Seabridge Gold (NYSE:SA) Shares Gap Up - What's Next?

Key Points

• Seabridge Gold shares opened higher, rising from a previous close of $29.30 to $30.34 before trading at approximately $29.43.
• Analyst sentiment is mixed but averages a “Hold” rating; B. Riley initiated coverage with a Buy rating and a $40 price target, while other firms issued Hold or Sell-equivalent ratings.
• Institutional ownership stands at 34.85%, with several investors increasing their positions or establishing new stakes during the second quarter.

Seabridge Gold, Inc. (NYSE:SA - Get Free Report) TSE: SEA shares gapped up prior to trading on Wednesday . The stock had previously closed at $29.30, but opened at $30.34. Seabridge Gold shares last traded at $29.4340, with a volume of 48,960 shares changing hands.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Weiss Ratings upgraded Seabridge Gold from a "sell (d-)" rating to a "sell (d)" rating in a research report on Tuesday, August 18th. Zacks Research upgraded Seabridge Gold to a "hold" rating in a research report on Tuesday, September 1st. B. Riley Financial started coverage on Seabridge Gold in a report on Monday, August 3rd. They set a "buy" rating and a $40.00 price target on the stock. Finally, Wall Street Zen upgraded shares of Seabridge Gold from a "sell" rating to a "hold" rating in a report on Saturday, August 15th. One equities research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $40.00.

Seabridge Gold Stock Up 0.9%

The firm has a market capitalization of $3.19 billion and a price-to-earnings ratio of -61.02. 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 has a fifty day moving average of $29.40 and a two-hundred day moving average of $29.90.

Institutional Trading of Seabridge Gold

Institutional investors have recently added to or reduced their stakes in the stock. The Manufacturers Life Insurance Company increased its position in Seabridge Gold by 2.4% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 89,153 shares of the basic materials company's stock valued at $2,296,000 after purchasing an additional 2,047 shares during the period. Integrated Wealth Concepts LLC boosted its stake in shares of Seabridge Gold by 28.3% in the 2nd quarter. Integrated Wealth Concepts LLC now owns 11,822 shares of the basic materials company's stock valued at $304,000 after purchasing an additional 2,611 shares during the last quarter. HighTower Advisors LLC boosted its stake in shares of Seabridge Gold by 29.7% in the 2nd quarter. HighTower Advisors LLC now owns 12,107 shares of the basic materials company's stock valued at $312,000 after purchasing an additional 2,770 shares during the last quarter. BTG Pactual Asset Management US LLC acquired a new stake in shares of Seabridge Gold during the second quarter worth $748,000. Finally, Susquehanna Advisors Group Inc. acquired a new stake in shares of Seabridge Gold during the second quarter worth $626,000. 34.85% of the stock is currently owned by institutional investors.

Seabridge Gold Company Profile

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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