Skeena Resources (NYSE:SKE) Sees Strong Trading Volume – Still a Buy?

Skeena Resources Limited (NYSE:SKE) saw unusually-strong trading volume on Monday . Approximately 585,973 shares were traded during trading, an increase of 8% from the previous session’s volume of 544,747 shares.The stock last traded at $23.8550 and had previously closed at $25.42.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Desjardins upgraded Skeena Resources to a “moderate buy” rating in a research note on Wednesday, October 8th. Wall Street Zen raised shares of Skeena Resources from a “sell” rating to a “hold” rating in a research report on Saturday, November 15th. Raymond James Financial reissued a “strong-buy” rating on shares of Skeena Resources in a report on Friday, October 10th. Scotiabank restated an “outperform” rating on shares of Skeena Resources in a research note on Thursday, October 23rd. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Skeena Resources in a research report on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy”.

Skeena Resources Price Performance

The company has a fifty day moving average price of $19.86 and a two-hundred day moving average price of $17.67. The firm has a market cap of $2.90 billion, a price-to-earnings ratio of -32.81 and a beta of 1.22.

Skeena Resources (NYSE:SKE) last issued its quarterly earnings results on Thursday, November 13th. The company reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.03). On average, research analysts expect that Skeena Resources Limited will post -0.98 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Skeena Resources

Several hedge funds have recently modified their holdings of the stock. Advisory Services Network LLC acquired a new stake in Skeena Resources during the 3rd quarter worth about $99,000. National Bank of Canada FI raised its holdings in shares of Skeena Resources by 126.5% during the third quarter. National Bank of Canada FI now owns 149,009 shares of the company’s stock valued at $2,742,000 after acquiring an additional 83,231 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Skeena Resources by 13.0% in the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 63,399 shares of the company’s stock valued at $1,168,000 after acquiring an additional 7,279 shares in the last quarter. Jain Global LLC acquired a new position in Skeena Resources in the 3rd quarter worth approximately $189,000. Finally, Bank of America Corp DE boosted its stake in Skeena Resources by 42.3% in the 3rd quarter. Bank of America Corp DE now owns 474,470 shares of the company’s stock worth $8,744,000 after purchasing an additional 140,946 shares during the period. 45.15% of the stock is owned by hedge funds and other institutional investors.

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.