At the moment, there are dozens of methods market participants can use to watch their holdings. Some of the most useful are hedge fund and insider trading interest. At Insider Monkey, our research analyses have shown that, historically, those who follow the top picks of the best investment managers can outperform the market by a healthy margin (see just how much).
Equally as important, positive insider trading sentiment is another way to break down the marketplace. Obviously, there are lots of reasons for an insider to get rid of shares of his or her company, but just one, very obvious reason why they would buy. Many empirical studies have demonstrated the useful potential of this method if “monkeys” understand what to do (learn more here).
With these “truths” under our belt, it’s important to take a look at the key action encompassing Silver Standard Resources Inc. (USA) (NASDAQ:SSRI).
What does the smart money think about Silver Standard Resources Inc. (USA) (NASDAQ:SSRI)?
At the end of the first quarter, a total of 11 of the hedge funds we track were long in this stock, a change of 38% from one quarter earlier. With hedgies’ sentiment swirling, there exists a few notable hedge fund managers who were increasing their holdings substantially.
Of the funds we track, Royce & Associates, managed by Chuck Royce, holds the biggest position in Silver Standard Resources Inc. (USA) (NASDAQ:SSRI). Royce & Associates has a $71.6 million position in the stock, comprising 0.2% of its 13F portfolio. Sitting at the No. 2 spot is Vinik Asset Management, managed by Jeffrey Vinik, which held a $26.4 million position; the fund has 0.8% of its 13F portfolio invested in the stock. Some other hedgies that are bullish include Clint Carlson’s Carlson Capital, Jim Simons’s Renaissance Technologies and Matthew Hulsizer’s PEAK6 Capital Management.
As aggregate interest increased, some big names have jumped into Silver Standard Resources Inc. (USA) (NASDAQ:SSRI) headfirst. Pine River Capital Management, managed by Brian Taylor, assembled the largest position in Silver Standard Resources Inc. (USA) (NASDAQ:SSRI). Pine River Capital Management had 0.6 million invested in the company at the end of the quarter. John Overdeck and David Siegel’s Two Sigma Advisors also initiated a $0.3 million position during the quarter.
What have insiders been doing with Silver Standard Resources Inc. (USA) (NASDAQ:SSRI)?
Insider trading activity, especially when it’s bullish, is most useful when the company in focus has experienced transactions within the past six months. Over the last six-month time period, Silver Standard Resources Inc. (USA) (NASDAQ:SSRI) has experienced zero unique insiders purchasing, and zero insider sales (see the details of insider trades here).
Let’s also review hedge fund and insider activity in other stocks similar to Silver Standard Resources Inc. (USA) (NASDAQ:SSRI). These stocks are First Majestic Silver Corp (NYSE:AG), Mag Silver Corp (USA) (NYSEAMEX:MVG), Endeavour Silver Corp. (CAN) (NYSE:EXK), Hecla Mining Company (NYSE:HL), and Silvercorp Metals Inc. (USA) (NYSE:SVM). This group of stocks are the members of the silver industry and their market caps are similar to SSRI’s market cap.
| Company Name | # of Hedge Funds | # of Insiders Buying | # of Insiders Selling |
| First Majestic Silver Corp (NYSE:AG) | 7 | 0 | 0 |
| Mag Silver Corp (USA) (NYSEAMEX:MVG) | 8 | 0 | 0 |
| Endeavour Silver Corp. (CAN) (NYSE:EXK) | 6 | 0 | 0 |
| Hecla Mining Company (NYSE:HL) | 21 | 1 | 0 |
| Silvercorp Metals Inc. (USA) (NYSE:SVM) | 8 | 0 | 0 |
With the results shown by our tactics, retail investors must always keep an eye on hedge fund and insider trading sentiment, and Silver Standard Resources Inc. (USA) (NASDAQ:SSRI) is no exception.
