Skeena Resources (NYSE:SKE) Shares Up 6% – Time to Buy?

Shares of Skeena Resources Limited (NYSE:SKE) rose 6% during trading on Tuesday . The stock traded as high as $9.62 and last traded at $9.60. Approximately 22,635 shares were traded during trading, a decline of 89% from the average daily volume of 214,439 shares. The stock had previously closed at $9.06.

Analyst Upgrades and Downgrades

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

Skeena Resources Stock Performance

The firm has a market cap of $989.32 million, a PE ratio of -6.71 and a beta of 1.27. The stock has a 50-day simple moving average of $9.06 and a two-hundred day simple moving average of $8.26.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. FNY Investment Advisers LLC boosted its holdings in Skeena Resources by 2,252.9% in the fourth quarter. FNY Investment Advisers LLC now owns 4,000 shares of the company’s stock worth $34,000 after purchasing an additional 3,830 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in shares of Skeena Resources in the 3rd quarter worth $43,000. Dynamic Technology Lab Private Ltd bought a new stake in shares of Skeena Resources in the third quarter worth $93,000. Pinnacle Wealth Management Group Inc. purchased a new stake in Skeena Resources during the third quarter valued at $110,000. Finally, Virtu Financial LLC purchased a new stake in Skeena Resources during the third quarter valued at $113,000. 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.