Skeena Resources Limited (NYSE:SKE) Sees Significant Drop in Short Interest

Skeena Resources Limited (NYSE:SKE) saw a significant decrease in short interest in November. As of November 30th, there was short interest totalling 3,660,000 shares, a decrease of 24.4% from the November 15th total of 4,840,000 shares. Approximately 4.7% of the company’s shares are short sold. Based on an average trading volume of 331,900 shares, the days-to-cover ratio is presently 11.0 days.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of SKE. Virtu Financial LLC bought a new position in Skeena Resources during the third quarter worth $113,000. Barclays PLC lifted its stake in shares of Skeena Resources by 130.6% during the 3rd quarter. Barclays PLC now owns 29,696 shares of the company’s stock worth $251,000 after buying an additional 16,819 shares during the last quarter. Geode Capital Management LLC bought a new stake in shares of Skeena Resources during the 3rd quarter worth about $335,000. XTX Topco Ltd acquired a new position in Skeena Resources in the 3rd quarter valued at about $215,000. Finally, National Bank of Canada FI raised its holdings in Skeena Resources by 356.4% in the 3rd quarter. National Bank of Canada FI now owns 51,922 shares of the company’s stock valued at $439,000 after acquiring an additional 40,546 shares during the period. 45.15% of the stock is currently owned by institutional investors and hedge funds.

Skeena Resources Stock Performance

NYSE SKE traded up $0.11 during trading hours on Friday, hitting $9.17. 242,005 shares of the company traded hands, compared to its average volume of 314,491. The business’s 50-day moving average is $9.16 and its 200-day moving average is $7.51. The stock has a market capitalization of $984.53 million, a price-to-earnings ratio of -6.69 and a beta of 1.26. Skeena Resources has a twelve month low of $3.29 and a twelve month high of $10.33.

Wall Street Analysts Forecast Growth

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

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.