Seabridge Gold (NYSE:SA) Hits New 52-Week Low – Here’s What Happened

Shares of Seabridge Gold, Inc. (NYSE:SA) (TSE:SEA) hit a new 52-week low on Thursday . The company traded as low as $23.91 and last traded at $24.68, with a volume of 945422 shares. The stock had previously closed at $27.06.

Analyst Upgrades and Downgrades

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

Seabridge Gold Stock Up 2.6%

The stock has a market capitalization of $2.82 billion, a P/E ratio of -54.14 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 fifty day moving average price of $30.11 and a 200 day moving average price of $30.95.

Seabridge Gold (NYSE:SA) (TSE:SEA) last released its quarterly earnings data 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, research analysts forecast that Seabridge Gold, Inc. will post -0.17 earnings per share for the current year.

Hedge Funds Weigh In On Seabridge Gold

Several hedge funds have recently bought and sold shares of the company. Axiom Investment Management LLC purchased a new stake in shares of Seabridge Gold in the first quarter worth $309,000. Amundi increased its position in shares of Seabridge Gold by 3.4% in the first quarter. Amundi now owns 526,852 shares of the basic materials company’s stock worth $14,931,000 after purchasing an additional 17,560 shares during the last quarter. Royal Bank of Canada increased its position in shares of Seabridge Gold by 18.3% in the first quarter. Royal Bank of Canada now owns 313,637 shares of the basic materials company’s stock worth $8,888,000 after purchasing an additional 48,445 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in Seabridge Gold in the first quarter valued at approximately $652,000. Finally, Renaissance Technologies LLC purchased a new stake in Seabridge Gold in the first quarter valued at approximately $8,238,000. Hedge funds and other institutional investors 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.