Skeena Resources (NYSE:SKE) Shares Gap Up – Here’s Why

Shares of Skeena Resources Limited (NYSE:SKE) gapped up prior to trading on Monday . The stock had previously closed at $7.86, but opened at $8.18. Skeena Resources shares last traded at $8.34, with a volume of 39,695 shares traded.

Wall Street Analysts Forecast Growth

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

Skeena Resources Price Performance

The stock has a fifty day moving average of $8.94 and a 200 day moving average of $6.98. The stock has a market cap of $935.14 million, a price-to-earnings ratio of -6.36 and a beta of 1.33.

Institutional Investors Weigh In On Skeena Resources

Hedge funds have recently added to or reduced their stakes in the business. Helikon Investments Ltd acquired 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 position in Skeena Resources by 207.5% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,095,900 shares of the company’s stock valued at $9,309,000 after acquiring an additional 739,550 shares in the last quarter. Van ECK Associates Corp lifted its holdings in Skeena Resources by 16.1% in the third quarter. Van ECK Associates Corp now owns 5,012,498 shares of the company’s stock valued at $42,406,000 after acquiring an additional 693,745 shares during the period. Allspring Global Investments Holdings LLC purchased a new stake in Skeena Resources in the 2nd quarter worth approximately $2,682,000. Finally, Knoll Capital Management LLC grew its stake in shares of Skeena Resources by 713.2% during the 3rd quarter. Knoll Capital Management LLC now owns 315,400 shares of the company’s stock worth $2,668,000 after purchasing an additional 276,614 shares during the period. 45.15% of the stock is owned by hedge funds and other institutional investors.

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.