Seabridge Gold (NYSE:SA) Trading Up 5.2% – Time to Buy?

Shares of Seabridge Gold, Inc. (NYSE:SA) (TSE:SEA) traded up 5.2% during mid-day trading on Monday . The company traded as high as $31.74 and last traded at $31.7310. Approximately 299,425 shares changed hands during mid-day trading, a decline of 60% from the average daily volume of 751,280 shares. The stock had previously closed at $30.16.

Analyst Upgrades and Downgrades

SA has been the topic of a number of recent research reports. Wall Street Zen upgraded Seabridge Gold from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. B. Riley Financial initiated coverage on Seabridge Gold in a research note on Monday, August 3rd. They set a “buy” rating and a $40.00 price target for the company. Finally, Weiss Ratings upgraded Seabridge Gold from a “sell (d-)” rating to a “sell (d)” rating in a report on Tuesday, August 18th. One investment analyst has rated the stock with a Buy rating and two have given a Sell rating to the company. According to MarketBeat, Seabridge Gold has an average rating of “Reduce” and a consensus target price of $40.00.

Seabridge Gold Stock Performance

The firm has a market cap of $3.77 billion, a P/E ratio of -72.42 and a beta of 0.89. The stock’s 50 day moving average is $28.09 and its two-hundred day moving average is $30.12. The company has a debt-to-equity ratio of 0.46, a current ratio of 6.71 and a quick ratio of 6.71.

Hedge Funds Weigh In On Seabridge Gold

Several institutional investors and hedge funds have recently made changes to their positions in SA. Baird Financial Group Inc. acquired a new stake in shares of Seabridge Gold during the first quarter worth about $122,000. Royal Bank of Canada increased its stake in Seabridge Gold by 125.3% during the 1st quarter. Royal Bank of Canada now owns 46,327 shares of the basic materials company’s stock worth $541,000 after purchasing an additional 25,769 shares in the last quarter. Geode Capital Management LLC increased its stake in Seabridge Gold by 9.8% during the 2nd quarter. Geode Capital Management LLC now owns 44,686 shares of the basic materials company’s stock worth $652,000 after purchasing an additional 3,982 shares in the last quarter. Marshall Wace LLP raised 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 buying an additional 55,262 shares during the period. Finally, Nebula Research & Development LLC raised its holdings in 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 worth $402,000 after buying an additional 7,374 shares during the period. Institutional investors and hedge funds own 34.85% of the company’s stock.

About Seabridge Gold

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.