Skeena Resources (NYSE:SKE) Shares Gap Up – Should You Buy?

Skeena Resources Limited (NYSE:SKE) 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.

Analysts Set New Price Targets

A number of research firms have recently issued reports on SKE. Desjardins upgraded shares of Skeena Resources to a “moderate buy” rating in a research report on Wednesday, October 8th. Scotiabank restated an “outperform” rating on shares of Skeena Resources in a research report on Monday, January 26th. Wall Street Zen raised Skeena Resources from a “sell” rating to a “hold” rating in a research report on Sunday, January 25th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Skeena Resources in a research note on Wednesday, January 21st. Finally, CIBC reissued an “outperform” rating on shares of Skeena Resources in a research note on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy”.

Skeena Resources Price Performance

The stock has a market cap of $3.53 billion, a PE ratio of -39.89 and a beta of 1.22. The stock has a 50-day simple moving average of $25.75 and a 200-day simple moving average of $20.06.

Skeena Resources (NYSE:SKE) last released its quarterly earnings data 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, equities research analysts anticipate that Skeena Resources Limited will post -0.98 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in SKE. Royal Bank of Canada grew its holdings in Skeena Resources by 849.9% during the 1st quarter. Royal Bank of Canada now owns 401,729 shares of the company’s stock worth $4,053,000 after acquiring an additional 359,438 shares in the last quarter. Cubist Systematic Strategies LLC acquired a new stake in Skeena Resources during the first quarter worth about $89,000. Goldman Sachs Group Inc. grew its holdings in shares of Skeena Resources by 174.0% during the first quarter. Goldman Sachs Group Inc. now owns 314,370 shares of the company’s stock valued at $3,172,000 after purchasing an additional 199,654 shares during the last quarter. Allspring Global Investments Holdings LLC raised its position in shares of Skeena Resources by 26.9% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 607,000 shares of the company’s stock worth $9,661,000 after purchasing an additional 128,500 shares during the period. Finally, Cardinal Point Capital Management ULC bought a new stake in shares of Skeena Resources in the 2nd quarter worth approximately $239,000. 45.15% of the stock is 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.