Skeena Resources (NYSE:SKE) Trading Down 5.3% – Here’s Why

Shares of Skeena Resources Limited (NYSE:SKE) fell 5.3% on Monday . The stock traded as low as $29.65 and last traded at $29.4880. 418,762 shares traded hands during trading, a decline of 58% from the average session volume of 1,007,702 shares. The stock had previously closed at $31.15.

Analyst Ratings Changes

SKE has been the subject of a number of recent analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of Skeena Resources in a report on Wednesday, January 21st. Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of Skeena Resources in a research note on Wednesday, February 4th. Scotiabank restated an “outperform” rating on shares of Skeena Resources in a report on Monday, January 26th. Finally, Wall Street Zen upgraded Skeena Resources from a “sell” rating to a “hold” rating in a report on Sunday, January 25th. One investment 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. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy”.

Skeena Resources Stock Down 4.1%

The firm’s 50 day simple moving average is $31.70 and its 200-day simple moving average is $23.81. The company has a market capitalization of $3.45 billion, a PE ratio of -39.16 and a beta of 1.17.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in SKE. Rockefeller Capital Management L.P. boosted its position in shares of Skeena Resources by 41.4% in the fourth quarter. Rockefeller Capital Management L.P. now owns 1,555 shares of the company’s stock worth $37,000 after buying an additional 455 shares during the period. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Skeena Resources during the 4th quarter valued at about $43,000. Russell Investments Group Ltd. acquired a new position in Skeena Resources during the 4th quarter worth approximately $45,000. PNC Financial Services Group Inc. lifted its position in Skeena Resources by 431.1% during the 3rd quarter. PNC Financial Services Group Inc. now owns 2,390 shares of the company’s stock worth $44,000 after acquiring an additional 1,940 shares in the last quarter. Finally, Kestra Advisory Services LLC purchased a new position in Skeena Resources in the 4th quarter worth approximately $98,000. 45.15% of the stock is owned by hedge funds and other institutional investors.

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.