Skeena Resources (NYSE:SKE) Shares Gap Down – What’s Next?

Skeena Resources Limited (NYSE:SKE)’s share price gapped down prior to trading on Monday . The stock had previously closed at $9.19, but opened at $8.82. Skeena Resources shares last traded at $8.52, with a volume of 42,517 shares changing hands.

Analyst Upgrades and Downgrades

Separately, Desjardins upgraded shares of Skeena Resources to a “moderate buy” rating in a research report on Thursday, October 31st.

Skeena Resources Stock Performance

The stock has a market cap of $830.97 million, a price-to-earnings ratio of -6.91 and a beta of 1.33. The firm’s 50-day simple moving average is $8.90 and its two-hundred day simple moving average is $6.86.

Institutional Investors Weigh In On Skeena Resources

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SKE. Helikon Investments Ltd bought a new position in shares of Skeena Resources in the 3rd quarter valued at about $18,159,000. Connor Clark & Lunn Investment Management Ltd. raised its holdings in Skeena Resources by 207.5% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,095,900 shares of the company’s stock worth $9,309,000 after buying an additional 739,550 shares during the period. Van ECK Associates Corp raised its holdings in Skeena Resources by 16.1% during the 3rd quarter. Van ECK Associates Corp now owns 5,012,498 shares of the company’s stock worth $42,406,000 after buying an additional 693,745 shares during the period. Allspring Global Investments Holdings LLC acquired a new stake in Skeena Resources during the 2nd quarter worth approximately $2,682,000. Finally, Goehring & Rozencwajg Associates LLC raised its holdings in Skeena Resources by 22.8% during the 2nd quarter. Goehring & Rozencwajg Associates LLC now owns 1,470,600 shares of the company’s stock worth $7,888,000 after buying an additional 273,300 shares during the period. Institutional investors and hedge funds own 45.15% of the company’s stock.

About Skeena Resources

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.