Skeena Resources (NYSE:SKE) Stock Price Down 6.9% – Should You Sell?

Skeena Resources Limited (NYSE:SKE)’s share price traded down 6.9% on Tuesday . The stock traded as low as $30.36 and last traded at $30.38. 396,119 shares changed hands during mid-day trading, a decline of 53% from the average session volume of 842,993 shares. The stock had previously closed at $32.63.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the stock. Zacks Research raised shares of Skeena Resources from a “strong sell” rating to a “hold” rating in a report on Friday, July 31st. Weiss Ratings reissued a “sell (d-)” rating on shares of Skeena Resources in a research note on Friday, July 17th. Finally, Wall Street Zen upgraded Skeena Resources from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 15th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy”.

Skeena Resources Stock Performance

The company has a current ratio of 3.15, a quick ratio of 3.15 and a debt-to-equity ratio of 5.66. The company has a 50-day moving average price of $29.50 and a two-hundred day moving average price of $30.39. The stock has a market capitalization of $4.13 billion, a P/E ratio of -21.93 and a beta of 1.16.

Skeena Resources (NYSE:SKE) last announced its quarterly earnings data on Thursday, August 13th. The company reported ($0.21) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.10). On average, equities analysts forecast that Skeena Resources Limited will post -1.22 earnings per share for the current year.

Hedge Funds Weigh In On Skeena Resources

A number of large investors have recently modified their holdings of SKE. Bornite Capital Management LP raised its stake in shares of Skeena Resources by 23.4% in the second quarter. Bornite Capital Management LP now owns 1,620,600 shares of the company’s stock worth $43,152,000 after purchasing an additional 307,600 shares during the last quarter. Alberta Investment Management Corp purchased a new stake in Skeena Resources in the second quarter worth $7,523,000. Royal Bank of Canada increased its holdings in Skeena Resources by 4.5% in the 1st quarter. Royal Bank of Canada now owns 1,291,911 shares of the company’s stock worth $38,395,000 after acquiring an additional 55,463 shares during the last quarter. J. Goldman & Co LP bought a new position in Skeena Resources in the 2nd quarter worth approximately $2,686,000. Finally, Deutsche Bank AG bought a new position in shares of Skeena Resources in the second quarter worth $5,795,000. 45.15% of the stock is currently owned by institutional investors.

Skeena Resources Company Profile

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.