Seabridge Gold (NYSE:SA) Trading Down 8.3% - Here's What Happened

Key Points

• Securities of Seabridge Gold (NYSE:SA) fell by 8.3% on Friday, closing at $26.54 after trading as low as $26.44, amid a significant drop in trading volume.
• Several analyst reports updated their ratings on Seabridge Gold, with Weiss Ratings maintaining a "sell" rating, while others like Wall Street Zen and Zacks Research upgraded the company to "hold".
• Institutional investors now hold 34.85% of Seabridge Gold's stock, with new investments and significant growth in holdings reported, particularly from Blue Trust Inc..

Shares of Seabridge Gold, Inc. (NYSE:SA - Get Free Report) TSE: SEA dropped 8.3% on Friday . The stock traded as low as $26.44 and last traded at $26.54. Approximately 454,920 shares were traded during mid-day trading, a decline of 54% from the average daily volume of 986,769 shares. The stock had previously closed at $28.95.

Analysts Set New Price Targets

SA has been the subject of several analyst reports. Weiss Ratings restated a "sell (d)" rating on shares of Seabridge Gold in a research note on Wednesday, October 8th. Wall Street Zen raised shares of Seabridge Gold from a "sell" rating to a "hold" rating in a report on Saturday, September 13th. Finally, Zacks Research raised shares of Seabridge Gold to a "hold" rating in a report on Tuesday, September 16th. One equities research analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Seabridge Gold presently has an average rating of "Reduce".

Seabridge Gold Stock Down 10.1%

The company has a market capitalization of $2.67 billion, a price-to-earnings ratio of -68.76 and a beta of 0.76. The stock's fifty day simple moving average is $20.10 and its two-hundred day simple moving average is $15.82. The company has a debt-to-equity ratio of 0.57, a current ratio of 4.24 and a quick ratio of 4.24.

Seabridge Gold (NYSE:SA - Get Free Report) TSE: SEA last issued its earnings results on Wednesday, August 13th. The basic materials company reported $0.09 earnings per share for the quarter.

Hedge Funds Weigh In On Seabridge Gold

Institutional investors have recently modified their holdings of the company. Banque Cantonale Vaudoise bought a new position in shares of Seabridge Gold during the first quarter worth about $26,000. Ameritas Advisory Services LLC bought a new position in shares of Seabridge Gold during the second quarter worth about $26,000. Total Investment Management Inc. bought a new position in shares of Seabridge Gold during the second quarter worth about $28,000. Northwest & Ethical Investments L.P. bought a new position in shares of Seabridge Gold during the first quarter worth about $39,000. Finally, Blue Trust Inc. grew its position in shares of Seabridge Gold by 974.0% during the third quarter. Blue Trust Inc. now owns 1,654 shares of the basic materials company's stock worth $40,000 after acquiring an additional 1,500 shares during the last quarter. Institutional investors 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.

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