Skeena Resources (NYSE:SKE) Shares Down 4.7% - Should You Sell?

Key Points

• Skeena Resources' shares fell 4.7% to $17.45, with trading volume dropping 50% from the average daily volume.
• Research analysts have mixed ratings on the stock, with TD Securities initiating a "buy" rating and Wall Street Zen downgrading it from "hold" to "sell."
• The company reported a quarterly loss of ($0.03) earnings per share, missing analysts' expectations and projecting an average of -0.98 EPS for the current fiscal year.

Skeena Resources Limited (NYSE:SKE - Get Free Report) shares dropped 4.7% during mid-day trading on Thursday . The stock traded as low as $17.52 and last traded at $17.45. Approximately 214,368 shares traded hands during trading, a decline of 50% from the average daily volume of 428,035 shares. The stock had previously closed at $18.31.

Analysts Set New Price Targets

SKE has been the topic of several research analyst reports. TD Securities initiated coverage on Skeena Resources in a research note on Tuesday, August 12th. They set a "buy" rating on the stock. Wall Street Zen cut Skeena Resources from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. Finally, CIBC reissued an "outperform" rating on shares of Skeena Resources in a research note on Thursday, May 22nd. One 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 data from MarketBeat, the stock has an average rating of "Buy".

Skeena Resources Stock Down 5.3%

The stock 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 fifty day moving average price of $16.11 and a 200-day moving average price of $13.55.

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

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Northwest & Ethical Investments L.P. bought a new position in Skeena Resources in the first quarter valued at about $77,000. Cubist Systematic Strategies LLC bought a new position in Skeena Resources in the first quarter valued at about $89,000. Banque Cantonale Vaudoise bought a new position in Skeena Resources in the first quarter valued at about $91,000. Mesirow Financial Investment Management Inc. bought a new position in Skeena Resources in the first quarter valued at about $101,000. Finally, Cutler Capital Management LLC purchased a new stake in Skeena Resources in the second quarter worth about $167,000. 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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