Skeena Resources (NYSE:SKE) Stock Price Down 6.9% – Here’s What Happened

Shares of Skeena Resources Limited (NYSE:SKE) dropped 6.9% during trading on Thursday . The stock traded as low as $27.89 and last traded at $27.94. 446,866 shares changed hands during mid-day trading, a decline of 49% from the average daily volume of 875,074 shares. The stock had previously closed at $30.00.

Analyst Ratings Changes

Several brokerages have recently weighed in on SKE. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Skeena Resources in a report on Monday, April 20th. Wall Street Zen cut shares of Skeena Resources from a “hold” rating to a “sell” rating in a report on Saturday, March 28th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy”.

Skeena Resources Stock Down 5.3%

The stock has a fifty day moving average of $30.46 and a two-hundred day moving average of $29.33. The stock has a market cap of $3.50 billion, a price-to-earnings ratio of -18.84 and a beta of 1.11.

Institutional Investors Weigh In On Skeena Resources

Several institutional investors have recently made changes to their positions in SKE. Rockefeller Capital Management L.P. grew its stake in shares of Skeena Resources by 41.4% during the 4th quarter. Rockefeller Capital Management L.P. now owns 1,555 shares of the company’s stock worth $37,000 after purchasing an additional 455 shares during the period. Caitong International Asset Management Co. Ltd purchased a new stake in Skeena Resources during the fourth quarter worth about $43,000. PNC Financial Services Group Inc. boosted its holdings in 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 buying an additional 1,940 shares in the last quarter. Russell Investments Group Ltd. acquired a new position in Skeena Resources during the fourth quarter worth about $45,000. Finally, Cubist Systematic Strategies LLC acquired a new position in Skeena Resources during the first quarter worth about $89,000. 45.15% of the stock is currently owned by hedge funds and other institutional investors.

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.