Seabridge Gold (NYSE:SA) Shares Gap Up – Here’s Why

Seabridge Gold, Inc. (NYSE:SA) (TSE:SEA) gapped up prior to trading on Wednesday . The stock had previously closed at $31.03, but opened at $33.34. Seabridge Gold shares last traded at $33.6330, with a volume of 139,675 shares changing hands.

Analyst Ratings Changes

Several research analysts recently issued reports on SA shares. Wall Street Zen raised Seabridge Gold from a “sell” rating to a “hold” rating in a research report on Saturday, August 15th. B. Riley Financial began coverage on Seabridge Gold in a research note on Monday, August 3rd. They issued a “buy” rating and a $40.00 price target for the company. Finally, Weiss Ratings upgraded Seabridge Gold from a “sell (d-)” rating to a “sell (d)” rating in a research report on Tuesday. One investment analyst has rated the stock with a Buy rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, Seabridge Gold currently has an average rating of “Reduce” and a consensus price target of $40.00.

Seabridge Gold Stock Performance

The stock’s 50 day moving average price is $27.92 and its 200 day moving average price is $30.04. The company has a debt-to-equity ratio of 0.46, a quick ratio of 6.71 and a current ratio of 6.71. The company has a market capitalization of $3.59 billion, a P/E ratio of -68.90 and a beta of 0.89.

Institutional Trading of Seabridge Gold

A number of large investors have recently bought and sold shares of the business. BTG Pactual Asset Management US LLC bought a new position in shares of Seabridge Gold in the 2nd quarter worth about $748,000. Susquehanna Advisors Group Inc. acquired a new position in shares of Seabridge Gold in the 2nd quarter valued at about $626,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Seabridge Gold by 16.5% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 43,466 shares of the basic materials company’s stock valued at $1,119,000 after purchasing an additional 6,153 shares in the last quarter. Strait & Sound Wealth Management LLC boosted its position in shares of Seabridge Gold by 1.8% during the 2nd quarter. Strait & Sound Wealth Management LLC now owns 130,327 shares of the basic materials company’s stock valued at $3,355,000 after purchasing an additional 2,283 shares in the last quarter. Finally, Empowered Funds LLC acquired a new stake in Seabridge Gold during the second quarter worth approximately $1,852,000. 34.85% of the stock is currently owned by institutional investors and hedge funds.

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.