Seabridge Gold (NYSE:SA) Hits New 1-Year High – What’s Next?

Shares of Seabridge Gold, Inc. (NYSE:SA) (TSE:SEA) reached a new 52-week high on Tuesday . The stock traded as high as $32.54 and last traded at $32.4490, with a volume of 236363 shares traded. The stock had previously closed at $30.86.

Wall Street Analysts Forecast Growth

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

Seabridge Gold Trading Up 5.5%

The firm has a 50-day simple moving average of $28.73 and a 200-day simple moving average of $22.81. The company has a quick ratio of 2.99, a current ratio of 2.99 and a debt-to-equity ratio of 0.55. The stock has a market cap of $3.47 billion, a PE ratio of -85.45 and a beta of 0.82.

Seabridge Gold (NYSE:SA) (TSE:SEA) last released its quarterly earnings results on Wednesday, November 12th. The basic materials company reported ($0.23) EPS for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.20).

Hedge Funds Weigh In On Seabridge Gold

Several hedge funds have recently made changes to their positions in SA. Van ECK Associates Corp lifted its position in shares of Seabridge Gold by 210.3% in the 3rd 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 during the period. Vanguard Group Inc. raised its holdings in 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 worth $31,284,000 after acquiring an additional 1,231,002 shares during the last quarter. Tidal Investments LLC boosted its position in shares of Seabridge Gold by 12.4% during the third quarter. Tidal Investments LLC now owns 3,071,781 shares of the basic materials company’s stock valued at $74,184,000 after buying an additional 339,913 shares during the last quarter. Cibc World Market Inc. grew its stake in shares of Seabridge Gold by 16.5% in the third quarter. Cibc World Market Inc. now owns 2,131,185 shares of the basic materials company’s stock worth $51,396,000 after acquiring an additional 302,476 shares during the period. Finally, Bank of America Corp DE raised its stake 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 buying an additional 203,885 shares during the last quarter. 34.85% of the stock is 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.