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

Seabridge Gold, Inc. (NYSE:SA) (TSE:SEA)’s stock price gapped down before the market opened on Monday . The stock had previously closed at $31.14, but opened at $29.42. Seabridge Gold shares last traded at $29.34, with a volume of 166,286 shares changing hands.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on SA shares. B. Riley increased their price objective on Seabridge Gold from $50.00 to $65.00 and gave the stock a “buy” rating in a research note on Tuesday, December 2nd. Zacks Research cut Seabridge Gold from a “hold” rating to a “strong sell” rating in a research note on Monday, November 24th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Seabridge Gold in a research note on Monday, December 22nd. Finally, Wall Street Zen downgraded Seabridge Gold from a “hold” rating to a “sell” rating in a research report on Saturday, November 22nd. One investment analyst has rated the stock with a Buy rating and two have given a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Reduce” and a consensus target price of $65.00.

Seabridge Gold Stock Down 3.0%

The stock’s fifty day moving average is $26.38 and its two-hundred day moving average is $20.99. The company has a market cap of $3.17 billion, a price-to-earnings ratio of -79.55 and a beta of 0.85. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.99 and a current ratio of 2.99.

Seabridge Gold (NYSE:SA) (TSE:SEA) last posted its quarterly earnings data on Wednesday, November 12th. The basic materials company reported ($0.23) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.20).

Institutional Investors Weigh In On Seabridge Gold

Large investors have recently added to or reduced their stakes in the company. FNY Investment Advisers LLC purchased a new position in Seabridge Gold during the 3rd quarter valued at $309,000. Advisory Services Network LLC purchased a new stake in shares of Seabridge Gold during the third quarter valued at approximately $164,000. NewEdge Advisors LLC increased its holdings in shares of Seabridge Gold by 3.7% in the 3rd quarter. NewEdge Advisors LLC now owns 83,097 shares of the basic materials company’s stock worth $2,007,000 after purchasing an additional 3,000 shares in the last quarter. Tidal Investments LLC increased its holdings 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 worth $74,184,000 after buying an additional 339,913 shares in the last quarter. Finally, Public Employees Retirement System of Ohio grew its stake in shares of Seabridge Gold by 57.4% in the third quarter. Public Employees Retirement System of Ohio now owns 34,906 shares of the basic materials company’s stock worth $843,000 after acquiring an additional 12,726 shares during the period. Institutional investors own 34.85% of the company’s stock.

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.