Seabridge Gold (NYSE:SA) Shares Up 7.4% – Here’s What Happened

Seabridge Gold, Inc. (NYSE:SA) (TSE:SEA) shares were up 7.4% during mid-day trading on Wednesday . The company traded as high as $29.47 and last traded at $29.6470. Approximately 343,966 shares traded hands during trading, a decline of 68% from the average daily volume of 1,081,401 shares. The stock had previously closed at $27.61.

Analyst Ratings Changes

A number of equities analysts have issued reports on SA shares. Wall Street Zen upgraded Seabridge Gold from a “strong sell” rating to a “sell” rating in a report on Saturday, May 9th. Weiss Ratings restated a “sell (d-)” rating on shares of Seabridge Gold in a report on Friday, March 27th. Finally, Zacks Research cut Seabridge Gold from a “hold” rating to a “strong sell” rating in a report on Tuesday, April 14th. One investment analyst has rated the stock with a Buy rating and two have issued a Sell rating to the company. According to MarketBeat, Seabridge Gold has an average rating of “Reduce” and an average price target of $65.00.

Seabridge Gold Price Performance

The company has a debt-to-equity ratio of 0.46, a quick ratio of 6.71 and a current ratio of 6.71. The company has a 50-day moving average of $29.98 and a 200-day moving average of $30.08. The firm has a market capitalization of $3.29 billion, a price-to-earnings ratio of -63.14 and a beta of 0.83.

Seabridge Gold (NYSE:SA) (TSE:SEA) last issued its quarterly earnings data on Wednesday, May 13th. The basic materials company reported ($0.04) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.04). As a group, research analysts anticipate that Seabridge Gold, Inc. will post -0.17 EPS for the current fiscal year.

Hedge Funds Weigh In On Seabridge Gold

Several institutional investors and hedge funds have recently modified their holdings of the business. Van ECK Associates Corp grew its position in shares of Seabridge Gold by 210.3% in the 3rd quarter. Van ECK Associates Corp now owns 8,178,662 shares of the basic materials company’s stock valued at $197,514,000 after purchasing an additional 5,543,170 shares during the period. Kopernik Global Investors LLC lifted its stake in Seabridge Gold by 5.1% in the 1st quarter. Kopernik Global Investors LLC now owns 7,332,863 shares of the basic materials company’s stock valued at $207,813,000 after acquiring an additional 353,252 shares in the last quarter. Tidal Investments LLC lifted its stake in Seabridge Gold by 12.4% in the 3rd quarter. Tidal Investments LLC now owns 3,071,781 shares of the basic materials company’s stock valued at $74,184,000 after acquiring an additional 339,913 shares in the last quarter. Vanguard Group Inc. lifted its stake in Seabridge Gold by 82.9% in the 4th quarter. Vanguard Group Inc. now owns 2,371,496 shares of the basic materials company’s stock valued at $70,305,000 after acquiring an additional 1,074,577 shares in the last quarter. Finally, Cibc World Market Inc. lifted its stake in Seabridge Gold by 2.4% in the 4th quarter. Cibc World Market Inc. now owns 2,182,535 shares of the basic materials company’s stock valued at $64,712,000 after acquiring an additional 51,350 shares in the last quarter. 34.85% of the stock is currently owned by institutional investors and hedge funds.

Seabridge Gold Company Profile

Seabridge Gold Inc, together with its subsidiaries, engages in the acquisition and exploration of gold properties in North America. The company also explores for gold, copper, silver, and molybdenum deposits. The company was formerly known as Seabridge Resources Inc and changed its name to Seabridge Gold Inc in June 2002. Seabridge Gold Inc was incorporated in 1979 and is based in Toronto, Canada.