standing at $0.73 per share.
Market Reactions and Analyst Ratings
Several other research firms have recently evaluated Silver Standard Resources. On July 26, 2023, Wall Street Zen upgraded the stock from a “buy” to a “strong-buy” rating. This shift in sentiment reflects a growing confidence in the company’s potential. Conversely, on September 19, 2023, UBS Group downgraded Silver Standard from a “buy” to a “neutral” rating, while also raising the target price from $18.95 to $22.95. Additionally, Zacks Research adjusted its rating from “strong-buy” to “hold” on September 9, 2023.
According to data from MarketBeat.com, there are currently seven investment analysts who rate the stock as “hold,” with an average target price of $13.55.
Current Stock Performance and Financials
As of September 24, 2023, shares of Silver Standard Resources opened at $24.13. The company has demonstrated a remarkable performance over the past year, with a low of $5.06 and a high of $24.23. Its moving averages indicate a 50-day average of $17.78 and a 200-day average of $13.64.
Silver Standard Resources reported robust quarterly earnings on August 5, 2023, with an EPS of $0.51, surpassing analyst expectations of $0.23 by $0.28. The company achieved a net margin of 12.66% and a return on equity of 4.99%, generating revenues of $410.54 million during the quarter against estimates of $381.08 million.
Institutional Investments in Silver Standard
Recent activity among institutional investors indicates growing interest in Silver Standard Resources. Notably, Bleakley Financial Group LLC increased its holdings in the first quarter by 3.9%, now owning 26,466 shares valued at $265,000 after acquiring an additional 1,005 shares. Similarly, Wealth Enhancement Advisory Services LLC raised its position by 3.9% to 28,794 shares worth $289,000.
Other firms, such as Cadence Wealth Management LLC and Wellington Management Group LLP, have also increased their stakes. As of the latest reports, approximately 68.30% of the stock is held by hedge funds and institutional investors.
Silver Standard Resources, along with its subsidiaries, is engaged in the operation, acquisition, exploration, and development of precious metal resources across the United States, Turkey, Canada, and Argentina. Its mining operations include key sites such as the Çöpler mine in Turkey and the Marigold mine in Nevada, among others.
The evolving landscape of analyst ratings and institutional investments highlights the market’s fluctuating confidence in Silver Standard Resources as it navigates upcoming financial challenges and opportunities.