Equinox Gold (NYSEAMERICAN:EQX) Stock Rating Cut to “Strong Sell” at Zacks Research

Equinox Gold (NYSEAMERICAN:EQX) was downgraded by Zacks Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Wednesday, Zacks reports.

Other equities research analysts have also recently issued research reports about the stock. Royal Bank Of Canada boosted their target price on shares of Equinox Gold from $13.00 to $14.00 and gave the company an “outperform” rating in a research report on Wednesday, September 16th. TD Securities reiterated a “buy” rating on shares of Equinox Gold in a research note on Thursday, September 17th. Scotiabank reissued an “outperform” rating on shares of Equinox Gold in a report on Friday, August 7th. Finally, Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of Equinox Gold in a research report on Friday, October 16th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Equinox Gold has a consensus rating of “Moderate Buy” and an average target price of $14.00.

Equinox Gold Stock Performance

EQX opened at $10.36 on Wednesday. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.33 and a quick ratio of 0.77. The business has a fifty day simple moving average of $11.97 and a 200 day simple moving average of $11.81. Equinox Gold has a 1 year low of $8.48 and a 1 year high of $18.96. The company has a market capitalization of $12.09 billion, a PE ratio of 13.30 and a beta of 1.32.

Equinox Gold (NYSEAMERICAN:EQX) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $0.16 earnings per share for the quarter, missing the consensus estimate of $0.17 by ($0.01). Equinox Gold had a return on equity of 10.91% and a net margin of 26.30%. The firm had revenue of $769.80 million for the quarter, compared to the consensus estimate of $775.79 million. During the same quarter in the previous year, the business earned $0.11 EPS. The firm’s quarterly revenue was up 60.8% on a year-over-year basis. Research analysts expect that Equinox Gold will post 1.02 EPS for the current year.

Institutional Investors Weigh In On Equinox Gold

Several institutional investors and hedge funds have recently bought and sold shares of the company. EverSource Wealth Advisors LLC grew its stake in Equinox Gold by 96.7% during the first quarter. EverSource Wealth Advisors LLC now owns 1,997 shares of the company’s stock worth $29,000 after buying an additional 982 shares in the last quarter. IFP Advisors Inc increased its holdings in Equinox Gold by 1,427.1% in the 3rd quarter. IFP Advisors Inc now owns 3,039 shares of the company’s stock valued at $34,000 after buying an additional 2,840 shares during the period. Fortitude Family Office LLC acquired a new position in shares of Equinox Gold in the 3rd quarter valued at approximately $39,000. Mather Group LLC. acquired a new position in shares of Equinox Gold in the 3rd quarter valued at approximately $56,000. Finally, CX Institutional acquired a new position in shares of Equinox Gold in the 3rd quarter valued at approximately $64,000. Institutional investors own 38.85% of the company’s stock.

About Equinox Gold

Equinox Gold Corp. is a precious metals mining company focused primarily on the acquisition, development and operation of gold mines. The company produces gold and conducts exploration and development activities intended to expand its mineral reserves and production base.

Equinox Gold’s operations and projects have been located across the Americas, including Canada, the United States, Mexico and Brazil. Its portfolio has included the Greenstone Mine in Ontario, the Mesquite and Castle Mountain projects in California, the Los Filos complex in Mexico, and the Aurizona, Fazenda and Santa Luz operations in Brazil.

The company was formed in 2017 through the merger of Trek Mining and NewCastle Gold and has since grown through acquisitions, mine development and exploration.