Skeena Resources (NYSE:SKE) Shares Down 5.8% - Here's Why

Skeena Resources Limited (NYSE:SKE - Get Free Report)'s stock price traded down 5.8% during trading on Tuesday . The stock traded as low as $15.33 and last traded at $15.19. 81,292 shares changed hands during trading, a decline of 80% from the average session volume of 396,654 shares. The stock had previously closed at $16.12.

Analyst Upgrades and Downgrades

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

Skeena Resources Stock Up 3.0%

The stock's 50 day moving average price is $13.80 and its 200-day moving average price is $11.45. The stock has a market capitalization of $1.86 billion, a P/E ratio of -14.16 and a beta of 1.26.

Skeena Resources (NYSE:SKE - Get Free Report) last posted its earnings results on Thursday, May 15th. The company reported ($0.06) EPS for the quarter, missing analysts' consensus estimates of ($0.03) by ($0.03). Analysts anticipate that Skeena Resources Limited will post -0.98 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. Helikon Investments Ltd raised its holdings in shares of Skeena Resources by 33.4% during the first quarter. Helikon Investments Ltd now owns 11,917,315 shares of the company's stock worth $120,246,000 after purchasing an additional 2,986,891 shares during the last quarter. Jupiter Asset Management Ltd. grew its position in Skeena Resources by 28.4% during the first quarter. Jupiter Asset Management Ltd. now owns 1,616,139 shares of the company's stock valued at $16,293,000 after buying an additional 357,146 shares during the period. Amundi grew its position in Skeena Resources by 29.2% during the first quarter. Amundi now owns 1,575,000 shares of the company's stock valued at $15,340,000 after buying an additional 355,700 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Skeena Resources by 31.8% in the first 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 grew its position in shares of Skeena Resources by 28.9% in the first 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. Hedge funds and other 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.