Skeena Resources (NYSE:SKE) Hits New 52-Week High - Here's Why

Key Points

• Skeena Resources shares reached a new 52-week high of $17.47 during trading, reflecting strong investor interest.
• Several analysts have issued ratings on the stock, with CIBC and TD Securities recommending a buy, while Wall Street Zen downgraded it to a sell, resulting in a consensus rating of Buy.
• The company reported earnings with an EPS of ($0.03), missing analyst expectations, despite generating revenue of $1.90 million, which matched estimates.

Skeena Resources Limited (NYSE:SKE - Get Free Report) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $17.47 and last traded at $16.85, with a volume of 9357 shares traded. The stock had previously closed at $16.75.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on SKE shares. Wall Street Zen downgraded shares of Skeena Resources from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. CIBC reiterated an "outperform" rating on shares of Skeena Resources in a research report on Thursday, May 22nd. Finally, TD Securities assumed coverage on shares of Skeena Resources in a research report on Tuesday, August 12th. They set a "buy" rating on the stock. One analyst has rated the stock with a Strong Buy rating and two have assigned a Buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Buy".

Skeena Resources Trading Up 3.5%

The company has a market capitalization of $1.99 billion, a P/E ratio of -15.90 and a beta of 1.26. The business has a 50 day moving average price of $15.76 and a 200 day moving average price of $13.14.

Skeena Resources (NYSE:SKE - Get Free Report) last announced its quarterly earnings results on Thursday, August 14th. The company reported ($0.03) EPS for the quarter, missing analysts' consensus estimates of ($0.02) by ($0.01). The firm had revenue of $1.90 million during the quarter, compared to the consensus estimate of $1.90 million. On average, analysts forecast that Skeena Resources Limited will post -0.98 EPS for the current fiscal year.

Institutional Trading of Skeena Resources

Institutional investors and hedge funds have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC increased its stake in shares of Skeena Resources by 6.1% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 478,500 shares of the company's stock valued at $4,826,000 after acquiring an additional 27,500 shares during the last quarter. Bank of America Corp DE increased its stake in Skeena Resources by 80.3% during the 4th quarter. Bank of America Corp DE now owns 307,838 shares of the company's stock worth $2,684,000 after purchasing an additional 137,134 shares in the last quarter. Deutsche Bank AG increased its stake in Skeena Resources by 49.4% during the 1st quarter. Deutsche Bank AG now owns 221,443 shares of the company's stock worth $2,234,000 after purchasing an additional 73,215 shares in the last quarter. Bornite Capital Management LP bought a new stake in Skeena Resources during the 1st quarter worth approximately $9,581,000. Finally, Helikon Investments Ltd increased its stake in Skeena Resources by 33.4% during the 1st quarter. Helikon Investments Ltd now owns 11,917,315 shares of the company's stock worth $120,246,000 after purchasing an additional 2,986,891 shares in the last quarter. 45.15% of the stock is owned by institutional investors.

About Skeena Resources

Skeena Resources Limited explores for and develops mineral properties in Canada. The company explores for gold, silver, copper, and other precious metal deposits. It holds 100% interests in the Snip gold mine comprising one mining lease and nine mineral tenures that covers an area of approximately 4,724 hectares; and the Eskay Creek gold mine that consists of eight mineral leases, two surface leases, and various unpatented mining claims comprising 7,666 hectares located in British Columbia, Canada.