Seabridge Gold (NYSE:SA) Stock Price Down 9.7% - Time to Sell?

Key Points

• Seabridge Gold shares fell 9.7% to $30.04 on Friday, with trading volume of approximately 727,304 shares.
• Analyst sentiment remains cautious: the stock has an average rating of “Reduce” from three analysts, although the consensus price target is $40.00 and B. Riley initiated coverage with a Buy rating.
• Institutional investors own 34.85% of the company, with several funds—including Kopernik Global Investors and Ontario Teachers’ Pension Plan Board—recently increasing or initiating positions.

Seabridge Gold, Inc. (NYSE:SA - Get Free Report) TSE: SEA's stock price traded down 9.7% on Friday . The stock traded as low as $29.77 and last traded at $30.04. Approximately 727,304 shares were traded during trading, an increase of 2% from the average session volume of 712,547 shares. The stock had previously closed at $33.27.

Analysts Set New Price Targets

A number of brokerages recently commented on SA. B. Riley Financial assumed coverage on Seabridge Gold in a research note on Monday, August 3rd. They issued a "buy" rating and a $40.00 target price for the company. Wall Street Zen upgraded shares of Seabridge Gold from a "sell" rating to a "hold" rating in a research note on Saturday, August 15th. Finally, Weiss Ratings upgraded shares of Seabridge Gold from a "sell (d-)" rating to a "sell (d)" rating in a research note on Tuesday. One research analyst has rated the stock with a Buy rating and two have given a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of "Reduce" and an average target price of $40.00.

Seabridge Gold Trading Down 8.7%

The company's fifty day moving average price is $27.92 and its two-hundred day moving average price is $30.04. The company has a current ratio of 6.71, a quick ratio of 6.71 and a debt-to-equity ratio of 0.46. The firm has a market cap of $3.27 billion, a P/E ratio of -62.73 and a beta of 0.89.

Institutional Trading of Seabridge Gold

Several hedge funds have recently modified their holdings of the company. Royal Bank of Canada grew its holdings in 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 acquiring an additional 48,445 shares during the last quarter. PKO Investment Management Joint Stock Co acquired a new stake in Seabridge Gold in the 4th quarter valued at about $1,336,000. Renaissance Technologies LLC bought a new position in shares of Seabridge Gold in the first quarter worth about $8,238,000. Kopernik Global Investors LLC raised its stake in shares of Seabridge Gold by 5.1% in the first quarter. Kopernik Global Investors LLC now owns 7,332,863 shares of the basic materials company's stock worth $207,813,000 after acquiring an additional 353,252 shares during the last quarter. Finally, Ontario Teachers Pension Plan Board acquired a new position in shares of Seabridge Gold during the second quarter worth approximately $45,048,000. Institutional investors and hedge funds own 34.85% of the company's stock.

About Seabridge Gold

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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