Skeena Resources (NYSE:SKE) Shares Down 5.3% – Should You Sell?

Skeena Resources Limited (NYSE:SKE)’s stock price fell 5.3% during trading on Monday . The stock traded as low as $29.65 and last traded at $29.4880. 418,762 shares changed hands during trading, a decline of 58% from the average session volume of 1,007,702 shares. The stock had previously closed at $31.15.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. Wall Street Zen raised shares of Skeena Resources from a “sell” rating to a “hold” rating in a report on Sunday, January 25th. Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating on shares of Skeena Resources in a research note on Wednesday, February 4th. Scotiabank reaffirmed an “outperform” rating on shares of Skeena Resources in a research note on Monday, January 26th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Skeena Resources in a research report on Wednesday, January 21st. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy”.

Skeena Resources Stock Down 1.2%

The company has a market cap of $3.73 billion, a PE ratio of -42.25 and a beta of 1.16. The firm has a fifty day simple moving average of $31.50 and a 200-day simple moving average of $23.61.

Institutional Investors Weigh In On Skeena Resources

Hedge funds and other institutional investors have recently made changes to their positions in the business. Royal Bank of Canada boosted its holdings in Skeena Resources by 849.9% in the first quarter. Royal Bank of Canada now owns 401,729 shares of the company’s stock valued at $4,053,000 after acquiring an additional 359,438 shares during the last quarter. Cubist Systematic Strategies LLC acquired a new position in shares of Skeena Resources in the 1st quarter worth approximately $89,000. Goldman Sachs Group Inc. grew its position in shares of Skeena Resources by 174.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 314,370 shares of the company’s stock valued at $3,172,000 after buying an additional 199,654 shares during the last quarter. Geode Capital Management LLC lifted its stake in Skeena Resources by 4.3% in the second quarter. Geode Capital Management LLC now owns 45,364 shares of the company’s stock valued at $719,000 after buying an additional 1,881 shares during the last quarter. Finally, Waratah Capital Advisors Ltd. acquired a new stake in shares of Skeena Resources in the second quarter valued at approximately $9,097,000. Hedge funds and other institutional investors own 45.15% of the company’s stock.

Skeena Resources Company Profile

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.