Seabridge Gold (NYSE:SA) Reaches New 12-Month High – Here’s What Happened

Seabridge Gold, Inc. (NYSE:SA) (TSE:SEA) shares hit a new 52-week high during trading on Thursday . The stock traded as high as $34.27 and last traded at $33.87, with a volume of 411381 shares traded. The stock had previously closed at $33.55.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on SA shares. Wall Street Zen raised Seabridge Gold from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. B. Riley Financial started 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. Finally, Weiss Ratings upgraded shares of Seabridge Gold from a “sell (d-)” rating to a “sell (d)” rating in a research report on Tuesday. One research analyst has rated the stock with a Buy rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus target price of $40.00.

Seabridge Gold Stock Performance

The stock has a 50-day moving average of $27.80 and a 200 day moving average of $30.00. The company has a debt-to-equity ratio of 0.46, a current ratio of 6.71 and a quick ratio of 6.71. The stock has a market capitalization of $3.60 billion, a price-to-earnings ratio of -69.07 and a beta of 0.89.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of SA. Baird Financial Group Inc. bought a new stake in shares of Seabridge Gold during the first quarter worth approximately $122,000. Royal Bank of Canada boosted its stake in Seabridge Gold by 125.3% in the first quarter. Royal Bank of Canada now owns 46,327 shares of the basic materials company’s stock valued at $541,000 after acquiring an additional 25,769 shares during the last quarter. Geode Capital Management LLC boosted its stake in Seabridge Gold by 9.8% in the second quarter. Geode Capital Management LLC now owns 44,686 shares of the basic materials company’s stock valued at $652,000 after acquiring an additional 3,982 shares during the last quarter. Marshall Wace LLP grew its holdings in Seabridge Gold by 11.4% during the 2nd quarter. Marshall Wace LLP now owns 541,886 shares of the basic materials company’s stock worth $7,868,000 after acquiring an additional 55,262 shares during the period. Finally, Nebula Research & Development LLC raised its position in shares of Seabridge Gold by 36.4% during the 2nd quarter. Nebula Research & Development LLC now owns 27,657 shares of the basic materials company’s stock valued at $402,000 after acquiring an additional 7,374 shares during the last quarter. Institutional investors own 34.85% of the company’s stock.

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.