Seabridge Gold (NYSE:SA) Shares Gap Up Following Analyst Upgrade

Seabridge Gold, Inc. (NYSE:SA) (TSE:SEA) shares gapped up prior to trading on Wednesday after Royal Bank Of Canada raised their price target on the stock from $71.00 to $72.00. The stock had previously closed at $29.30, but opened at $30.34. Royal Bank Of Canada currently has an outperform rating on the stock. Seabridge Gold shares last traded at $29.4340, with a volume of 48,960 shares trading hands.

A number of other brokerages also recently commented on SA. B. Riley Financial started coverage on Seabridge Gold in a research report on Monday, August 3rd. They issued a “buy” rating and a $40.00 price objective for the company. Zacks Research upgraded Seabridge Gold to a “hold” rating in a research report on Tuesday, September 1st. Wall Street Zen raised Seabridge Gold from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. Finally, Weiss Ratings upgraded Seabridge Gold from a “sell (d-)” rating to a “sell (d)” rating in a report on Tuesday, August 18th. Two equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $56.00.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Kopernik Global Investors LLC increased its position in shares of 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 worth $207,813,000 after acquiring an additional 353,252 shares in the last quarter. Cibc World Market Inc. lifted its holdings in shares of Seabridge Gold by 2.4% during the 4th quarter. Cibc World Market Inc. now owns 2,182,535 shares of the basic materials company’s stock valued at $64,712,000 after acquiring an additional 51,350 shares in the last quarter. Ontario Teachers Pension Plan Board acquired a new position in shares of Seabridge Gold during the 2nd quarter valued at $45,048,000. Clear Street Group Inc. purchased a new stake in Seabridge Gold during the 4th quarter worth $25,891,000. Finally, TD Asset Management Inc boosted its position 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 worth $16,013,000 after purchasing an additional 281,512 shares during the period. 34.85% of the stock is owned by institutional investors and hedge funds.

Seabridge Gold Trading Up 5.7%

The stock has a market capitalization of $3.33 billion and a price-to-earnings ratio of -63.83. The company has a debt-to-equity ratio of 0.46, a quick ratio of 6.71 and a current ratio of 6.71. The firm has a fifty day moving average of $29.58 and a 200-day moving average of $29.77.

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.