Skeena Resources (NYSE:SKE) Shares Down 7.4% - Here's Why

Key Points

• Skeena Resources' stock fell by 7.4%, closing at $14.89 after trading as low as $15.00, with a significant decline in trading volume of 60% compared to the average.
• Recent analyst reports showed mixed ratings, with CIBC and Raymond James maintaining "outperform" and "strong-buy" ratings, while Wall Street Zen downgraded the stock from "hold" to "sell."
• The company reported a loss of ($0.06) earnings per share for its latest quarter, missing analysts' expectations.
• Institutional investors hold approximately 45.15% of Skeena Resources’ stock, with notable recent stake increases from firms like Tower Research Capital LLC.

Skeena Resources Limited (NYSE:SKE - Get Free Report)'s stock price traded down 7.4% on Friday . The stock traded as low as $15.00 and last traded at $14.89. 161,355 shares changed hands during trading, a decline of 60% from the average session volume of 403,952 shares. The stock had previously closed at $16.08.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. Raymond James Financial reissued a "strong-buy" rating on shares of Skeena Resources in a research report on Friday, April 4th. CIBC reaffirmed an "outperform" rating on shares of Skeena Resources in a research report on Thursday, May 22nd. Finally, Wall Street Zen lowered Skeena Resources from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd.

Skeena Resources Trading Up 0.9%

The firm has a 50-day simple moving average of $14.82 and a two-hundred day simple moving average of $12.06. The company has a market capitalization of $1.71 billion, a price-to-earnings ratio of -12.98 and a beta of 1.26.

Skeena Resources (NYSE:SKE - Get Free Report) last issued its earnings results on Thursday, May 15th. The company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.03). On average, sell-side analysts forecast that Skeena Resources Limited will post -0.98 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Helikon Investments Ltd increased its holdings in shares of Skeena Resources by 33.4% during the 1st 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. Jupiter Asset Management Ltd. boosted its stake in Skeena Resources by 28.4% during the 1st quarter. Jupiter Asset Management Ltd. now owns 1,616,139 shares of the company's stock valued at $16,293,000 after purchasing an additional 357,146 shares during the period. Amundi boosted its stake in Skeena Resources by 29.2% during the 1st quarter. Amundi now owns 1,575,000 shares of the company's stock valued at $15,340,000 after purchasing an additional 355,700 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted its stake in Skeena Resources by 31.8% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,524,038 shares of the company's stock valued at $15,370,000 after purchasing an additional 367,300 shares during the period. Finally, TD Asset Management Inc boosted its stake in Skeena Resources by 28.9% during the 1st quarter. TD Asset Management Inc now owns 1,285,382 shares of the company's stock valued at $12,959,000 after purchasing an additional 288,312 shares during the period. Institutional investors and hedge funds 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.