Seabridge Gold (NYSE:SA) Shares Down 9.7% – Here’s Why

Seabridge Gold, Inc. (NYSE:SA) (TSE:SEA)’s share price dropped 9.7% on Friday . The company traded as low as $29.77 and last traded at $30.04. Approximately 727,304 shares changed hands during mid-day trading, an increase of 2% from the average daily volume of 712,547 shares. The stock had previously closed at $33.27.

Analysts Set New Price Targets

Several research analysts recently weighed in on SA shares. Wall Street Zen upgraded shares of Seabridge Gold from a “sell” rating to a “hold” rating in a research report on Saturday, August 15th. B. Riley Financial initiated coverage on Seabridge Gold in a research report on Monday, August 3rd. They issued a “buy” rating and a $40.00 price objective on the stock. Finally, Weiss Ratings raised Seabridge Gold from a “sell (d-)” rating to a “sell (d)” rating in a research note on Tuesday. One equities research analyst has rated the stock with a Buy rating and two have issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Reduce” and a consensus price target of $40.00.

Seabridge Gold Price Performance

The company has a current ratio of 6.71, a quick ratio of 6.71 and a debt-to-equity ratio of 0.46. The stock has a market capitalization of $3.27 billion, a P/E ratio of -62.73 and a beta of 0.89. The company has a fifty day simple moving average of $27.92 and a two-hundred day simple moving average of $30.04.

Institutional Investors Weigh In On Seabridge Gold

Institutional investors and hedge funds have recently modified their holdings of the business. Financial Gravity Asset Management Inc. bought a new stake in shares of Seabridge Gold during the fourth quarter worth approximately $30,000. Smartleaf Asset Management LLC bought a new position in Seabridge Gold in the fourth quarter valued at approximately $30,000. Federation des caisses Desjardins du Quebec boosted its stake in Seabridge Gold by 77.5% in the fourth quarter. Federation des caisses Desjardins du Quebec now owns 1,065 shares of the basic materials company’s stock valued at $31,000 after acquiring an additional 465 shares during the last quarter. Banque Cantonale Vaudoise acquired a new stake in Seabridge Gold during the 4th quarter worth $39,000. Finally, Allworth Financial LP acquired a new stake in Seabridge Gold during the 2nd quarter worth $39,000. 34.85% of the stock is owned by institutional investors.

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.