Skeena Resources (NYSE:SKE) Stock Price Down 5.1% – Here’s What Happened

Skeena Resources Limited (NYSE:SKE) was down 5.1% during mid-day trading on Tuesday . The company traded as low as $20.47 and last traded at $20.2760. Approximately 112,123 shares changed hands during mid-day trading, a decline of 78% from the average daily volume of 517,982 shares. The stock had previously closed at $21.37.

Analyst Ratings Changes

Several research analysts recently issued reports on SKE shares. Scotiabank reissued an “outperform” rating on shares of Skeena Resources in a research note on Thursday, October 23rd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Skeena Resources in a report on Wednesday, October 8th. Wall Street Zen upgraded Skeena Resources from a “sell” rating to a “hold” rating in a research note on Saturday, November 15th. Desjardins upgraded Skeena Resources to a “moderate buy” rating in a report on Wednesday, October 8th. Finally, TD Securities initiated coverage on shares of Skeena Resources in a report on Tuesday, August 12th. They set a “buy” rating on the stock. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy”.

Skeena Resources Stock Performance

The firm has a market capitalization of $2.53 billion, a PE ratio of -19.10 and a beta of 1.25. The stock has a fifty day moving average price of $17.94 and a 200-day moving average price of $16.27.

Skeena Resources (NYSE:SKE) last issued its quarterly earnings data on Thursday, November 13th. The company reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.03). Research analysts expect that Skeena Resources Limited will post -0.98 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of SKE. PNC Financial Services Group Inc. grew its holdings in Skeena Resources by 431.1% in the third quarter. PNC Financial Services Group Inc. now owns 2,390 shares of the company’s stock worth $44,000 after purchasing an additional 1,940 shares during the last quarter. Northwest & Ethical Investments L.P. acquired a new stake in shares of Skeena Resources in the 1st quarter worth $77,000. Cubist Systematic Strategies LLC purchased a new position in Skeena Resources during the 1st quarter worth $89,000. Banque Cantonale Vaudoise acquired a new position in Skeena Resources during the 1st quarter valued at about $91,000. Finally, Advisory Services Network LLC purchased a new stake in Skeena Resources in the third quarter valued at about $99,000. 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.