Seabridge Gold (NYSE:SA) Trading Down 8.5% – Here’s What Happened

Shares of Seabridge Gold, Inc. (NYSE:SA) (TSE:SEA) were down 8.5% on Wednesday . The company traded as low as $24.37 and last traded at $24.2880. 217,699 shares changed hands during mid-day trading, a decline of 75% from the average daily volume of 872,271 shares. The stock had previously closed at $26.55.

Analyst Ratings Changes

A number of research firms have recently weighed in on SA. Wall Street Zen raised Seabridge Gold from a “strong sell” rating to a “sell” rating in a report on Saturday, May 9th. Zacks Research lowered Seabridge Gold from a “hold” rating to a “strong sell” rating in a report on Tuesday, April 14th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Seabridge Gold in a research report on Wednesday, June 24th. One research analyst has rated the stock with a Buy rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, Seabridge Gold presently has a consensus rating of “Reduce” and a consensus price target of $65.00.

Seabridge Gold Stock Up 0.5%

The stock has a market cap of $2.83 billion, a P/E ratio of -54.34 and a beta of 0.89. 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’s 50-day moving average is $29.29 and its 200-day moving average is $30.78.

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

Institutional Investors Weigh In On Seabridge Gold

Institutional investors and hedge funds have recently modified their holdings of the stock. Elevatus Welath Management purchased a new stake in Seabridge Gold during the third quarter valued at about $3,676,000. PKO Investment Management Joint Stock Co purchased a new stake in Seabridge Gold in the 4th quarter worth about $1,336,000. Vanguard Group Inc. boosted its position in Seabridge Gold by 82.9% during the 4th quarter. Vanguard Group Inc. now owns 2,371,496 shares of the basic materials company’s stock worth $70,305,000 after acquiring an additional 1,074,577 shares during the period. TD Asset Management Inc boosted its position in Seabridge Gold by 109.1% during the 4th quarter. TD Asset Management Inc now owns 539,446 shares of the basic materials company’s stock worth $16,013,000 after acquiring an additional 281,512 shares during the period. Finally, Rockefeller Capital Management L.P. grew its stake in Seabridge Gold by 7,567.6% during the 4th quarter. Rockefeller Capital Management L.P. now owns 53,673 shares of the basic materials company’s stock valued at $1,588,000 after acquiring an additional 52,973 shares in the last quarter. 34.85% of the stock is 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.