Seabridge Gold (NYSE:SA) Reaches New 52-Week High – Still a Buy?

Seabridge Gold, Inc. (NYSE:SA) (TSE:SEA)’s share price reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $31.42 and last traded at $30.3440, with a volume of 866439 shares trading hands. The stock had previously closed at $28.04.

Analysts Set New Price Targets

SA has been the topic of a number of recent research reports. Wall Street Zen raised shares of Seabridge Gold from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 9th. Zacks Research downgraded shares of Seabridge Gold from a “hold” rating to a “strong sell” rating in a research note on Tuesday, April 14th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Seabridge Gold in a research note on Friday, March 27th. One investment analyst has rated the stock with a Buy rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and an average price target of $65.00.

Seabridge Gold Trading Down 1.7%

The firm has a market cap of $3.30 billion, a PE ratio of -63.42 and a beta of 0.89. 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’s 50 day moving average price is $30.67 and its two-hundred day moving average price is $31.05.

Seabridge Gold (NYSE:SA) (TSE:SEA) last announced its earnings results on Wednesday, May 13th. The basic materials company reported ($0.04) earnings per share for the quarter, meeting the consensus estimate of ($0.04). As a group, sell-side analysts forecast that Seabridge Gold, Inc. will post -0.17 EPS for the current year.

Institutional Investors Weigh In On Seabridge Gold

Several hedge funds and other institutional investors have recently made changes to their positions in the company. PNC Financial Services Group Inc. grew its holdings in shares of Seabridge Gold by 3,413.8% in the third quarter. PNC Financial Services Group Inc. now owns 42,165 shares of the basic materials company’s stock worth $1,018,000 after purchasing an additional 40,965 shares during the last quarter. Van ECK Associates Corp grew its holdings in shares of Seabridge Gold by 210.3% in the third quarter. Van ECK Associates Corp now owns 8,178,662 shares of the basic materials company’s stock worth $197,514,000 after purchasing an additional 5,543,170 shares during the last quarter. Quantbot Technologies LP grew its holdings in shares of Seabridge Gold by 196.0% in the third quarter. Quantbot Technologies LP now owns 54,171 shares of the basic materials company’s stock worth $1,308,000 after purchasing an additional 35,873 shares during the last quarter. Elevatus Welath Management bought a new position in shares of Seabridge Gold in the third quarter worth about $3,676,000. Finally, Bleakley Financial Group LLC grew its holdings in shares of Seabridge Gold by 41.7% in the third quarter. Bleakley Financial Group LLC now owns 122,561 shares of the basic materials company’s stock worth $2,960,000 after purchasing an additional 36,073 shares during the last quarter. Hedge funds and other 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.