Skeena Resources (NYSE:SKE) Shares Down 6.9% – Here’s Why

Skeena Resources Limited (NYSE:SKE)’s stock price fell 6.9% on Thursday . The stock traded as low as $27.89 and last traded at $27.94. 446,866 shares were traded during trading, a decline of 49% from the average daily volume of 875,074 shares. The stock had previously closed at $30.00.

Analysts Set New Price Targets

A number of equities research analysts have commented on SKE shares. Wall Street Zen lowered Skeena Resources from a “hold” rating to a “sell” rating in a research report on Saturday, March 28th. Weiss Ratings reissued a “sell (d-)” rating on shares of Skeena Resources in a research report on Monday, April 20th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy”.

Skeena Resources Stock Down 0.4%

The company’s 50-day simple moving average is $30.36 and its 200 day simple moving average is $29.38. The stock has a market capitalization of $3.52 billion, a price-to-earnings ratio of -18.93 and a beta of 1.11.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in SKE. Rockefeller Capital Management L.P. lifted its holdings in Skeena Resources by 41.4% in the 4th quarter. Rockefeller Capital Management L.P. now owns 1,555 shares of the company’s stock worth $37,000 after purchasing an additional 455 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new position in Skeena Resources during the fourth quarter valued at approximately $43,000. PNC Financial Services Group Inc. raised its position in shares of Skeena Resources by 431.1% in the third quarter. PNC Financial Services Group Inc. now owns 2,390 shares of the company’s stock valued at $44,000 after purchasing an additional 1,940 shares during the period. Russell Investments Group Ltd. bought a new position in shares of Skeena Resources in the fourth quarter valued at approximately $45,000. Finally, Cubist Systematic Strategies LLC acquired a new stake in shares of Skeena Resources in the first quarter worth $89,000. Institutional investors and hedge funds own 45.15% of the company’s stock.

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.