Seabridge Gold (NYSE:SA) Shares Gap Up – Here’s Why

Seabridge Gold Inc. (NYSE:SA) (TSE:SEA)’s share price gapped up prior to trading on Wednesday . The stock had previously closed at $12.46, but opened at $12.89. Seabridge Gold shares last traded at $13.14, with a volume of 263,166 shares traded.

Seabridge Gold Price Performance

The firm has a market cap of $1.26 billion, a price-to-earnings ratio of -50.20 and a beta of 1.01. The company has a debt-to-equity ratio of 0.59, a quick ratio of 2.28 and a current ratio of 2.28. The company’s fifty day moving average is $11.50 and its two-hundred day moving average is $13.40.

Seabridge Gold (NYSE:SA) (TSE:SEA) last released its quarterly earnings results on Thursday, March 27th. The basic materials company reported ($0.32) earnings per share for the quarter.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Tidal Investments LLC increased its stake in shares of Seabridge Gold by 26.1% in the third quarter. Tidal Investments LLC now owns 2,767,574 shares of the basic materials company’s stock worth $46,468,000 after buying an additional 573,400 shares during the last quarter. Raymond James Financial Inc. acquired a new position in shares of Seabridge Gold in the 4th quarter worth approximately $12,676,000. Ontario Teachers Pension Plan Board raised its position in shares of Seabridge Gold by 14.2% during the 4th quarter. Ontario Teachers Pension Plan Board now owns 984,704 shares of the basic materials company’s stock valued at $11,220,000 after acquiring an additional 122,627 shares in the last quarter. Amundi lifted its stake in Seabridge Gold by 15.3% during the fourth quarter. Amundi now owns 648,968 shares of the basic materials company’s stock worth $7,736,000 after purchasing an additional 86,046 shares during the last quarter. Finally, Bank of America Corp DE increased its stake in Seabridge Gold by 138.6% during the fourth quarter. Bank of America Corp DE now owns 414,500 shares of the basic materials company’s stock valued at $4,729,000 after purchasing an additional 240,756 shares during the last quarter. Institutional investors and hedge funds own 34.85% of the company’s stock.

Seabridge Gold Company Profile

Seabridge Gold Inc, together with its subsidiaries, engages in the acquisition and exploration of gold properties in North America. The company also explores for gold, copper, silver, and molybdenum deposits. The company was formerly known as Seabridge Resources Inc and changed its name to Seabridge Gold Inc in June 2002.