Skeena Resources (NYSE:SKE) Sees Strong Trading Volume – Should You Buy?

Skeena Resources Limited (NYSE:SKE) saw unusually-high trading volume on Monday . Approximately 585,973 shares changed hands during mid-day trading, an increase of 8% from the previous session’s volume of 544,747 shares.The stock last traded at $23.8550 and had previously closed at $25.42.

Wall Street Analysts Forecast Growth

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

Skeena Resources Stock Down 5.8%

The stock has a market cap of $2.90 billion, a P/E ratio of -32.81 and a beta of 1.22. The firm’s 50-day moving average is $19.86 and its two-hundred day moving average is $17.67.

Skeena Resources (NYSE:SKE) last posted its earnings results on Thursday, November 13th. The company reported ($0.09) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.03). Analysts anticipate that Skeena Resources Limited will post -0.98 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Skeena Resources

Institutional investors have recently bought and sold shares of the stock. Nuveen LLC bought a new stake in shares of Skeena Resources during the 1st quarter worth about $717,000. Royal Bank of Canada lifted its holdings in Skeena Resources by 849.9% in the 1st quarter. Royal Bank of Canada now owns 401,729 shares of the company’s stock worth $4,053,000 after purchasing an additional 359,438 shares during the last quarter. Cubist Systematic Strategies LLC bought a new stake in Skeena Resources during the first quarter worth approximately $89,000. PDT Partners LLC boosted its position in Skeena Resources by 28.8% during the first quarter. PDT Partners LLC now owns 22,493 shares of the company’s stock worth $227,000 after purchasing an additional 5,023 shares during the period. Finally, Federation des caisses Desjardins du Quebec grew its holdings in Skeena Resources by 1.2% during the first quarter. Federation des caisses Desjardins du Quebec now owns 275,745 shares of the company’s stock valued at $2,761,000 after purchasing an additional 3,325 shares during the last quarter. 45.15% of the stock is currently owned by institutional investors.

About Skeena Resources

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.