Skeena Resources (NYSE:SKE) Shares Gap Up – Time to Buy?

Skeena Resources Limited (NYSE:SKE) shares gapped up before the market opened on Tuesday . The stock had previously closed at $29.16, but opened at $31.51. Skeena Resources shares last traded at $30.8080, with a volume of 135,840 shares traded.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Skeena Resources in a research report on Wednesday, January 21st. Wall Street Zen upgraded Skeena Resources from a “sell” rating to a “hold” rating in a report on Sunday, January 25th. Desjardins upgraded Skeena Resources to a “moderate buy” rating in a research note on Wednesday, October 8th. Scotiabank reiterated an “outperform” rating on shares of Skeena Resources in a research note on Monday, January 26th. Finally, Raymond James Financial reissued a “strong-buy” rating on shares of Skeena Resources in a report on Friday, October 10th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Skeena Resources has an average rating of “Moderate Buy”.

Skeena Resources Stock Up 2.6%

The business has a fifty day moving average price of $25.27 and a 200-day moving average price of $19.87. The company has a market cap of $3.63 billion, a P/E ratio of -41.30 and a beta of 1.22.

Skeena Resources (NYSE:SKE) last released its quarterly earnings results on Thursday, November 13th. The company reported ($0.09) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.03). As a group, research analysts expect that Skeena Resources Limited will post -0.98 earnings per share for the current year.

Hedge Funds Weigh In On Skeena Resources

Several institutional investors and hedge funds have recently modified their holdings of the business. Helikon Investments Ltd increased its position in Skeena Resources by 20.3% during the third quarter. Helikon Investments Ltd now owns 16,871,819 shares of the company’s stock worth $310,948,000 after acquiring an additional 2,841,708 shares during the period. Vanguard Group Inc. increased its holdings in shares of Skeena Resources by 108.3% during the fourth quarter. Vanguard Group Inc. now owns 2,625,277 shares of the company’s stock worth $62,353,000 after purchasing an additional 1,364,835 shares during the period. Amundi raised its position in shares of Skeena Resources by 43.4% in the second quarter. Amundi now owns 2,258,524 shares of the company’s stock valued at $35,640,000 after buying an additional 683,524 shares in the last quarter. Van ECK Associates Corp boosted its stake in shares of Skeena Resources by 16.5% in the third quarter. Van ECK Associates Corp now owns 4,741,607 shares of the company’s stock valued at $87,404,000 after buying an additional 670,200 shares during the period. Finally, Waratah Capital Advisors Ltd. boosted its stake in shares of Skeena Resources by 114.9% in the third quarter. Waratah Capital Advisors Ltd. now owns 1,227,900 shares of the company’s stock valued at $22,630,000 after buying an additional 656,471 shares during the period. 45.15% of the stock is currently owned by institutional investors and hedge funds.

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.