Skeena Resources (NYSE:SKE) Stock Price Up 9.4% – Time to Buy?

Skeena Resources Limited (NYSE:SKE)’s stock price shot up 9.4% on Wednesday . The stock traded as high as $11.04 and last traded at $11.25. 39,333 shares changed hands during trading, a decline of 84% from the average session volume of 239,671 shares. The stock had previously closed at $10.28.

Wall Street Analysts Forecast Growth

Separately, Desjardins upgraded shares of Skeena Resources to a “moderate buy” rating in a research note on Thursday, October 31st.

Skeena Resources Price Performance

The company has a market cap of $1.19 billion, a P/E ratio of -8.11 and a beta of 1.29. The company’s 50-day moving average is $9.46 and its two-hundred day moving average is $8.65.

Hedge Funds Weigh In On Skeena Resources

Several hedge funds and other institutional investors have recently bought and sold shares of SKE. Helikon Investments Ltd lifted its position in Skeena Resources by 316.1% during the fourth quarter. Helikon Investments Ltd now owns 8,930,424 shares of the company’s stock valued at $77,873,000 after purchasing an additional 6,784,027 shares during the period. Van ECK Associates Corp boosted its stake in shares of Skeena Resources by 16.1% in the 3rd quarter. Van ECK Associates Corp now owns 5,012,498 shares of the company’s stock worth $42,406,000 after buying an additional 693,745 shares during the last quarter. Sprott Inc. grew its holdings in shares of Skeena Resources by 5.1% in the fourth quarter. Sprott Inc. now owns 1,109,950 shares of the company’s stock worth $9,674,000 after acquiring an additional 54,242 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its position in Skeena Resources by 207.5% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,095,900 shares of the company’s stock valued at $9,309,000 after acquiring an additional 739,550 shares during the last quarter. Finally, Knoll Capital Management LLC lifted its holdings in Skeena Resources by 713.2% in the third quarter. Knoll Capital Management LLC now owns 315,400 shares of the company’s stock valued at $2,668,000 after acquiring an additional 276,614 shares during the period. Institutional investors own 45.15% of the company’s stock.

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.