Seabridge Gold (NYSE:SA) Shares Gap Up - Time to Buy?

Key Points

• Seabridge Gold shares jumped nearly 7.5% at the open, rising from a previous close of $31.03 to $33.34 and last trading around $33.63.
• Analyst sentiment remains cautious: the stock has one Buy and two Sell ratings, resulting in a consensus “Reduce” rating, although the consensus price target is $40.
• Institutional investors have shown increased interest, with major funds including Vanguard and Kopernik expanding their positions; institutions collectively own 34.85% of the company.

Seabridge Gold, Inc. (NYSE:SA - Get Free Report) TSE: SEA's share price gapped up prior to trading on Wednesday . The stock had previously closed at $31.03, but opened at $33.34. Seabridge Gold shares last traded at $33.6330, with a volume of 139,675 shares changing hands.

Analyst Ratings Changes

SA has been the subject of several recent research reports. Wall Street Zen raised shares of Seabridge Gold from a "sell" rating to a "hold" rating in a research report on Saturday. Weiss Ratings upgraded Seabridge Gold from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Tuesday, August 4th. Finally, B. Riley Financial began coverage on Seabridge Gold in a research note on Monday, August 3rd. They issued a "buy" rating and a $40.00 price objective for the company. One research analyst has rated the stock with a Buy rating and two have given a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of "Reduce" and a consensus price target of $40.00.

Seabridge Gold Stock Performance

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 stock has a market cap of $3.63 billion, a PE ratio of -69.52 and a beta of 0.89. The company's 50 day simple moving average is $27.63 and its 200 day simple moving average is $30.00.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of SA. Kopernik Global Investors LLC raised its stake in shares of Seabridge Gold by 5.1% during the 1st quarter. Kopernik Global Investors LLC now owns 7,332,863 shares of the basic materials company's stock worth $207,813,000 after purchasing an additional 353,252 shares during the period. Tidal Investments LLC grew its position in Seabridge Gold by 12.4% during the third quarter. Tidal Investments LLC now owns 3,071,781 shares of the basic materials company's stock valued at $74,184,000 after buying an additional 339,913 shares during the period. Vanguard Group Inc. increased its holdings in Seabridge Gold by 82.9% during the fourth quarter. Vanguard Group Inc. now owns 2,371,496 shares of the basic materials company's stock worth $70,305,000 after buying an additional 1,074,577 shares during the last quarter. Cibc World Market Inc. increased its holdings in Seabridge Gold by 2.4% during the fourth quarter. Cibc World Market Inc. now owns 2,182,535 shares of the basic materials company's stock worth $64,712,000 after buying an additional 51,350 shares during the last quarter. Finally, Ontario Teachers Pension Plan Board bought a new stake in Seabridge Gold in the second quarter worth about $45,048,000. Hedge funds and other institutional investors own 34.85% of the company's stock.

Seabridge Gold Company Profile

Seabridge Gold Inc, together with its subsidiaries, engages in the acquisition and exploration of gold properties in North America. The company also explores for gold, copper, silver, and molybdenum deposits. The company was formerly known as Seabridge Resources Inc and changed its name to Seabridge Gold Inc in June 2002. Seabridge Gold Inc was incorporated in 1979 and is based in Toronto, Canada.

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