Skeena Resources (NYSE:SKE) Shares Down 5.3% - Should You Sell?

Key Points

• Skeena Resources shares fell 5.3% to about $29.49 on Monday with volume of 418,762 shares (down ~58% versus average); the company has a market cap of $3.73 billion and a negative P/E of -42.25.
• Analyst outlook is mixed but leans positive: one Strong Buy, four Buy and one Sell produce a MarketBeat consensus rating of "Moderate Buy," with recent reiterations from CIBC and Scotiabank and a downgrade-to-hold from Wall Street Zen.
• Institutional investors are increasing exposure: RBC and Goldman Sachs notably added to positions in Q1, and institutions now own roughly 45.15% of the stock.

Skeena Resources Limited (NYSE:SKE - Get Free Report)'s share price traded down 5.3% on Monday . The company traded as low as $29.65 and last traded at $29.4880. 418,762 shares traded hands during trading, a decline of 58% from the average session volume of 1,007,702 shares. The stock had previously closed at $31.15.

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. Canadian Imperial Bank of Commerce reiterated an "outperform" rating on shares of Skeena Resources in a research report on Wednesday, February 4th. Wall Street Zen raised Skeena Resources from a "sell" rating to a "hold" rating in a research report on Sunday, January 25th. Scotiabank restated an "outperform" rating on shares of Skeena Resources in a research note on Monday, January 26th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Skeena Resources in a research note on Wednesday, January 21st. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy".

Skeena Resources Stock Down 1.2%

The company has a market cap of $3.73 billion, a PE ratio of -42.25 and a beta of 1.16. The company's fifty day moving average is $31.50 and its 200-day moving average is $23.61.

Hedge Funds Weigh In On Skeena Resources

Hedge funds and other institutional investors have recently modified their holdings of the stock. Royal Bank of Canada lifted its holdings in shares of Skeena Resources by 849.9% in the 1st quarter. Royal Bank of Canada now owns 401,729 shares of the company's stock valued at $4,053,000 after acquiring an additional 359,438 shares during the last quarter. Cubist Systematic Strategies LLC bought a new position in Skeena Resources in the first quarter worth approximately $89,000. Goldman Sachs Group Inc. raised its position in shares of Skeena Resources by 174.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 314,370 shares of the company's stock worth $3,172,000 after acquiring an additional 199,654 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Skeena Resources by 4.3% in the 2nd quarter. Geode Capital Management LLC now owns 45,364 shares of the company's stock valued at $719,000 after buying an additional 1,881 shares in the last quarter. Finally, Waratah Capital Advisors Ltd. acquired a new position in shares of Skeena Resources during the second quarter worth $9,097,000. Institutional investors own 45.15% of the company's stock.

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.

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