Seabridge Gold (NYSE:SA) Shares Gap Up – What’s Next?

Seabridge Gold, Inc. (NYSE:SA) (TSE:SEA)’s share price gapped up before the market opened 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 trading hands.

Analyst Ratings Changes

SA has been the topic of several research analyst reports. Wall Street Zen upgraded Seabridge Gold from a “sell” rating to a “hold” rating in a research note on Saturday. Weiss Ratings raised Seabridge Gold from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, August 4th. Finally, B. Riley Financial started coverage on Seabridge Gold in a research note on Monday, August 3rd. They issued a “buy” rating and a $40.00 target price on the stock. One analyst has rated the stock with a Buy rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Reduce” and an average target price of $40.00.

Seabridge Gold Stock Performance

The company has a quick ratio of 6.71, a current ratio of 6.71 and a debt-to-equity ratio of 0.46. The company has a market capitalization of $3.63 billion, a PE ratio of -69.52 and a beta of 0.89. The company has a 50-day moving average price of $27.63 and a two-hundred day moving average price of $30.00.

Hedge Funds Weigh In On Seabridge Gold

A number of large investors have recently modified their holdings of the company. Financial Gravity Asset Management Inc. purchased a new position in Seabridge Gold during the fourth quarter valued at approximately $30,000. Smartleaf Asset Management LLC purchased a new stake in Seabridge Gold in the 4th quarter worth approximately $30,000. Federation des caisses Desjardins du Quebec boosted its holdings in 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 valued at $31,000 after purchasing an additional 465 shares during the period. Banque Cantonale Vaudoise purchased a new position in shares of Seabridge Gold during the 4th quarter valued at $39,000. Finally, Allworth Financial LP bought a new position in shares of Seabridge Gold in the second quarter worth $39,000. 34.85% of the stock is currently owned by institutional investors.

About Seabridge Gold

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.