Analysts at Scotiabank have revised their earnings estimates for Silver Standard Resources Inc. (NASDAQ:SSRM, TSE:SSO), reflecting a more cautious outlook for the company in the fiscal year 2026. In a research report released on September 24, 2023, analyst O. Habib projected the company’s earnings per share (EPS) to be $1.27, a decrease from the prior estimate of $1.32.
The consensus EPS estimate for Silver Standard Resources for the current fiscal year stands at $0.73. This downward revision by Scotiabank follows a trend of mixed ratings from various investment firms regarding the stock’s performance.
Recent Ratings Changes from Analysts
On July 26, 2023, Wall Street Zen upgraded Silver Standard Resources from a “buy” to a “strong-buy” rating, indicating confidence in the company’s potential. In contrast, BMO Capital Markets initiated coverage of the stock on July 18, 2023, with a “market perform” rating and a target price of $13.50.
On September 19, 2023, UBS Group lowered its rating from “buy” to “neutral,” although it increased the target price from $18.95 to $22.95. Zacks Research also adjusted its rating on September 9, 2023, reducing it from “strong-buy” to “hold.” Currently, according to data from MarketBeat.com, seven investment analysts have assigned a “hold” rating to the stock, which has an average target price of $13.55.
Current Stock Performance and Financials
On September 25, 2023, shares of Silver Standard Resources opened at $24.13, reflecting a recent increase of 1.6%. The company boasts a 50-day simple moving average of $17.78 and a two-hundred day moving average of $13.64. Over the past year, the stock has fluctuated between a low of $5.06 and a high of $24.23.
Silver Standard Resources has a market capitalization of approximately $4.89 billion, a price-to-earnings (P/E) ratio of 30.94, and a beta of -0.08. In its latest quarterly earnings report on August 5, 2023, the company reported an EPS of $0.51, exceeding analysts’ expectations of $0.23 by $0.28. The company also recorded a net margin of 12.66% and a return on equity of 4.99%, with revenue totaling $410.54 million, surpassing forecasts of $381.08 million.
Institutional investors have shown active engagement with Silver Standard Resources, with several firms adjusting their positions in the stock. For example, Bleakley Financial Group LLC increased its stake by 3.9% in the first quarter of 2023, bringing its total holdings to 26,466 shares. Similarly, Wealth Enhancement Advisory Services LLC also raised its position by 3.9%, now owning 28,794 shares.
Other notable adjustments include Cadence Wealth Management LLC, which increased its holdings by 2.8%, and Wellington Management Group LLP, which boosted its stake by 0.4%. Currently, approximately 68.30% of the stock is owned by hedge funds and institutional investors.
Overview of Silver Standard Resources
Silver Standard Resources, operating as SSR Mining Inc., engages in the exploration, acquisition, and development of precious metal resources across the globe, including operations in the United States, Turkey, Canada, and Argentina. The company targets a range of deposits, including gold, silver, copper, lead, and zinc, with notable mines such as Çöpler in Turkey, Marigold in Nevada, Seabee in Canada, and Puna in Argentina.
As market dynamics evolve, Silver Standard Resources and its stakeholders will be closely monitoring these developments to navigate the challenges and opportunities ahead.
