Skeena Resources (NYSE:SKE) Shares Gap Up – Should You Buy?

Skeena Resources Limited (NYSE:SKE) shares gapped up before the market opened on Monday . The stock had previously closed at $24.44, but opened at $25.80. Skeena Resources shares last traded at $24.9010, with a volume of 146,398 shares changing hands.

Analyst Ratings Changes

SKE has been the subject of a number of analyst reports. Scotiabank reissued an “outperform” rating on shares of Skeena Resources in a research report on Thursday, October 23rd. Desjardins upgraded Skeena Resources to a “moderate buy” rating in a research note on Wednesday, October 8th. Weiss Ratings restated a “sell (d-)” rating on shares of Skeena Resources in a report on Wednesday, October 8th. Wall Street Zen raised Skeena Resources from a “sell” rating to a “hold” rating in a research report on Saturday, November 15th. Finally, Raymond James Financial reissued a “strong-buy” rating on shares of Skeena Resources in a research report on Friday, October 10th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, Skeena Resources currently has a consensus rating of “Moderate Buy”.

Skeena Resources Stock Up 2.2%

The stock has a market cap of $3.02 billion, a P/E ratio of -34.16 and a beta of 1.22. The firm’s 50 day simple moving average is $18.77 and its two-hundred day simple moving average is $16.94.

Skeena Resources (NYSE:SKE) last released its quarterly earnings results on Thursday, November 13th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.03). As a group, equities analysts predict that Skeena Resources Limited will post -0.98 EPS for the current year.

Hedge Funds Weigh In On Skeena Resources

Hedge funds have recently modified their holdings of the company. PNC Financial Services Group Inc. lifted its holdings in shares of Skeena Resources by 431.1% in the third quarter. PNC Financial Services Group Inc. now owns 2,390 shares of the company’s stock valued at $44,000 after buying an additional 1,940 shares during the period. Northwest & Ethical Investments L.P. bought a new position in shares of Skeena Resources during the 1st quarter valued at about $77,000. Cubist Systematic Strategies LLC bought a new stake in shares of Skeena Resources in the 1st quarter worth approximately $89,000. Advisory Services Network LLC purchased a new stake in shares of Skeena Resources during the third quarter valued at $99,000. Finally, Cutler Capital Management LLC purchased a new position in shares of Skeena Resources during the second quarter valued at $167,000. 45.15% of the stock is currently owned by institutional investors and hedge funds.

About Skeena Resources

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.