Skeena Resources (NYSE:SKE) Stock Price Down 5% – Time to Sell?

Skeena Resources Limited (NYSE:SKE)’s share price dropped 5% during mid-day trading on Thursday . The company traded as low as $11.83 and last traded at $11.86. Approximately 123,729 shares changed hands during mid-day trading, a decline of 68% from the average daily volume of 386,999 shares. The stock had previously closed at $12.48.

Analysts Set New Price Targets

Separately, Raymond James restated a “strong-buy” rating on shares of Skeena Resources in a research report on Friday, April 4th.

Skeena Resources Stock Performance

The stock has a market capitalization of $1.41 billion, a PE ratio of -9.01 and a beta of 1.22. The business’s 50-day moving average price is $10.25 and its 200 day moving average price is $9.66.

Hedge Funds Weigh In On Skeena Resources

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Mackenzie Financial Corp raised its holdings in shares of Skeena Resources by 4.3% in the 4th quarter. Mackenzie Financial Corp now owns 42,003 shares of the company’s stock valued at $365,000 after acquiring an additional 1,742 shares in the last quarter. Kohmann Bosshard Financial Services LLC bought a new position in shares of Skeena Resources in the fourth quarter worth approximately $31,000. FNY Investment Advisers LLC raised its stake in Skeena Resources by 2,252.9% in the fourth quarter. FNY Investment Advisers LLC now owns 4,000 shares of the company’s stock valued at $34,000 after purchasing an additional 3,830 shares in the last quarter. Pictet Asset Management Holding SA lifted its position in Skeena Resources by 30.7% during the fourth quarter. Pictet Asset Management Holding SA now owns 16,523 shares of the company’s stock valued at $144,000 after purchasing an additional 3,878 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Skeena Resources by 6.0% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 68,480 shares of the company’s stock worth $597,000 after buying an additional 3,878 shares in the last quarter. 45.15% of the stock is currently owned by hedge funds and other 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.