Skeena Resources (NYSE:SKE) Trading Up 6% – Here’s Why

Skeena Resources Limited (NYSE:SKE)’s share price rose 6% during mid-day trading on Thursday . The company traded as high as $25.53 and last traded at $25.5350. Approximately 241,956 shares were traded during mid-day trading, a decline of 54% from the average daily volume of 524,876 shares. The stock had previously closed at $24.10.

Analyst Upgrades and Downgrades

Several research analysts have commented on SKE shares. Wall Street Zen raised Skeena Resources from a “sell” rating to a “hold” rating in a research note on Saturday, November 15th. Weiss Ratings restated a “sell (d-)” rating on shares of Skeena Resources in a research report on Wednesday, October 8th. Raymond James Financial reiterated a “strong-buy” rating on shares of Skeena Resources in a report on Friday, October 10th. Scotiabank reiterated an “outperform” rating on shares of Skeena Resources in a research note on Thursday, October 23rd. Finally, Desjardins raised Skeena Resources to a “moderate buy” rating in a report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, Skeena Resources currently has a consensus rating of “Moderate Buy”.

Skeena Resources Stock Performance

The company has a fifty day simple moving average of $18.48 and a 200 day simple moving average of $16.74. The stock has a market capitalization of $3.02 billion, a price-to-earnings ratio of -34.21 and a beta of 1.23.

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

Institutional Investors Weigh In On Skeena Resources

Several large investors have recently modified their holdings of the company. PNC Financial Services Group Inc. lifted 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 valued at $44,000 after buying an additional 1,940 shares during the period. Advisory Services Network LLC bought a new position in shares of Skeena Resources in the 3rd quarter worth about $99,000. Northwest & Ethical Investments L.P. acquired a new position in shares of Skeena Resources in the 1st quarter valued at about $77,000. Cubist Systematic Strategies LLC bought a new stake in shares of Skeena Resources during the 1st quarter valued at about $89,000. Finally, Jain Global LLC acquired a new position in Skeena Resources in the third quarter valued at approximately $189,000. 45.15% of the stock is currently 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.