Seabridge Gold (NYSE:SA) Shares Gap Down - Here's Why

Key Points

• Seabridge Gold shares fell sharply at the open, dropping from a prior close of $30.30 to $28.58 before recovering to about $29.15.
• Analyst sentiment is mixed: the stock has an overall “Hold” consensus and a $56 average price target, with ratings ranging from Buy to Sell. RBC recently raised its target to $72 and maintained an Outperform rating.
• Institutional ownership stands at 34.85%, following sizable new positions from CIBC World Markets, Ontario Teachers’ Pension Plan, Clear Street Group, Deutsche Bank and BlackRock.

Seabridge Gold, Inc. (NYSE:SA - Get Free Report) TSE: SEA's stock price gapped down prior to trading on Monday. The stock had previously closed at $30.30, but opened at $28.58. Seabridge Gold shares last traded at $29.1490, with a volume of 52,273 shares traded.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Royal Bank Of Canada increased their target price on shares of Seabridge Gold from $71.00 to $72.00 and gave the stock an "outperform" rating in a research report on Wednesday, September 16th. Wall Street Zen raised Seabridge Gold from a "sell" rating to a "hold" rating in a research report on Saturday, August 15th. Zacks Research upgraded Seabridge Gold to a "hold" rating in a research note on Tuesday, September 1st. B. Riley Financial initiated coverage on Seabridge Gold in a report on Monday, August 3rd. They set a "buy" rating and a $40.00 price objective on the stock. Finally, Weiss Ratings raised Seabridge Gold from a "sell (d-)" rating to a "sell (d)" rating in a research note on Tuesday, August 18th. Two equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Seabridge Gold presently has an average rating of "Hold" and a consensus price target of $56.00.

Seabridge Gold Price Performance

The company has a debt-to-equity ratio of 0.46, a current ratio of 6.71 and a quick ratio of 6.71. The stock's 50 day moving average price is $30.28 and its two-hundred day moving average price is $29.60. The firm has a market capitalization of $3.10 billion and a price-to-earnings ratio of -59.42.

Institutional Investors Weigh In On Seabridge Gold

Hedge funds have recently bought and sold shares of the company. Cibc World Market Inc. bought a new position in Seabridge Gold in the 2nd quarter worth approximately $52,690,000. Ontario Teachers Pension Plan Board bought a new stake in shares of Seabridge Gold in the second quarter valued at approximately $45,048,000. Clear Street Group Inc. bought a new stake in shares of Seabridge Gold in the fourth quarter valued at approximately $25,891,000. Deutsche Bank AG acquired a new stake in shares of Seabridge Gold in the second quarter worth $12,685,000. Finally, BlackRock Inc. acquired a new stake in shares of Seabridge Gold in the second quarter worth $10,480,000. 34.85% of the stock is currently owned by institutional investors.

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.

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