Silver Standard Resources Inc. (NASDAQ: SSRI) shares rose in value Wednesday Dec 14 with slower trade volume than normal after a number of analysts weighed in on the investing value of the stock with a upgraded rating.
Meanwhile, U.S. equities traded mostly lower on Wednesday as investors awaited the Federal Reserve’s latest decision regarding monetary policy.
The Dow Jones industrial average traded 35 points lower, with Goldman Sachs contributing the most losses. The S&P 500 traded 0.1 percent lower, with financials leading decliners. The Nasdaq composite, meanwhile, held flat.
Analysts at Zacks Investment Research upgraded shares of Silver Standard Resources Inc. (NASDAQ: SSRI) from Hold to Buy today. The company currently has a rating of Buy on the shares. The one-year price target of $14.05 is higher than the opening price of $9.51, causing a number of other analysts to comment on the company recently. Looking back over the last year, Silver Standard Resources Inc. stock has a high of $15.84. Stock prices sometimes get a jump to the upside when analysts upgrade a stock.
Shares of Silver Standard Resources Inc. (NASDAQ: SSRI) opened at $9.51 on Tuesday trading between $9.42 and $9.57, and last traded at $9.42, a jump of $0.02 or 0.21% compared to the previous closing price.
Silver Standard Resources Inc. (NASDAQ: SSRI) now has a market cap of 1.12B.
Silver Standard Resources Inc. (NASDAQ: SSRI) Average Daily Trading Volume
104,202 shares traded hands yesterday, lower than the norm, out of a total float 119,260,000. Look for trading volume to pick up in the coming days as momentum traders often use increases in trading volume to determine heavy volume growth or circulation by institutional investors.
While an increase in trading for short periods will not mean much, conversely, a trend of heavy trading volume on the buy side over a period of days or weeks sends a positive cue to market traders that institutions may be moving in, so institutional sponsorship is very important.
Institutional sponsorship is defined by ownership of a stock by mutual funds, banks, pension funds and other large institutions.
Professional investors such as these retain teams of analysts researching thousands of stocks. So watching their interests is a good way to ensure you are buying the right stocks.
Silver Standard Resources Inc. (NASDAQ: SSRI) Moving Averages
A moving average can also act as support or resistance. In an uptrend a 50-day, 100-day or 200-day moving average may act as a support level, as shown in the figure below.
This is because the average acts like a floor (support), so the price bounces up off of it.
In a downtrend a moving average may act as resistance; like a ceiling, the price hits it and then starts to drop again.
By spotting trends, moving averages allow traders to make those trends work in their favor and increase the number of successful trades.
Trades for Silver Standard Resources Inc. (NASDAQ: SSRI) have ranged from $3.66 – 15.84, and the stock now has a 50-day MA of $10.39 and 200-day MA of $12.02. Today’s last price is 40.53%% lower than the 52 week high of $15.84.
Earnings growth is a crucial factor to look at when buying stocks and investors identify companies that have been successful at growing their earnings at least 25% or more for 3 consecutive years.
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