Skeena Resources (NYSE:SKE) Shares Down 6.9% – Here’s Why

Skeena Resources Limited (NYSE:SKE)’s share price traded down 6.9% on Thursday . The stock traded as low as $27.89 and last traded at $27.94. Approximately 446,866 shares changed hands during mid-day trading, a decline of 49% from the average session volume of 875,074 shares. The stock had previously closed at $30.00.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Skeena Resources in a research report on Monday, April 20th. Wall Street Zen cut Skeena Resources from a “hold” rating to a “sell” rating in a research note on Saturday, March 28th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy”.

Skeena Resources Stock Down 5.3%

The stock has a fifty day moving average of $30.46 and a 200-day moving average of $29.33. The stock has a market cap of $3.50 billion, a PE ratio of -18.84 and a beta of 1.11.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of SKE. Grand Central Investment Group raised its stake in shares of Skeena Resources by 2.9% during the first quarter. Grand Central Investment Group now owns 12,958 shares of the company’s stock worth $385,000 after purchasing an additional 364 shares during the last quarter. Rockefeller Capital Management L.P. grew its position in Skeena Resources by 41.4% in the 4th quarter. Rockefeller Capital Management L.P. now owns 1,555 shares of the company’s stock valued at $37,000 after buying an additional 455 shares during the last quarter. Pictet Asset Management Holding SA grew its position in Skeena Resources by 5.1% in the 1st quarter. Pictet Asset Management Holding SA now owns 16,047 shares of the company’s stock valued at $476,000 after buying an additional 776 shares during the last quarter. Public Employees Retirement System of Ohio increased its stake in Skeena Resources by 6.3% in the 4th quarter. Public Employees Retirement System of Ohio now owns 17,240 shares of the company’s stock valued at $410,000 after buying an additional 1,019 shares during the period. Finally, Caitong International Asset Management Co. Ltd acquired a new position in Skeena Resources in the 4th quarter valued at $43,000. 45.15% of the stock is currently owned by hedge funds and other institutional investors.

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.