Seabridge Gold (NYSE:SA) Upgraded at Wall Street Zen

Key Points

• Wall Street Zen upgraded Seabridge Gold from “sell” to “hold,” while the broader analyst consensus remains “Reduce,” based on one Buy and two Sell ratings.
• B. Riley Financial initiated coverage with a “buy” rating and a $40 price target; shares opened at $33.44, near their 52-week high of $34.19.
• Institutional investors own 34.85% of Seabridge Gold, with several funds initiating positions during the second quarter, including CIBC World Markets’ approximately $52.7 million investment.

Seabridge Gold (NYSE:SA - Get Free Report) TSE: SEA was upgraded by equities researchers at Wall Street Zen from a "sell" rating to a "hold" rating in a report released on Saturday.

A number of other research firms have also recently commented on SA. Weiss Ratings upgraded Seabridge Gold from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Tuesday, August 4th. B. Riley Financial began coverage on Seabridge Gold in a research note on Monday, August 3rd. They issued a "buy" rating and a $40.00 price target on the stock. One analyst has rated the stock with a Buy rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Reduce" and an average price target of $40.00.

Seabridge Gold Price Performance

SA stock opened at $33.44 on Friday. Seabridge Gold has a 1 year low of $23.69 and a 1 year high of $34.19. The company has a market cap of $3.60 billion, a P/E ratio of -69.09 and a beta of 0.89. The firm has a 50-day moving average of $27.47 and a 200 day moving average of $30.07. The company has a debt-to-equity ratio of 0.46, a current ratio of 6.71 and a quick ratio of 6.71.

Seabridge Gold (NYSE:SA - Get Free Report) TSE: SEA last posted its quarterly earnings data on Wednesday, May 13th. The basic materials company reported ($0.04) earnings per share for the quarter, meeting the consensus estimate of ($0.04). On average, sell-side analysts forecast that Seabridge Gold will post -0.17 EPS for the current year.

Institutional Investors Weigh In On Seabridge Gold

Several hedge funds have recently bought and sold shares of SA. Legal & General Group Plc purchased a new stake in Seabridge Gold in the second quarter worth about $2,158,000. The Manufacturers Life Insurance Company purchased a new position in shares of Seabridge Gold during the second quarter valued at approximately $2,296,000. Cibc World Market Inc. purchased a new position in shares of Seabridge Gold during the second quarter valued at approximately $52,690,000. Sanctuary Advisors LLC bought a new stake in shares of Seabridge Gold in the 2nd quarter worth approximately $463,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Seabridge Gold in the 2nd quarter worth approximately $777,000. 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. Seabridge Gold Inc was incorporated in 1979 and is based in Toronto, Canada.

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