Skeena Resources (NYSE:SKE) Trading 7.4% Higher – Time to Buy?

Skeena Resources Limited (NYSE:SKE) shares were up 7.4% during mid-day trading on Friday . The company traded as high as $20.91 and last traded at $21.0190. Approximately 171,923 shares were traded during mid-day trading, a decline of 67% from the average daily volume of 516,608 shares. The stock had previously closed at $19.57.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on SKE shares. Raymond James Financial reissued a “strong-buy” rating on shares of Skeena Resources in a report on Friday, October 10th. Wall Street Zen upgraded Skeena Resources from a “sell” rating to a “hold” rating in a report on Saturday, November 15th. Desjardins upgraded Skeena Resources to a “moderate buy” rating in a report on Wednesday, October 8th. Weiss Ratings reissued a “sell (d-)” rating on shares of Skeena Resources in a research report on Wednesday, October 8th. Finally, TD Securities started coverage on Skeena Resources in a report on Tuesday, August 12th. They issued a “buy” rating for the company. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy”.

Skeena Resources Trading Up 6.8%

The firm has a market capitalization of $2.53 billion, a PE ratio of -19.14 and a beta of 1.25. The business has a 50-day moving average of $17.83 and a 200 day moving average of $16.07.

Skeena Resources (NYSE:SKE) last released its quarterly earnings data on Thursday, November 13th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.03). On average, sell-side analysts expect that Skeena Resources Limited will post -0.98 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. PNC Financial Services Group Inc. raised its position 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 valued at $44,000 after purchasing an additional 1,940 shares during the period. Northwest & Ethical Investments L.P. acquired a new stake in Skeena Resources during the first quarter worth about $77,000. Cubist Systematic Strategies LLC purchased a new stake in shares of Skeena Resources in the first quarter valued at approximately $89,000. Banque Cantonale Vaudoise acquired a new position in Skeena Resources during the first quarter worth about $91,000. Finally, Advisory Services Network LLC purchased a new stake in Skeena Resources in the 3rd quarter valued at about $99,000. 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.