Skeena Resources (TSE:SKE) Reaches New 52-Week High - Should You Buy?

Key Points

• Skeena Resources shares reached a new 52-week high of C$28.24, responding positively to strong trading volume and previous day's close of C$25.58.
• Investment analysts have raised their price targets significantly, with CIBC boosting theirs from C$26.00 to C$36.00 and several firms rating the stock as a "Buy."
• The company focuses on mining exploration in British Columbia and has a market capitalization of C$3.29 billion, with insider ownership standing at 1.51%.

Shares of Skeena Resources Limited (TSE:SKE - Get Free Report) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as C$28.24 and last traded at C$27.46, with a volume of 387845 shares. The stock had previously closed at C$25.58.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on SKE. Royal Bank Of Canada raised their price target on shares of Skeena Resources from C$23.00 to C$26.00 and gave the stock an "outperform" rating in a research note on Monday, June 23rd. CIBC raised their price target on shares of Skeena Resources from C$26.00 to C$36.00 in a research note on Thursday, September 25th. TD Securities raised their price target on shares of Skeena Resources from C$28.00 to C$35.00 and gave the stock a "buy" rating in a research note on Friday. Raymond James Financial raised their price target on shares of Skeena Resources from C$21.00 to C$26.00 in a research note on Thursday, August 21st. Finally, Desjardins upgraded shares of Skeena Resources to a "moderate buy" rating in a research note on Wednesday, October 8th. Three investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Skeena Resources has an average rating of "Buy" and an average price target of C$27.40.

Skeena Resources Price Performance

The business's 50 day moving average is C$23.54 and its two-hundred day moving average is C$20.18. The company has a debt-to-equity ratio of 19.27, a quick ratio of 1.55 and a current ratio of 1.87. The firm has a market capitalization of C$3.29 billion, a PE ratio of -18.13 and a beta of 1.80.

Insider Activity

In other news, Director Craig Andrew Parry sold 15,000 shares of Skeena Resources stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of C$20.48, for a total transaction of C$307,203.00. Following the completion of the sale, the director directly owned 225,926 shares of the company's stock, valued at approximately C$4,627,009.67. The trade was a 6.23% decrease in their position. Corporate insiders own 1.51% of the company's stock.

About Skeena Resources

Skeena Resources Ltd is a Canadian mining exploration company focused on developing prospective precious and base metal properties in the Golden Triangle of northwest British Columbia, Canada. The company's primary activity is the exploration and development of the past-producing Eskay Creek mine acquired from Barrick.

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