Seabridge Gold (NYSE:SA) Hits New 1-Year Low – Here’s What Happened

Seabridge Gold, Inc. (NYSE:SA) (TSE:SEA)’s share price reached a new 52-week low during mid-day trading on Tuesday. The stock traded as low as $23.26 and last traded at $23.4660, with a volume of 414,140 shares. The stock had previously closed at $24.01.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the stock. Royal Bank Of Canada boosted their price objective on shares of Seabridge Gold from $71.00 to $72.00 and gave the company an “outperform” rating in a research report on Wednesday, September 16th. Zacks Research upgraded shares of Seabridge Gold to a “hold” rating in a research report on Tuesday, September 1st. Wall Street Zen upgraded shares of Seabridge Gold from a “sell” rating to a “hold” rating in a research report on Saturday, August 15th. Weiss Ratings raised shares of Seabridge Gold from a “sell (d)” rating to a “sell (d+)” rating in a research note on Friday, September 25th. Finally, B. Riley Financial began coverage on Seabridge Gold in a report on Monday, August 3rd. They issued a “buy” rating and a $40.00 price target for the company. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $56.00.

Seabridge Gold Price Performance

The company has a 50-day moving average of $28.92 and a two-hundred day moving average of $29.94. The stock has a market capitalization of $2.54 billion, a PE ratio of 113.92 and a beta of 0.87. The company has a debt-to-equity ratio of 0.46, a current ratio of 6.71 and a quick ratio of 6.71.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of SA. Kopernik Global Investors LLC boosted its position in shares of Seabridge Gold by 5.1% in the first quarter. Kopernik Global Investors LLC now owns 7,332,863 shares of the basic materials company’s stock worth $207,813,000 after acquiring an additional 353,252 shares during the last quarter. Cibc World Market Inc. purchased a new stake in Seabridge Gold in the second quarter valued at approximately $52,690,000. Ontario Teachers Pension Plan Board acquired a new position in Seabridge Gold during the second quarter worth approximately $45,048,000. Alps Advisors Inc. increased its position in Seabridge Gold by 30.4% during the third quarter. Alps Advisors Inc. now owns 571,766 shares of the basic materials company’s stock worth $16,204,000 after purchasing an additional 133,368 shares during the last quarter. Finally, Amundi increased its position in Seabridge Gold by 3.4% during the first quarter. Amundi now owns 526,852 shares of the basic materials company’s stock worth $14,931,000 after purchasing an additional 17,560 shares during the last quarter. 34.85% of the stock is currently owned by hedge funds and other institutional investors.

Seabridge Gold Company Profile

Seabridge Gold Inc is a Canadian mineral exploration and development company focused on discovering and advancing large-scale gold and copper deposits in North America. The company does not currently operate producing mines; its activities center on mineral exploration, resource definition, permitting and project development.

Seabridge’s principal asset is the KSM project in northwestern British Columbia, one of the world’s largest undeveloped gold-copper projects. The company also holds the Iskut project in British Columbia and the Courageous Lake project in Canada’s Northwest Territories.