Seabridge Gold (NYSE:SA) Trading 7.1% Higher - Here's Why

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's share price traded up 7.1% during trading on Monday . The stock traded as high as $19.69 and last traded at $20.16. 227,864 shares were traded during trading, a decline of 73% from the average session volume of 841,124 shares. The stock had previously closed at $18.83.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. Wall Street Zen upgraded shares of Seabridge Gold from a "sell" rating to a "hold" rating in a report on Saturday, September 13th. Zacks Research upgraded shares of Seabridge Gold to a "hold" rating in a report on Tuesday. One research analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, the company presently has an average rating of "Hold".

Seabridge Gold Price Performance

The stock has a market capitalization of $2.06 billion, a P/E ratio of -53.05 and a beta of 0.68. The company has a debt-to-equity ratio of 0.57, a current ratio of 4.24 and a quick ratio of 4.24. The stock's fifty day moving average is $16.94 and its 200-day moving average is $14.16.

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

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Cambridge Investment Research Advisors Inc. raised its position in shares of Seabridge Gold by 20.6% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 51,020 shares of the basic materials company's stock valued at $595,000 after buying an additional 8,732 shares during the last quarter. Amundi raised its position in shares of Seabridge Gold by 30.3% during the first quarter. Amundi now owns 845,655 shares of the basic materials company's stock valued at $9,370,000 after buying an additional 196,687 shares during the last quarter. Krilogy Financial LLC acquired a new position in shares of Seabridge Gold during the second quarter valued at about $2,006,000. Dynamic Technology Lab Private Ltd acquired a new position in shares of Seabridge Gold during the first quarter valued at about $344,000. Finally, Jones Financial Companies Lllp raised its position in shares of Seabridge Gold by 912,796.4% during the first quarter. Jones Financial Companies Lllp now owns 502,093 shares of the basic materials company's stock valued at $5,859,000 after buying an additional 502,038 shares during the last quarter. Institutional investors and hedge funds 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.