Seabridge Gold (NYSE:SA) Trading Down 7.1% – Here’s What Happened

Seabridge Gold, Inc. (NYSE:SA) (TSE:SEA) dropped 7.1% during trading on Wednesday . The company traded as low as $25.24 and last traded at $25.1450. 200,604 shares were traded during mid-day trading, a decline of 81% from the average session volume of 1,050,038 shares. The stock had previously closed at $27.06.

Analyst Upgrades and Downgrades

Several analysts recently commented on SA shares. Wall Street Zen raised shares of Seabridge Gold from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 9th. Zacks Research lowered shares of Seabridge Gold from a “hold” rating to a “strong sell” rating in a research report on Tuesday, April 14th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Seabridge Gold in a report on Wednesday. One equities research analyst has rated the stock with a Buy rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Reduce” and an average price target of $65.00.

Seabridge Gold Stock Up 3.2%

The company has a quick ratio of 6.71, a current ratio of 6.71 and a debt-to-equity ratio of 0.46. The company has a market capitalization of $2.75 billion, a PE ratio of -52.77 and a beta of 0.89. The business’s 50 day simple moving average is $30.20 and its 200 day simple moving average is $30.98.

Seabridge Gold (NYSE:SA) (TSE:SEA) last announced its earnings results on Wednesday, May 13th. The basic materials company reported ($0.04) EPS for the quarter, hitting the consensus estimate of ($0.04). As a group, analysts forecast that Seabridge Gold, Inc. will post -0.17 EPS for the current year.

Hedge Funds Weigh In On Seabridge Gold

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Van ECK Associates Corp grew its position in Seabridge Gold by 210.3% during the third quarter. Van ECK Associates Corp now owns 8,178,662 shares of the basic materials company’s stock valued at $197,514,000 after purchasing an additional 5,543,170 shares in the last quarter. Quantbot Technologies LP lifted its position in Seabridge Gold by 196.0% in the 3rd quarter. Quantbot Technologies LP now owns 54,171 shares of the basic materials company’s stock worth $1,308,000 after buying an additional 35,873 shares in the last quarter. Elevatus Welath Management purchased a new position in shares of Seabridge Gold during the 3rd quarter valued at $3,676,000. PKO Investment Management Joint Stock Co acquired a new position in shares of Seabridge Gold in the fourth quarter worth $1,336,000. Finally, Vanguard Group Inc. increased its stake in shares of Seabridge Gold by 82.9% in the fourth 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 last quarter. 34.85% of the stock is currently 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.