Seabridge Gold (NYSE:SA) Stock Price Down 4.1% – Here’s What Happened

Shares of Seabridge Gold, Inc. (NYSE:SA) (TSE:SEA) dropped 4.1% on Wednesday . The company traded as low as $30.37 and last traded at $30.3890. Approximately 131,189 shares changed hands during trading, a decline of 87% from the average daily volume of 995,384 shares. The stock had previously closed at $31.69.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on SA. B. Riley upped their target price on shares of Seabridge Gold from $50.00 to $65.00 and gave the company a “buy” rating in a report on Tuesday, December 2nd. Wall Street Zen lowered Seabridge Gold from a “hold” rating to a “sell” rating in a report on Saturday, November 22nd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Seabridge Gold in a research report on Monday. Finally, Zacks Research cut Seabridge Gold from a “hold” rating to a “strong sell” rating in a research report on Monday, November 24th. One analyst has rated the stock with a Buy rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, Seabridge Gold has an average rating of “Reduce” and an average price target of $65.00.

Seabridge Gold Price Performance

The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.99 and a current ratio of 2.99. The company has a market capitalization of $3.25 billion, a PE ratio of -81.47 and a beta of 0.85. The company’s 50-day simple moving average is $26.28 and its 200-day simple moving average is $20.79.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Ameritas Advisory Services LLC purchased a new stake in shares of Seabridge Gold during the second quarter worth approximately $26,000. Total Investment Management Inc. acquired a new position in Seabridge Gold in the 2nd quarter valued at $28,000. Caitlin John LLC purchased a new position in Seabridge Gold during the 3rd quarter worth $31,000. Blue Trust Inc. lifted its stake in shares of Seabridge Gold by 974.0% in the 3rd quarter. Blue Trust Inc. now owns 1,654 shares of the basic materials company’s stock worth $40,000 after acquiring an additional 1,500 shares during the period. Finally, Creative Financial Designs Inc. ADV lifted its stake in shares of Seabridge Gold by 100.0% in the 2nd quarter. Creative Financial Designs Inc. ADV now owns 3,000 shares of the basic materials company’s stock worth $44,000 after acquiring an additional 1,500 shares during the period. 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. Seabridge Gold Inc was incorporated in 1979 and is based in Toronto, Canada.