Skeena Resources (NYSE:SKE) Shares Down 9.3% - What's Next?

Key Points

• Skeena Resources Limited's shares have decreased by 9.3%, trading as low as $17.85 on Friday, with a closing price of $17.84.
• Despite the drop, analysts maintain a consensus rating of "Moderate Buy" with one upgrade to "Buy" and one downgrade to "Sell" from various research reports.
• The company reported a loss of $0.03 per share for the last quarter, missing the consensus estimate, with a revenue of $1.90 million matching analyst expectations.

Skeena Resources Limited (NYSE:SKE - Get Free Report)'s share price traded down 9.3% on Friday . The stock traded as low as $17.85 and last traded at $17.84. 548,695 shares were traded during trading, an increase of 9% from the average session volume of 504,162 shares. The stock had previously closed at $19.66.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Raymond James Financial reaffirmed a "strong-buy" rating on shares of Skeena Resources in a research note on Friday, October 10th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Skeena Resources in a research note on Wednesday, October 8th. Desjardins raised shares of Skeena Resources to a "moderate buy" rating in a report on Wednesday, October 8th. Finally, TD Securities started coverage on shares of Skeena Resources in a report on Tuesday, August 12th. They issued a "buy" rating on the stock. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy".

Skeena Resources Stock Performance

The stock has a market capitalization of $2.05 billion, a price-to-earnings ratio of -16.31 and a beta of 1.27. The company has a 50 day moving average of $17.28 and a 200 day moving average of $14.76.

Skeena Resources (NYSE:SKE - Get Free Report) last issued its earnings results on Thursday, August 14th. The company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.01). The firm had revenue of $1.90 million during the quarter, compared to analyst estimates of $1.90 million. On average, equities analysts predict that Skeena Resources Limited will post -0.98 EPS for the current fiscal year.

Institutional Investors Weigh In On Skeena Resources

A number of institutional investors have recently added to or reduced their stakes in SKE. Northwest & Ethical Investments L.P. acquired a new stake in Skeena Resources during the first quarter worth approximately $77,000. Cubist Systematic Strategies LLC purchased a new position in Skeena Resources in the 1st quarter worth $89,000. Banque Cantonale Vaudoise purchased a new position in Skeena Resources in the first quarter worth about $91,000. Mesirow Financial Investment Management Inc. bought a new position in shares of Skeena Resources during the first quarter worth $101,000. Finally, Cutler Capital Management LLC purchased a new stake in shares of Skeena Resources in the second quarter valued at $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.

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