Equinox Gold (TSE:EQX) Sets New 12-Month High – Here’s Why

Shares of Equinox Gold Corp. (TSE:EQX) hit a new 52-week high during trading on Wednesday . The stock traded as high as C$19.00 and last traded at C$18.92, with a volume of 944480 shares traded. The stock had previously closed at C$18.06.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. Scotiabank upgraded Equinox Gold from a “hold” rating to an “outperform” rating in a research note on Friday, November 7th. BMO Capital Markets increased their target price on Equinox Gold from C$18.00 to C$20.00 in a research note on Thursday, November 6th. Cibc World Mkts upgraded shares of Equinox Gold from a “hold” rating to a “strong-buy” rating in a research note on Thursday, October 9th. National Bankshares raised their price target on shares of Equinox Gold from C$19.00 to C$23.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 15th. Finally, CIBC lifted their price target on shares of Equinox Gold from C$22.00 to C$23.00 and gave the stock an “outperform” rating in a research note on Thursday, November 20th. Three investment analysts have rated the stock with a Strong Buy rating and four have given a Buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of C$22.00.

Equinox Gold Price Performance

The company has a debt-to-equity ratio of 45.65, a current ratio of 0.85 and a quick ratio of 1.31. The stock’s fifty day simple moving average is C$16.29 and its 200-day simple moving average is C$12.03. The company has a market capitalization of C$15.02 billion, a P/E ratio of 191.40 and a beta of 2.41.

Equinox Gold (TSE:EQX) last issued its quarterly earnings data on Wednesday, November 5th. The company reported C$0.11 earnings per share (EPS) for the quarter. The company had revenue of C$1.14 billion during the quarter. Equinox Gold had a return on equity of 8.67% and a net margin of 19.82%. On average, equities analysts forecast that Equinox Gold Corp. will post 1.3865979 earnings per share for the current fiscal year.

Insider Activity

In related news, insider David Chester Schummer purchased 9,100 shares of Equinox Gold stock in a transaction dated Thursday, September 11th. The stock was bought at an average price of C$15.20 per share, for a total transaction of C$138,320.00. Following the completion of the acquisition, the insider directly owned 168,222 shares of the company’s stock, valued at C$2,556,974.40. This represents a 5.72% increase in their ownership of the stock. Also, Director Blayne Barry Johnson sold 105,000 shares of Equinox Gold stock in a transaction that occurred on Wednesday, September 10th. The shares were sold at an average price of C$14.91, for a total value of C$1,565,550.00. Following the completion of the sale, the director directly owned 1,706,616 shares in the company, valued at approximately C$25,445,644.56. This represents a 5.80% decrease in their position. 6.40% of the stock is owned by corporate insiders.

About Equinox Gold

Equinox Gold is a growth-focused gold producer operating entirely in the Americas, with projects in Canada, the USA, Mexico and Brazil. Equinox Gold has seven operating mines and a clear path to achieve more than one million ounces of annual gold production from a pipeline of development and expansion projects.