Skeena Resources (NYSE:SKE) Sees Strong Trading Volume - Should You Buy?

Key Points

• Skeena Resources shares experienced a 47% surge in trading volume, with 667,380 shares traded, while the stock price dropped to $17.06 from a previous close of $18.38.
• Analysts have given the stock a consensus rating of “Buy”, with TD Securities recently initiating coverage with a buy rating.
• The company reported earnings of (0.03) per share, missing the expected estimates, and its market capitalization stands at approximately $1.98 billion.

Skeena Resources Limited (NYSE:SKE - Get Free Report) shares saw strong trading volume on Thursday . 667,380 shares traded hands during mid-day trading, an increase of 47% from the previous session's volume of 453,403 shares.The stock last traded at $17.06 and had previously closed at $18.38.

Analyst Ratings Changes

Separately, TD Securities began coverage on Skeena Resources in a research note on Tuesday, August 12th. They set a "buy" rating on the stock. One equities research analyst has rated the stock with a Strong Buy rating and two have issued a Buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Buy".

Skeena Resources Trading Down 6.5%

The business has a fifty day simple moving average of $16.49 and a 200 day simple moving average of $14.14. The stock has a market capitalization of $1.98 billion, a P/E ratio of -15.76 and a beta of 1.26.

Skeena Resources (NYSE:SKE - Get Free Report) last announced its earnings results on Thursday, August 14th. The company reported ($0.03) earnings per share 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 analysts' expectations of $1.90 million. As a group, research analysts forecast that Skeena Resources Limited will post -0.98 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in SKE. Helikon Investments Ltd increased its stake in Skeena Resources by 33.4% in the first quarter. Helikon Investments Ltd now owns 11,917,315 shares of the company's stock valued at $120,246,000 after acquiring an additional 2,986,891 shares during the last quarter. Bornite Capital Management LP purchased a new stake in Skeena Resources during the first quarter valued at about $9,581,000. Amundi boosted its position in Skeena Resources by 43.4% during the second quarter. Amundi now owns 2,258,524 shares of the company's stock valued at $35,640,000 after buying an additional 683,524 shares during the period. Waratah Capital Advisors Ltd. purchased a new stake in Skeena Resources during the second quarter valued at about $9,097,000. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its position in Skeena Resources by 31.8% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,524,038 shares of the company's stock valued at $15,370,000 after buying an additional 367,300 shares during the period. Institutional investors own 45.15% of the company's stock.

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.

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