Skeena Resources (NYSE:SKE) Shares Down 4.8% – Time to Sell?

Skeena Resources Limited (NYSE:SKE)’s share price fell 4.8% on Wednesday . The stock traded as low as $9.75 and last traded at $9.61. 27,478 shares were traded during trading, a decline of 92% from the average session volume of 350,856 shares. The stock had previously closed at $10.09.

Skeena Resources Stock Down 5.3 %

The firm has a 50 day moving average price of $10.24 and a two-hundred day moving average price of $9.50. The company has a market capitalization of $1.08 billion, a price-to-earnings ratio of -6.97 and a beta of 1.29.

Hedge Funds Weigh In On Skeena Resources

Several institutional investors and hedge funds have recently made changes to their positions in the business. Helikon Investments Ltd boosted its stake in Skeena Resources by 316.1% during the 4th quarter. Helikon Investments Ltd now owns 8,930,424 shares of the company’s stock valued at $77,873,000 after acquiring an additional 6,784,027 shares during the last quarter. Invesco Ltd. grew its stake in Skeena Resources by 4,414.9% in the fourth quarter. Invesco Ltd. now owns 783,964 shares of the company’s stock worth $6,836,000 after purchasing an additional 766,600 shares in the last quarter. JPMorgan Chase & Co. bought a new stake in Skeena Resources in the fourth quarter valued at about $4,549,000. Raymond James Financial Inc. acquired a new stake in Skeena Resources during the fourth quarter valued at approximately $1,342,000. Finally, Bank of America Corp DE lifted its holdings in Skeena Resources by 80.3% during the 4th quarter. Bank of America Corp DE now owns 307,838 shares of the company’s stock worth $2,684,000 after buying an additional 137,134 shares during the last quarter. 45.15% of the stock is currently 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.