Wesdome Gold Mines (TSE:WDO) Stock Price Crosses Above 50 Day Moving Average – Here’s Why

Shares of Wesdome Gold Mines Ltd. (TSE:WDO) crossed above its 50 day moving average during trading on Friday . The stock has a 50 day moving average of C$26.27 and traded as high as C$26.79. Wesdome Gold Mines shares last traded at C$26.27, with a volume of 371,650 shares trading hands.

Analyst Upgrades and Downgrades

WDO has been the topic of a number of recent analyst reports. Canaccord Genuity Group upgraded shares of Wesdome Gold Mines from a “hold” rating to a “buy” rating and boosted their price target for the company from C$30.00 to C$31.00 in a research report on Monday, June 1st. Desjardins raised their price objective on shares of Wesdome Gold Mines from C$32.00 to C$34.00 and gave the stock a “buy” rating in a report on Thursday, April 23rd. Stifel Nicolaus upgraded shares of Wesdome Gold Mines to a “strong-buy” rating in a research note on Monday, June 29th. Finally, National Bank Financial raised Wesdome Gold Mines from a “sector perform” rating to an “outperform” rating and boosted their target price for the stock from C$34.00 to C$37.00 in a report on Friday, July 3rd. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of C$30.86.

Wesdome Gold Mines Price Performance

The company has a debt-to-equity ratio of 0.31, a current ratio of 6.03 and a quick ratio of 0.37. The company’s 50 day moving average price is C$26.27 and its 200 day moving average price is C$25.33. The firm has a market capitalization of C$3.90 billion, a P/E ratio of 9.80 and a beta of 1.33.

Wesdome Gold Mines (TSE:WDO) last posted its quarterly earnings data on Tuesday, May 12th. The company reported C$0.79 earnings per share for the quarter. Wesdome Gold Mines had a net margin of 39.54% and a return on equity of 46.09%. The firm had revenue of C$299.79 million during the quarter. As a group, sell-side analysts anticipate that Wesdome Gold Mines Ltd. will post 1.293456 EPS for the current fiscal year.

Insider Transactions at Wesdome Gold Mines

In other news, Director Anthea Ingrid Bath sold 7,315 shares of the business’s stock in a transaction on Monday, June 29th. The stock was sold at an average price of C$24.63, for a total transaction of C$180,168.45. Following the completion of the sale, the director owned 45,753 shares in the company, valued at C$1,126,896.39. The trade was a 13.78% decrease in their ownership of the stock. Also, insider Philip Chow Yee purchased 6,250 shares of the business’s stock in a transaction dated Tuesday, June 30th. The shares were purchased at an average cost of C$24.15 per share, for a total transaction of C$150,937.50. Following the purchase, the insider directly owned 12,500 shares of the company’s stock, valued at C$301,875. This trade represents a 100.00% increase in their ownership of the stock. Insiders sold a total of 17,433 shares of company stock valued at $423,454 over the last quarter. Corporate insiders own 0.17% of the company’s stock.

About Wesdome Gold Mines

Wesdome is a Canadian-focused gold producer with two high-grade underground assets, Eagle River in Northern Ontario and Kiena in Val-d’Or, Québec. The Company’s primary goal is to responsibly leverage its operating platform and high-quality brownfield and greenfield exploration pipeline to build a value-driven mid-tier gold producer.