Seabridge Gold (NYSE:SA) Reaches New 12-Month Low - Here's Why

Key Points

• Seabridge Gold shares hit a new 52-week low, trading as low as $23.30 and closing near $24.33, below both its 50-day and 200-day moving averages.
• Analyst sentiment is mixed, with a consensus “Hold” rating and an average price target of $56.00; individual ratings range from Sell to Buy.
• Institutional investors and hedge funds own 34.85% of the company, while Seabridge remains focused on developing its large, undeveloped KSM gold-copper project and does not currently operate producing mines.

Seabridge Gold, Inc. (NYSE:SA - Get Free Report) TSE: SEA shares reached a new 52-week low on Friday. The stock traded as low as $23.30 and last traded at $24.3250, with a volume of 348,763 shares. The stock had previously closed at $24.82.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. Royal Bank Of Canada raised their price target on Seabridge Gold from $71.00 to $72.00 and gave the stock an "outperform" rating in a report on Wednesday, September 16th. Zacks Research upgraded shares of Seabridge Gold to a "hold" rating in a report on Tuesday, September 1st. Wall Street Zen raised shares of Seabridge Gold from a "sell" rating to a "hold" rating in a research note on Saturday, August 15th. Weiss Ratings upgraded shares of Seabridge Gold from a "sell (d)" rating to a "sell (d+)" rating in a report on Friday, September 25th. Finally, B. Riley Financial started coverage on shares of Seabridge Gold in a research report on Monday, August 3rd. They issued a "buy" rating and a $40.00 price objective 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 company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $56.00.

Seabridge Gold Price Performance

The company has a 50-day moving average of $29.88 and a 200 day moving average of $29.36. 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 stock has a market capitalization of $2.65 billion, a PE ratio of 118.73 and a beta of 0.87.

Institutional Trading of Seabridge Gold

Several hedge funds have recently modified their holdings of the stock. Royal Bank of Canada lifted its position in shares of Seabridge Gold by 18.3% during the 1st quarter. Royal Bank of Canada now owns 313,637 shares of the basic materials company's stock worth $8,888,000 after buying an additional 48,445 shares during the last quarter. Deutsche Bank AG acquired a new stake in Seabridge Gold in the second quarter valued at about $12,685,000. Cibc World Market Inc. purchased a new stake in shares of Seabridge Gold in the second quarter valued at approximately $52,690,000. BlackRock Inc. purchased a new stake in shares of Seabridge Gold during the 2nd quarter worth approximately $10,480,000. Finally, Renaissance Technologies LLC acquired a new position in Seabridge Gold during the first quarter worth about $8,238,000. 34.85% of the stock is currently owned by institutional investors and hedge funds.

Seabridge Gold Company Profile

Seabridge Gold Inc is a Canadian mineral exploration and development company focused on discovering and advancing large-scale gold and copper deposits in North America. The company does not currently operate producing mines; its activities center on mineral exploration, resource definition, permitting and project development.

Seabridge's principal asset is the KSM project in northwestern British Columbia, one of the world's largest undeveloped gold-copper projects. The company also holds the Iskut project in British Columbia and the Courageous Lake project in Canada's Northwest Territories.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.