Seabridge Gold (NYSE:SA) Trading Up 7.1% - Here's What Happened

Key Points

• Seabridge Gold's stock increased by 7.1%, closing at $20.16 after previously trading lower at $18.83.
• Wall Street analysts have upgraded Seabridge Gold's rating from "sell" to "hold", indicating a more favorable outlook.
• Institutional investors are actively increasing their stakes in Seabridge Gold, with significant holdings raised by firms like Cambridge Investment Research and Millennium Management.

Seabridge Gold, Inc. (NYSE:SA - Get Free Report) TSE: SEA was up 7.1% during trading on Monday . The stock traded as high as $19.69 and last traded at $20.16. Approximately 227,864 shares traded hands during trading, a decline of 73% from the average daily volume of 841,124 shares. The stock had previously closed at $18.83.

Wall Street Analyst Weigh In

Separately, Wall Street Zen raised shares of Seabridge Gold from a "sell" rating to a "hold" rating in a research report on Saturday.

Seabridge Gold Stock Up 7.5%

The company has a current ratio of 4.24, a quick ratio of 4.24 and a debt-to-equity ratio of 0.57. The firm has a market capitalization of $2.07 billion, a P/E ratio of -53.31 and a beta of 0.68. The company has a 50 day simple moving average of $16.51 and a two-hundred day simple moving average of $13.89.

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

Institutional Trading of Seabridge Gold

Hedge funds have recently modified their holdings of the company. Cambridge Investment Research Advisors Inc. raised its holdings in shares of Seabridge Gold by 20.6% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 51,020 shares of the basic materials company's stock worth $595,000 after acquiring an additional 8,732 shares in the last quarter. Amundi raised its holdings in shares of Seabridge Gold by 30.3% during the 1st quarter. Amundi now owns 845,655 shares of the basic materials company's stock worth $9,370,000 after acquiring an additional 196,687 shares in the last quarter. Millennium Management LLC raised its holdings in shares of Seabridge Gold by 121.8% during the 4th quarter. Millennium Management LLC now owns 318,803 shares of the basic materials company's stock worth $3,638,000 after acquiring an additional 175,078 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Seabridge Gold by 5.7% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 27,850 shares of the basic materials company's stock worth $318,000 after acquiring an additional 1,500 shares in the last quarter. Finally, Jones Financial Companies Lllp raised its holdings in shares of Seabridge Gold by 912,796.4% during the 1st quarter. Jones Financial Companies Lllp now owns 502,093 shares of the basic materials company's stock worth $5,859,000 after acquiring an additional 502,038 shares in the last quarter. 34.85% of the stock is owned by hedge funds and other institutional investors.

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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