Seabridge Gold (NYSE:SA) Stock Price Down 9.7% – What’s Next?

Seabridge Gold, Inc. (NYSE:SA) (TSE:SEA) shares traded down 9.7% during trading on Friday . The company traded as low as $29.77 and last traded at $30.04. 727,304 shares traded hands during trading, an increase of 2% from the average daily volume of 712,547 shares. The stock had previously closed at $33.27.

Analysts Set New Price Targets

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

Seabridge Gold Price Performance

The company has a market capitalization of $3.23 billion, a price-to-earnings ratio of -61.92 and a beta of 0.89. The company has a fifty day simple moving average of $27.96 and a two-hundred day simple moving average of $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.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Financial Gravity Asset Management Inc. purchased a new stake in Seabridge Gold during the fourth quarter valued at about $30,000. Smartleaf Asset Management LLC acquired a new stake in Seabridge Gold during the fourth quarter worth about $30,000. Federation des caisses Desjardins du Quebec raised its holdings in shares of Seabridge Gold by 77.5% in the 4th quarter. Federation des caisses Desjardins du Quebec now owns 1,065 shares of the basic materials company’s stock worth $31,000 after purchasing an additional 465 shares during the period. Banque Cantonale Vaudoise purchased a new position in shares of Seabridge Gold in the 4th quarter worth about $39,000. Finally, Allworth Financial LP purchased a new position in shares of Seabridge Gold in the 2nd quarter worth about $39,000. 34.85% of the stock is owned by hedge funds and other institutional investors.

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.