Skeena Resources (NYSE:SKE) Shares Down 4.7% - Here's Why

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.

Shares of Skeena Resources Limited (NYSE:SKE - Get Free Report) were down 4.7% during trading on Thursday . The company traded as low as $17.52 and last traded at $17.45. Approximately 214,368 shares traded hands during mid-day 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

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

Skeena Resources Stock Up 3.9%

The firm has a market cap of $2.16 billion, a price-to-earnings ratio of -17.22 and a beta of 1.26. The stock's 50 day moving average is $16.17 and its 200 day moving average is $13.72.

Skeena Resources (NYSE:SKE - Get Free Report) last issued 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 business had revenue of $1.90 million during the quarter, compared to analysts' expectations of $1.90 million. Analysts anticipate that Skeena Resources Limited will post -0.98 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Skeena Resources

A number of institutional investors and hedge funds have recently bought and sold shares of SKE. Northwest & Ethical Investments L.P. bought a new position in shares of Skeena Resources during the 1st quarter valued at about $77,000. Cubist Systematic Strategies LLC acquired a new stake in Skeena Resources during the first quarter valued at approximately $89,000. Banque Cantonale Vaudoise bought a new stake in Skeena Resources during the first quarter worth approximately $91,000. Mesirow Financial Investment Management Inc. acquired a new position in Skeena Resources in the first quarter worth approximately $101,000. Finally, Cutler Capital Management LLC acquired a new position in Skeena Resources in the second quarter worth approximately $167,000. 45.15% of the stock is owned by institutional investors and hedge funds.

Skeena Resources Company Profile

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.