Seabridge Gold (NYSE:SA) Shares Gap Up After Analyst Upgrade

Shares of Seabridge Gold, Inc. (NYSE:SA) (TSE:SEA) gapped up prior to trading on Wednesday after Royal Bank Of Canada raised their price target on the stock from $71.00 to $72.00. The stock had previously closed at $29.30, but opened at $30.34. Royal Bank Of Canada currently has an outperform rating on the stock. Seabridge Gold shares last traded at $29.4340, with a volume of 48,960 shares trading hands.

SA has been the subject of several other reports. B. Riley Financial started coverage on Seabridge Gold in a report on Monday, August 3rd. They issued a “buy” rating and a $40.00 price target for the company. Zacks Research upgraded Seabridge Gold to a “hold” rating in a research note on Tuesday, September 1st. Weiss Ratings raised Seabridge Gold from a “sell (d-)” rating to a “sell (d)” rating in a research report on Tuesday, August 18th. Finally, Wall Street Zen upgraded Seabridge Gold from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. Two analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $56.00.

Institutional Investors Weigh In On Seabridge Gold

Large investors have recently added to or reduced their stakes in the company. Financial Gravity Asset Management Inc. purchased a new stake in Seabridge Gold during the 4th quarter worth $30,000. Banque Cantonale Vaudoise purchased a new position in Seabridge Gold in the 4th quarter valued at about $39,000. Allworth Financial LP purchased a new position in Seabridge Gold in the 2nd quarter valued at about $39,000. Quantbot Technologies LP acquired a new stake in shares of Seabridge Gold during the second quarter valued at about $43,000. Finally, Northwestern Mutual Wealth Management Co. acquired a new stake in shares of Seabridge Gold during the second quarter valued at about $79,000. 34.85% of the stock is owned by institutional investors and hedge funds.

Seabridge Gold Stock Performance

The firm has a market capitalization of $3.33 billion and a PE ratio of -63.83. 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 50-day moving average price of $29.58 and a 200-day moving average price of $29.77.

Seabridge Gold Company Profile

Seabridge Gold Inc is a Canadian mineral exploration and development company focused on advancing large-scale gold and copper projects in North America. The company does not operate producing mines; its activities center on acquiring, exploring, evaluating and permitting mineral properties.

Seabridge’s principal asset is the KSM project in northwestern British Columbia, a large undeveloped gold, copper, silver and molybdenum project. The company also holds interests in the Iskut project in British Columbia, the Courageous Lake project in Canada’s Northwest Territories, and the Snowstorm project in Nevada.

Founded in 1999, Seabridge Gold is headquartered in Toronto, Canada, and its shares trade on the New York Stock Exchange under the symbol SA and on the Toronto Stock Exchange under the symbol SEA.