Seabridge Gold (NYSE:SA) Trading Down 8.8% – What’s Next?

Shares of Seabridge Gold, Inc. (NYSE:SA) (TSE:SEA) traded down 8.8% during trading on Thursday . The stock traded as low as $23.58 and last traded at $24.6270. Approximately 849,653 shares changed hands during trading, a decline of 26% from the average session volume of 1,153,506 shares. The stock had previously closed at $27.01.

Analyst Ratings Changes

A number of equities research analysts have issued reports on SA shares. Zacks Research upgraded shares of Seabridge Gold from a “strong sell” rating to a “hold” rating in a research report on Thursday, January 1st. B. Riley Financial upped their price target on shares of Seabridge Gold from $50.00 to $65.00 and gave the stock a “buy” rating in a research note on Tuesday, December 2nd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Seabridge Gold in a report on Monday, December 29th. Finally, Wall Street Zen downgraded Seabridge Gold from a “hold” rating to a “sell” rating in a research note on Saturday, November 22nd. One investment analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $65.00.

Seabridge Gold Price Performance

The company has a debt-to-equity ratio of 0.55, a current ratio of 2.99 and a quick ratio of 2.99. The stock has a market capitalization of $2.63 billion, a price-to-earnings ratio of -64.43 and a beta of 0.76. The stock’s 50 day simple moving average is $33.11 and its 200-day simple moving average is $27.85.

Hedge Funds Weigh In On Seabridge Gold

Institutional investors have recently bought and sold shares of the stock. PNC Financial Services Group Inc. increased its holdings in shares of Seabridge Gold by 3,413.8% during the 3rd quarter. PNC Financial Services Group Inc. now owns 42,165 shares of the basic materials company’s stock valued at $1,018,000 after acquiring an additional 40,965 shares during the last quarter. Van ECK Associates Corp boosted its position in Seabridge Gold by 210.3% during the third quarter. Van ECK Associates Corp now owns 8,178,662 shares of the basic materials company’s stock worth $197,514,000 after purchasing an additional 5,543,170 shares during the period. Catalyst Funds Management Pty Ltd bought a new position in shares of Seabridge Gold in the second quarter valued at approximately $1,158,000. Kopernik Global Investors LLC lifted its stake in shares of Seabridge Gold by 0.5% in the second quarter. Kopernik Global Investors LLC now owns 7,382,606 shares of the basic materials company’s stock worth $107,195,000 after buying an additional 39,651 shares during the last quarter. Finally, Quantbot Technologies LP lifted its stake in shares of Seabridge Gold by 196.0% in the third quarter. Quantbot Technologies LP now owns 54,171 shares of the basic materials company’s stock worth $1,308,000 after buying an additional 35,873 shares during the last quarter. 34.85% of the stock is currently owned by institutional investors.

Seabridge Gold Company Profile

Seabridge Gold Inc, together with its subsidiaries, engages in the acquisition and exploration of gold properties in North America. The company also explores for gold, copper, silver, and molybdenum deposits. The company was formerly known as Seabridge Resources Inc and changed its name to Seabridge Gold Inc in June 2002. Seabridge Gold Inc was incorporated in 1979 and is based in Toronto, Canada.