Skeena Resources (NYSE:SKE) Trading Up 6% – Here’s Why

Skeena Resources Limited (NYSE:SKE)’s share price traded up 6% during trading on Thursday . The stock traded as high as $25.53 and last traded at $25.5350. 241,956 shares changed hands during mid-day trading, a decline of 54% from the average session volume of 524,876 shares. The stock had previously closed at $24.10.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on SKE shares. Desjardins raised shares of Skeena Resources to a “moderate buy” rating in a report on Wednesday, October 8th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Skeena Resources in a research report on Wednesday, October 8th. Scotiabank reissued an “outperform” rating on shares of Skeena Resources in a research report on Thursday, October 23rd. Raymond James Financial restated a “strong-buy” rating on shares of Skeena Resources in a research note on Friday, October 10th. Finally, Wall Street Zen raised Skeena Resources from a “sell” rating to a “hold” rating in a report on Saturday, November 15th. One 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 company. According to MarketBeat, Skeena Resources has a consensus rating of “Moderate Buy”.

Skeena Resources Stock Performance

The company has a market capitalization of $2.96 billion, a PE ratio of -33.44 and a beta of 1.23. The company’s 50-day simple moving average is $18.77 and its 200-day simple moving average is $16.88.

Skeena Resources (NYSE:SKE) last announced its 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). Analysts expect that Skeena Resources Limited will post -0.98 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. PNC Financial Services Group Inc. lifted its holdings in shares of Skeena Resources by 431.1% during the third quarter. PNC Financial Services Group Inc. now owns 2,390 shares of the company’s stock worth $44,000 after purchasing an additional 1,940 shares during the period. Northwest & Ethical Investments L.P. purchased a new position in Skeena Resources during the 1st quarter worth $77,000. Cubist Systematic Strategies LLC acquired a new stake in shares of Skeena Resources in the 1st quarter worth $89,000. Advisory Services Network LLC acquired a new stake in shares of Skeena Resources in the 3rd quarter worth $99,000. Finally, Cutler Capital Management LLC purchased a new stake in shares of Skeena Resources in the second quarter valued at about $167,000. Institutional investors and hedge funds own 45.15% of the company’s stock.

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.