Skeena Resources (NYSE:SKE) Shares Down 6.9% - Time to Sell?

Key Points

• Skeena Resources shares fell 6.9% to about $30.38, with trading volume 53% below the stock’s average daily volume.
• Analyst sentiment is mixed: MarketBeat rates the stock a “Moderate Buy,” although recent research actions upgraded it only from “strong sell” to “hold” or “sell,” and Weiss Ratings maintained a “sell” rating.
• The company reported a quarterly loss of $0.21 per share, missing estimates by $0.10; analysts project a full-year loss of $1.22 per share. Institutional investors own approximately 45.15% of the stock.

Skeena Resources Limited (NYSE:SKE - Get Free Report) was down 6.9% during mid-day 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 daily volume of 842,993 shares. The stock had previously closed at $32.63.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Zacks Research upgraded shares of Skeena Resources from a "strong sell" rating to a "hold" rating in a research report on Friday, July 31st. Wall Street Zen raised Skeena Resources from a "strong sell" rating to a "sell" rating in a research note on Saturday, August 15th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Skeena Resources in a report on Friday, July 17th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, Skeena Resources presently has an average rating of "Moderate Buy".

Skeena Resources Price Performance

The firm has a market capitalization of $3.77 billion, a P/E ratio of -20.17 and a beta of 1.14. The business's 50-day simple moving average is $29.29 and its 200 day simple moving average is $30.41. The company has a quick ratio of 3.15, a current ratio of 3.15 and a debt-to-equity ratio of 5.66.

Skeena Resources (NYSE:SKE - Get Free Report) last announced its quarterly earnings data on Thursday, August 13th. The company reported ($0.21) earnings per share for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.10). Sell-side analysts forecast that Skeena Resources Limited will post -1.22 earnings per share for the current year.

Institutional Trading of Skeena Resources

Several institutional investors have recently added to or reduced their stakes in SKE. Alberta Investment Management Corp purchased a new stake in Skeena Resources during the 2nd quarter valued at about $7,523,000. Royal Bank of Canada increased its stake in Skeena Resources by 4.5% in the 1st quarter. Royal Bank of Canada now owns 1,291,911 shares of the company's stock worth $38,395,000 after purchasing an additional 55,463 shares during the period. J. Goldman & Co LP bought a new stake in Skeena Resources in the second quarter valued at approximately $2,686,000. UBS Group AG lifted its position in Skeena Resources by 25.4% in the fourth quarter. UBS Group AG now owns 1,290,071 shares of the company's stock valued at $30,613,000 after purchasing an additional 260,954 shares during the last quarter. Finally, Deutsche Bank AG purchased a new stake in shares of Skeena Resources during the second quarter valued at approximately $5,795,000. 45.15% of the stock is currently owned by hedge funds and other institutional investors.

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.

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