Seabridge Gold (NYSE:SA) Shares Gap Down – Here’s Why
by Amy Steele · The Cerbat GemSeabridge Gold, Inc. (NYSE:SA – Get Free Report) (TSE:SEA)’s share price gapped down prior to trading on Monday. The stock had previously closed at $30.30, but opened at $28.58. Seabridge Gold shares last traded at $29.1490, with a volume of 52,273 shares changing hands.
Analyst Upgrades and Downgrades
Several analysts have issued reports on the stock. Wall Street Zen upgraded shares of Seabridge Gold from a “sell” rating to a “hold” rating in a research report on Saturday, August 15th. Royal Bank Of Canada increased their target price on shares of Seabridge Gold from $71.00 to $72.00 and gave the company an “outperform” rating in a research note on Wednesday, September 16th. Zacks Research raised Seabridge Gold to a “hold” rating in a research report on Tuesday, September 1st. Weiss Ratings upgraded Seabridge Gold from a “sell (d-)” rating to a “sell (d)” rating in a research note on Tuesday, August 18th. Finally, B. Riley Financial assumed coverage on Seabridge Gold in a research note on Monday, August 3rd. They set a “buy” rating and a $40.00 price target on the stock. Two investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $56.00.
Get Our Latest Research Report on Seabridge Gold
Seabridge Gold Stock Performance
The company has a quick ratio of 6.71, a current ratio of 6.71 and a debt-to-equity ratio of 0.46. The firm has a 50-day moving average of $30.28 and a 200 day moving average of $29.60. The stock has a market capitalization of $3.10 billion and a P/E ratio of -59.42.
Hedge Funds Weigh In On Seabridge Gold
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Royal Bank of Canada grew its stake in shares of Seabridge Gold by 18.3% in the 1st quarter. Royal Bank of Canada now owns 313,637 shares of the basic materials company’s stock valued at $8,888,000 after purchasing an additional 48,445 shares during the period. Deutsche Bank AG acquired a new stake in Seabridge Gold in the 2nd quarter valued at $12,685,000. Cibc World Market Inc. acquired a new stake in Seabridge Gold in the 2nd quarter valued at $52,690,000. Renaissance Technologies LLC acquired a new stake in Seabridge Gold in the 1st quarter valued at $8,238,000. Finally, Kopernik Global Investors LLC grew its position in Seabridge Gold by 5.1% in the first quarter. Kopernik Global Investors LLC now owns 7,332,863 shares of the basic materials company’s stock valued at $207,813,000 after acquiring an additional 353,252 shares during the period. 34.85% of the stock is owned by institutional investors.
About Seabridge Gold
Seabridge Gold Inc is a Canadian mineral exploration and development company focused on advancing large-scale gold and copper projects in North America. The company does not operate producing mines; its activities center on acquiring, exploring, evaluating and permitting mineral properties.
Seabridge’s principal asset is the KSM project in northwestern British Columbia, a large undeveloped gold, copper, silver and molybdenum project. The company also holds interests in the Iskut project in British Columbia, the Courageous Lake project in Canada’s Northwest Territories, and the Snowstorm project in Nevada.
Founded in 1999, Seabridge Gold is headquartered in Toronto, Canada, and its shares trade on the New York Stock Exchange under the symbol SA and on the Toronto Stock Exchange under the symbol SEA.