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

Seabridge Gold, Inc. (NYSE:SA) (TSE:SEA) shares reached a new 52-week high on Wednesday . The stock traded as high as $33.30 and last traded at $32.8180, with a volume of 48808 shares trading hands. The stock had previously closed at $32.03.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on SA. 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. B. Riley Financial started coverage on shares of Seabridge Gold in a report on Monday, August 3rd. They issued a “buy” rating and a $40.00 price target for the company. Zacks Research cut shares of Seabridge Gold from a “hold” rating to a “strong sell” rating in a research report on Tuesday, April 14th. Finally, Weiss Ratings raised Seabridge Gold from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, August 4th. One research analyst has rated the stock with a Buy rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Reduce” and a consensus price target of $40.00.

Seabridge Gold Stock Performance

The stock has a market capitalization of $3.53 billion, a price-to-earnings ratio of -67.92 and a beta of 0.89. 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 50-day moving average of $27.46 and a 200 day moving average of $30.11.

Seabridge Gold (NYSE:SA) (TSE:SEA) last released its earnings results on Wednesday, May 13th. The basic materials company reported ($0.04) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.04). On average, analysts expect that Seabridge Gold, Inc. will post -0.17 EPS for the current year.

Institutional Investors Weigh In On Seabridge Gold

Institutional investors and hedge funds have recently modified their holdings of the business. Ontario Teachers Pension Plan Board bought a new position in shares of Seabridge Gold during the second quarter worth about $45,048,000. Vanguard Group Inc. lifted its stake in Seabridge Gold by 1,867.5% in the 3rd quarter. Vanguard Group Inc. now owns 1,296,919 shares of the basic materials company’s stock valued at $31,284,000 after acquiring an additional 1,231,002 shares in the last quarter. Clear Street Group Inc. acquired a new position in Seabridge Gold during the 4th quarter worth approximately $25,891,000. Deutsche Bank AG acquired a new position in Seabridge Gold during the 2nd quarter worth approximately $12,685,000. Finally, BlackRock Inc. bought a new position in shares of Seabridge Gold during the 2nd quarter worth approximately $10,480,000. 34.85% of the stock is owned by institutional investors.

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.