Equinox Gold (NYSEAMERICAN:EQX) Shares Up 13.2% – Still a Buy?

Equinox Gold Corp. (NYSEAMERICAN:EQX)’s stock price shot up 13.2% on Wednesday. The company traded as high as $11.36 and last traded at $11.3250. 16,419,352 shares were traded during mid-day trading, an increase of 39% from the average session volume of 11,842,144 shares. The stock had previously closed at $10.00.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on EQX shares. Zacks Research downgraded shares of Equinox Gold from a “hold” rating to a “strong sell” rating in a report on Wednesday, October 21st. TD Securities restated a “buy” rating on shares of Equinox Gold in a report on Thursday, September 17th. Royal Bank Of Canada lifted their price objective on shares of Equinox Gold from $13.00 to $14.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 16th. Scotiabank reiterated an “outperform” rating on shares of Equinox Gold in a research note on Friday, August 7th. Finally, Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of Equinox Gold in a research report on Friday, October 16th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Equinox Gold currently has an average rating of “Moderate Buy” and an average price target of $14.00.

Equinox Gold Stock Up 2.1%

The stock has a market cap of $13.46 billion, a price-to-earnings ratio of 11.52 and a beta of 1.33. The company has a current ratio of 1.33, a quick ratio of 0.77 and a debt-to-equity ratio of 0.09. The firm’s 50 day moving average is $11.45 and its two-hundred day moving average is $12.67.

Equinox Gold (NYSEAMERICAN:EQX) last posted its earnings results on Wednesday, August 5th. The company reported $0.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.01). Equinox Gold had a return on equity of 10.91% and a net margin of 26.30%. The business had revenue of $769.80 million for the quarter, compared to analyst estimates of $775.79 million. During the same period last year, the company posted $0.11 EPS. The firm’s revenue for the quarter was up 60.8% compared to the same quarter last year. On average, sell-side analysts predict that Equinox Gold Corp. will post 1.01 EPS for the current year.

Institutional Investors Weigh In On Equinox Gold

Hedge funds have recently bought and sold shares of the company. EverSource Wealth Advisors LLC raised its holdings in Equinox Gold by 96.7% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,997 shares of the company’s stock worth $29,000 after purchasing an additional 982 shares during the last quarter. IFP Advisors Inc lifted its holdings in Equinox Gold by 1,427.1% in the third 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. Pinnacle Wealth Planning Services Inc. acquired a new position in Equinox Gold in the third quarter valued at $35,000. Fortitude Family Office LLC bought a new stake in Equinox Gold during the third quarter valued at $39,000. Finally, Mather Group LLC. acquired a new stake in Equinox Gold during the 3rd quarter worth about $56,000. 38.85% of the stock is currently owned by institutional investors and hedge funds.

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.