Seabridge Gold (NYSE:SA) Stock Price Down 8.5% – What’s Next?

Seabridge Gold, Inc. (NYSE:SA) (TSE:SEA)’s stock price dropped 8.5% during trading on Wednesday . The stock traded as low as $24.37 and last traded at $24.2880. 217,699 shares were traded during mid-day trading, a decline of 75% from the average session volume of 872,271 shares. The stock had previously closed at $26.55.

Analysts Set New Price Targets

A number of research firms have recently issued reports on SA. Weiss Ratings reiterated a “sell (d-)” rating on shares of Seabridge Gold in a research note on Wednesday, June 24th. Zacks Research downgraded shares of Seabridge Gold from a “hold” rating to a “strong sell” rating in a research note on Tuesday, April 14th. Finally, Wall Street Zen upgraded Seabridge Gold from a “strong sell” rating to a “sell” rating in a report on Saturday, May 9th. One investment analyst has rated the stock with a Buy rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Reduce” and an average price target of $65.00.

Seabridge Gold Stock Down 6.2%

The company’s fifty day simple moving average is $29.43 and its 200-day simple moving average is $30.83. The firm has a market capitalization of $2.68 billion, a PE ratio of -51.58 and a beta of 0.89. The company has a debt-to-equity ratio of 0.46, a current ratio of 6.71 and a quick ratio of 6.71.

Seabridge Gold (NYSE:SA) (TSE:SEA) last issued its quarterly earnings data on Wednesday, May 13th. The basic materials company reported ($0.04) EPS for the quarter, meeting the consensus estimate of ($0.04). On average, analysts forecast that Seabridge Gold, Inc. will post -0.17 EPS for the current year.

Institutional Investors Weigh In On Seabridge Gold

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Van ECK Associates Corp increased its holdings in shares of 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 valued at $197,514,000 after acquiring an additional 5,543,170 shares in the last quarter. Elevatus Welath Management acquired a new stake in Seabridge Gold in the 3rd quarter worth approximately $3,676,000. PKO Investment Management Joint Stock Co purchased a new stake in Seabridge Gold during the 4th quarter worth approximately $1,336,000. Vanguard Group Inc. grew its position in Seabridge Gold by 82.9% during the 4th quarter. Vanguard Group Inc. now owns 2,371,496 shares of the basic materials company’s stock worth $70,305,000 after purchasing an additional 1,074,577 shares during the last quarter. Finally, TD Asset Management Inc increased its stake in Seabridge Gold by 109.1% during the 4th quarter. TD Asset Management Inc now owns 539,446 shares of the basic materials company’s stock valued at $16,013,000 after purchasing an additional 281,512 shares in the last quarter. 34.85% of the stock is currently owned by hedge funds and other 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.