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

Seabridge Gold, Inc. (NYSE:SA) (TSE:SEA)’s share price gapped down prior to trading on Wednesday . The stock had previously closed at $30.85, but opened at $29.41. Seabridge Gold shares last traded at $28.1760, with a volume of 376,972 shares trading hands.

Wall Street Analysts Forecast Growth

SA has been the subject of several analyst reports. B. Riley Financial upped their price objective on Seabridge Gold from $50.00 to $65.00 and gave the stock a “buy” rating in a research report on Tuesday, December 2nd. Wall Street Zen lowered Seabridge Gold from a “hold” rating to a “sell” rating in a research report on Saturday, November 22nd. Zacks Research upgraded Seabridge Gold from a “strong sell” rating to a “hold” rating in a research note on Thursday, January 1st. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Seabridge Gold in a report on Monday, December 29th. One analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $65.00.

Seabridge Gold Trading Down 8.0%

The company has a quick ratio of 2.99, a current ratio of 2.99 and a debt-to-equity ratio of 0.55. The stock has a market capitalization of $2.67 billion, a PE ratio of -65.38 and a beta of 0.76. The business’s 50-day moving average is $32.98 and its two-hundred day moving average is $27.83.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in SA. Rockefeller Capital Management L.P. lifted its holdings in Seabridge Gold by 7,567.6% in the fourth 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 during the period. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Seabridge Gold during the 4th quarter worth $167,000. Virtu Financial LLC acquired a new position in shares of Seabridge Gold during the 4th quarter worth $431,000. TMB Capital Partners LLC purchased a new position in shares of Seabridge Gold in the 4th quarter valued at about $1,366,000. Finally, Mackenzie Financial Corp increased its holdings in shares of Seabridge Gold by 73.6% in the 4th quarter. Mackenzie Financial Corp now owns 94,961 shares of the basic materials company’s stock valued at $2,868,000 after purchasing an additional 40,262 shares in the last quarter. 34.85% of the stock is owned by hedge funds and other institutional investors.

About Seabridge Gold

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.