Skeena Resources (TSE:SKE) Trading Down 3.4% – Here’s Why

Skeena Resources Limited (TSE:SKE)’s stock price was down 3.4% during mid-day trading on Monday . The company traded as low as C$14.63 and last traded at C$14.65. Approximately 219,583 shares traded hands during trading, a decline of 20% from the average daily volume of 276,075 shares. The stock had previously closed at C$15.16.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on SKE. CIBC reduced their price target on shares of Skeena Resources from C$17.00 to C$16.00 in a research report on Monday, December 2nd. Royal Bank of Canada upped their target price on shares of Skeena Resources from C$17.00 to C$18.00 in a research note on Friday, December 6th. Finally, Scotiabank raised their price target on shares of Skeena Resources from C$13.50 to C$14.00 in a research report on Wednesday, January 15th.

Skeena Resources Stock Performance

The stock has a 50-day moving average price of C$14.58 and a 200 day moving average price of C$13.24. The company has a quick ratio of 1.55, a current ratio of 1.87 and a debt-to-equity ratio of 19.27. The firm has a market capitalization of C$1.56 billion, a price-to-earnings ratio of -8.59 and a beta of 1.65.

Insiders Place Their Bets

In other news, Senior Officer Andrew Macritchie sold 59,992 shares of Skeena Resources stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of C$15.67, for a total transaction of C$940,074.64. Also, Senior Officer Randy Reichert sold 17,956 shares of the company’s stock in a transaction dated Wednesday, January 29th. The shares were sold at an average price of C$13.89, for a total value of C$249,430.39. Over the last quarter, insiders have sold 192,488 shares of company stock valued at $2,882,390. 1.51% of the stock is owned by corporate insiders.

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.