Skeena Resources (NYSE:SKE) Stock Price Down 6.9% – Time to Sell?

Skeena Resources Limited (NYSE:SKE)’s stock price traded down 6.9% during trading on Tuesday . The company traded as low as $30.36 and last traded at $30.38. 396,119 shares traded hands during trading, a decline of 53% from the average session volume of 842,993 shares. The stock had previously closed at $32.63.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Zacks Research raised shares of Skeena Resources from a “strong sell” rating to a “hold” rating in a report on Friday, July 31st. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Skeena Resources in a research note on Friday, July 17th. Finally, Wall Street Zen raised Skeena Resources from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 15th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy”.

Skeena Resources Stock Down 7.3%

The company has a debt-to-equity ratio of 5.66, a current ratio of 3.15 and a quick ratio of 3.15. The stock has a market capitalization of $3.77 billion, a PE ratio of -20.17 and a beta of 1.14. The company has a 50 day moving average price of $29.29 and a 200-day moving average price of $30.41.

Skeena Resources (NYSE:SKE) last announced its quarterly earnings results on Thursday, August 13th. The company reported ($0.21) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.10). As a group, analysts forecast that Skeena Resources Limited will post -1.22 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Skeena Resources

Hedge funds and other institutional investors have recently modified their holdings of the stock. Van ECK Associates Corp raised its stake in Skeena Resources by 99.7% in the second quarter. Van ECK Associates Corp now owns 9,017,001 shares of the company’s stock worth $240,403,000 after buying an additional 4,501,723 shares in the last quarter. Vanguard Group Inc. boosted its position in Skeena Resources by 108.3% during the 4th quarter. Vanguard Group Inc. now owns 2,625,277 shares of the company’s stock valued at $62,353,000 after acquiring an additional 1,364,835 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Skeena Resources during the 2nd quarter worth approximately $19,768,000. Millennium Management LLC grew its holdings in shares of Skeena Resources by 44.6% during the 4th quarter. Millennium Management LLC now owns 2,202,510 shares of the company’s stock worth $52,309,000 after acquiring an additional 679,709 shares during the period. Finally, Bornite Capital Management LP bought a new position in shares of Skeena Resources in the 4th quarter worth approximately $12,423,000. Hedge funds and other institutional investors own 45.15% of the company’s stock.

About Skeena Resources

Skeena Resources Limited explores for and develops mineral properties in Canada. The company explores for gold, silver, copper, and other precious metal deposits. It holds 100% interests in the Snip gold mine comprising one mining lease and nine mineral tenures that covers an area of approximately 4,724 hectares; and the Eskay Creek gold mine that consists of eight mineral leases, two surface leases, and various unpatented mining claims comprising 7,666 hectares located in British Columbia, Canada.