Seabridge Gold (NYSE:SA) Trading Down 7.4% After Earnings Miss

Shares of Seabridge Gold, Inc. (NYSE:SA) (TSE:SEA) dropped 7.4% during trading on Thursday following a weaker than expected earnings announcement. The company traded as low as $22.89 and last traded at $23.1120. Approximately 192,751 shares changed hands during trading, a decline of 80% from the average daily volume of 979,818 shares. The stock had previously closed at $24.97.

The basic materials company reported ($0.23) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($0.20).

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on SA shares. Wall Street Zen upgraded shares of Seabridge Gold from a “sell” rating to a “hold” rating in a research note on Saturday, September 13th. Zacks Research raised Seabridge Gold to a “hold” rating in a report on Tuesday, September 16th. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of Seabridge Gold in a research report on Friday, October 31st. One investment analyst has rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Seabridge Gold has an average rating of “Reduce”.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Legal & General Group Plc boosted its stake in Seabridge Gold by 7.0% during the third quarter. Legal & General Group Plc now owns 80,351 shares of the basic materials company’s stock worth $1,939,000 after buying an additional 5,229 shares during the period. Swiss National Bank boosted its position in Seabridge Gold by 1.9% in the third quarter. Swiss National Bank now owns 157,200 shares of the basic materials company’s stock valued at $3,794,000 after buying an additional 3,000 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Seabridge Gold by 26.0% during the 3rd quarter. Dimensional Fund Advisors LP now owns 547,132 shares of the basic materials company’s stock valued at $13,211,000 after purchasing an additional 112,797 shares in the last quarter. Quantbot Technologies LP lifted its holdings in Seabridge Gold by 196.0% during the third quarter. Quantbot Technologies LP now owns 54,171 shares of the basic materials company’s stock valued at $1,308,000 after purchasing an additional 35,873 shares in the last quarter. Finally, Caitlin John LLC purchased a new position in Seabridge Gold in the 3rd quarter worth approximately $31,000. 34.85% of the stock is currently owned by institutional investors.

Seabridge Gold Trading Down 5.6%

The company has a 50 day moving average price of $22.72 and a 200 day moving average price of $17.49. The firm has a market cap of $2.45 billion, a price-to-earnings ratio of -60.52 and a beta of 0.77. The company has a debt-to-equity ratio of 0.57, a quick ratio of 4.24 and a current ratio of 4.24.

About Seabridge Gold

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.