Seabridge Gold (NYSE:SA) Shares Gap Up – Here’s Why

Seabridge Gold, Inc. (NYSE:SA) (TSE:SEA)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $27.81, but opened at $30.15. Seabridge Gold shares last traded at $29.5360, with a volume of 170,142 shares traded.

Wall Street Analyst Weigh In

Several research firms have commented on SA. Zacks Research raised shares of Seabridge Gold from a “strong sell” rating to a “hold” rating in a research note on Thursday, January 1st. Wall Street Zen downgraded Seabridge Gold from a “hold” rating to a “sell” rating in a research report on Saturday, November 22nd. B. Riley increased their target price on Seabridge Gold from $50.00 to $65.00 and gave the stock a “buy” rating in a research report on Tuesday, December 2nd. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Seabridge Gold in a research report on Monday, December 29th. One investment analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $65.00.

Seabridge Gold Stock Performance

The firm has a market cap of $3.12 billion, a PE ratio of -76.91 and a beta of 0.81. The stock’s 50 day moving average price is $30.52 and its 200 day moving average price is $24.05. The company has a current ratio of 2.99, a quick ratio of 2.99 and a debt-to-equity ratio of 0.55.

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 Trading of Seabridge Gold

Hedge funds have recently made changes to their positions in the stock. Van ECK Associates Corp grew its stake in Seabridge Gold by 210.3% in the third quarter. Van ECK Associates Corp now owns 8,178,662 shares of the basic materials company’s stock worth $197,514,000 after purchasing an additional 5,543,170 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of Seabridge Gold by 1,867.5% in the 3rd quarter. Vanguard Group Inc. now owns 1,296,919 shares of the basic materials company’s stock valued at $31,284,000 after buying an additional 1,231,002 shares during the period. Tidal Investments LLC lifted its holdings in Seabridge Gold by 12.4% in the third quarter. Tidal Investments LLC now owns 3,071,781 shares of the basic materials company’s stock worth $74,184,000 after acquiring an additional 339,913 shares during the last quarter. Cibc World Market Inc. lifted its holdings in shares of Seabridge Gold by 16.5% in the 3rd quarter. Cibc World Market Inc. now owns 2,131,185 shares of the basic materials company’s stock worth $51,396,000 after purchasing an additional 302,476 shares during the last quarter. Finally, Bank of America Corp DE boosted its position in Seabridge Gold by 65.8% during the 3rd quarter. Bank of America Corp DE now owns 513,534 shares of the basic materials company’s stock valued at $12,402,000 after purchasing an additional 203,885 shares during the period. Institutional investors and hedge funds own 34.85% of the company’s stock.

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.