Seabridge Gold (NYSE:SA) Trading Up 6.1% - What's Next?

Key Points

• Seabridge Gold shares rose 6.1% to approximately $34.15 in midday trading, though volume was 92% below the average session level.
• Analyst sentiment remains cautious: one firm initiated coverage with a Buy rating and a $40 target, while two analysts rate the stock Sell, resulting in a consensus “Reduce” rating and a $40 target price.
• Institutional ownership stands at 34.85%, with Vanguard, Royal Bank of Canada, Renaissance Technologies, and others recently increasing or initiating positions.

Shares of Seabridge Gold, Inc. (NYSE:SA - Get Free Report) TSE: SEA were up 6.1% during mid-day trading on Friday . The company traded as high as $33.97 and last traded at $34.1460. 56,966 shares changed hands during trading, a decline of 92% from the average session volume of 689,631 shares. The stock had previously closed at $32.17.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on SA. Wall Street Zen raised Seabridge Gold from a "strong sell" rating to a "sell" rating in a research report on Saturday, May 9th. 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 report on Monday, August 3rd. They issued a "buy" rating and a $40.00 target price on the stock. One analyst has rated the stock with a Buy rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Reduce" and a consensus target price of $40.00.

Seabridge Gold Price Performance

The stock's 50-day moving average is $27.39 and its 200-day moving average is $30.05. The firm has a market cap of $3.61 billion, a P/E ratio of -69.31 and a beta of 0.89. The company has a quick ratio of 6.71, a current ratio of 6.71 and a debt-to-equity ratio of 0.46.

Seabridge Gold (NYSE:SA - Get Free Report) TSE: SEA last issued its quarterly earnings results on Wednesday, May 13th. The basic materials company reported ($0.04) earnings per share for the quarter, meeting analysts' consensus estimates of ($0.04). As a group, equities analysts anticipate that Seabridge Gold, Inc. will post -0.17 EPS for the current fiscal year.

Institutional Investors Weigh In On Seabridge Gold

A number of institutional investors have recently added to or reduced their stakes in SA. Royal Bank of Canada boosted its position in shares of 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 valued at $8,888,000 after acquiring an additional 48,445 shares in the last quarter. PKO Investment Management Joint Stock Co bought a new stake in Seabridge Gold in the fourth quarter valued at about $1,336,000. Renaissance Technologies LLC acquired a new position in Seabridge Gold in the first quarter worth about $8,238,000. Vanguard Group Inc. raised its position in Seabridge Gold by 82.9% in the fourth quarter. Vanguard Group Inc. now owns 2,371,496 shares of the basic materials company's stock worth $70,305,000 after purchasing an additional 1,074,577 shares in the last quarter. Finally, Kopernik Global Investors LLC lifted its stake in Seabridge Gold by 5.1% during 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 purchasing an additional 353,252 shares during the period. 34.85% of the stock is owned by institutional investors and hedge funds.

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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