Short Interest in Seabridge Gold Inc. (NYSE:SA) Drops By 25.5%

Seabridge Gold Inc. (NYSE:SA) (TSE:SEA) was the target of a significant decrease in short interest during the month of November. As of November 30th, there was short interest totalling 2,190,000 shares, a decrease of 25.5% from the November 15th total of 2,940,000 shares. Based on an average daily volume of 525,700 shares, the days-to-cover ratio is presently 4.2 days. Currently, 2.9% of the shares of the company are sold short.

Seabridge Gold Price Performance

Shares of NYSE:SA traded down $0.31 on Friday, hitting $13.39. The company’s stock had a trading volume of 487,126 shares, compared to its average volume of 514,520. The company has a market capitalization of $1.22 billion, a PE ratio of -53.56 and a beta of 1.07. The company has a debt-to-equity ratio of 0.59, a current ratio of 2.28 and a quick ratio of 2.28. The company has a 50-day simple moving average of $16.05 and a 200 day simple moving average of $15.96. Seabridge Gold has a 1 year low of $9.31 and a 1 year high of $20.55.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Van ECK Associates Corp boosted its stake in Seabridge Gold by 0.7% in the third quarter. Van ECK Associates Corp now owns 3,743,332 shares of the basic materials company’s stock worth $62,851,000 after buying an additional 25,461 shares in the last quarter. Tidal Investments LLC lifted its holdings in shares of Seabridge Gold by 26.1% in the 3rd quarter. Tidal Investments LLC now owns 2,767,574 shares of the basic materials company’s stock worth $46,468,000 after acquiring an additional 573,400 shares during the last quarter. Toronto Dominion Bank boosted its stake in shares of Seabridge Gold by 0.4% in the 3rd quarter. Toronto Dominion Bank now owns 1,005,928 shares of the basic materials company’s stock valued at $16,890,000 after purchasing an additional 3,734 shares in the last quarter. Raymond James & Associates grew its holdings in shares of Seabridge Gold by 0.4% during the 3rd quarter. Raymond James & Associates now owns 866,186 shares of the basic materials company’s stock valued at $14,543,000 after purchasing an additional 3,464 shares during the last quarter. Finally, Ontario Teachers Pension Plan Board raised its position in Seabridge Gold by 20.7% in the 3rd quarter. Ontario Teachers Pension Plan Board now owns 862,077 shares of the basic materials company’s stock worth $14,493,000 after purchasing an additional 148,088 shares during the period. 34.85% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, StockNews.com raised Seabridge Gold to a “sell” rating in a report on Monday, August 19th.

About Seabridge Gold

Seabridge Gold Inc, together with its subsidiaries, engages in the acquisition and exploration of gold properties in North America. The company also explores for gold, copper, silver, and molybdenum deposits. The company was formerly known as Seabridge Resources Inc and changed its name to Seabridge Gold Inc in June 2002.