Seabridge Gold (NYSE:SA) Sets New 52-Week High – Time to Buy?

Seabridge Gold, Inc. (NYSE:SA) (TSE:SEA) reached a new 52-week high during trading on Tuesday . The company traded as high as $29.31 and last traded at $29.2260, with a volume of 920737 shares. The stock had previously closed at $28.16.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on SA. B. Riley raised their price target on Seabridge Gold from $50.00 to $65.00 and gave the company a “buy” rating in a report on Tuesday. Weiss Ratings reissued a “sell (d-)” rating on shares of Seabridge Gold in a research report on Wednesday, November 26th. Zacks Research cut shares of Seabridge Gold from a “hold” rating to a “strong sell” rating in a report on Monday, November 24th. Finally, Wall Street Zen downgraded shares of Seabridge Gold from a “hold” rating to a “sell” rating in a research note on Saturday, November 22nd. One research analyst has rated the stock with a Buy rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Seabridge Gold has an average rating of “Reduce” and an average price target of $65.00.

Seabridge Gold Stock Up 3.8%

The company’s 50 day simple moving average is $24.37 and its 200-day simple moving average is $18.72. The company has a current ratio of 4.24, a quick ratio of 4.24 and a debt-to-equity ratio of 0.57. The firm has a market cap of $3.05 billion, a P/E ratio of -76.91 and a beta of 0.77.

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

Institutional Investors Weigh In On Seabridge Gold

Hedge funds have recently added to or reduced their stakes in the stock. Amundi grew its holdings in shares of Seabridge Gold by 30.3% in the first quarter. Amundi now owns 845,655 shares of the basic materials company’s stock worth $9,370,000 after acquiring an additional 196,687 shares during the period. Krilogy Financial LLC purchased a new position in Seabridge Gold in the second quarter worth about $2,006,000. Ontario Teachers Pension Plan Board boosted its position in Seabridge Gold by 10.8% in the second quarter. Ontario Teachers Pension Plan Board now owns 1,490,415 shares of the basic materials company’s stock worth $21,652,000 after purchasing an additional 145,528 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new stake in shares of Seabridge Gold during the 2nd quarter valued at about $404,000. Finally, TD Asset Management Inc increased its position in shares of Seabridge Gold by 11.5% during the 2nd quarter. TD Asset Management Inc now owns 248,111 shares of the basic materials company’s stock valued at $3,595,000 after purchasing an additional 25,676 shares during the last quarter. 34.85% of the stock is currently owned by hedge funds and other institutional investors.

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.