Equinox Gold (NYSEAMERICAN:EQX) Hits New 52-Week High – Time to Buy?

Equinox Gold Corp. (NYSEAMERICAN:EQX) shares reached a new 52-week high during mid-day trading on Monday . The company traded as high as $11.35 and last traded at $11.24, with a volume of 4000445 shares trading hands. The stock had previously closed at $10.79.

Wall Street Analysts Forecast Growth

EQX has been the subject of a number of recent analyst reports. CIBC reaffirmed a “neutral” rating on shares of Equinox Gold in a research report on Tuesday, July 15th. TD Securities reaffirmed a “buy” rating on shares of Equinox Gold in a research report on Friday, September 5th. National Bankshares reaffirmed an “outperform” rating on shares of Equinox Gold in a research report on Friday, August 15th. BMO Capital Markets initiated coverage on Equinox Gold in a research report on Wednesday, June 18th. They issued an “outperform” rating for the company. Finally, Cormark raised Equinox Gold from a “hold” rating to a “moderate buy” rating in a research report on Friday, August 15th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Equinox Gold has a consensus rating of “Moderate Buy” and a consensus price target of $26.00.

Equinox Gold Stock Performance

The firm has a market capitalization of $8.91 billion, a price-to-earnings ratio of -189.55 and a beta of 1.11. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.53 and a current ratio of 0.94. The company has a fifty day moving average of $8.33 and a two-hundred day moving average of $7.12.

Equinox Gold (NYSEAMERICAN:EQX) last announced its quarterly earnings data on Wednesday, August 13th. The company reported $0.11 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.09. The firm had revenue of $478.64 million during the quarter, compared to analysts’ expectations of $470.00 million. Equinox Gold had a positive return on equity of 3.54% and a negative net margin of 1.21%.The company’s quarterly revenue was up 77.7% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.01) EPS. As a group, equities research analysts predict that Equinox Gold Corp. will post 0.85 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Equinox Gold

Several hedge funds and other institutional investors have recently added to or reduced their stakes in EQX. American Capital Advisory LLC acquired a new position in Equinox Gold in the 2nd quarter valued at $25,000. SBI Securities Co. Ltd. raised its holdings in Equinox Gold by 2,054.6% in the 2nd quarter. SBI Securities Co. Ltd. now owns 4,697 shares of the company’s stock valued at $27,000 after acquiring an additional 4,479 shares in the last quarter. Tobam acquired a new position in Equinox Gold in the 1st quarter valued at $29,000. ORG Partners LLC raised its holdings in shares of Equinox Gold by 191.2% during the 2nd quarter. ORG Partners LLC now owns 7,570 shares of the company’s stock worth $43,000 after buying an additional 4,970 shares in the last quarter. Finally, BNP Paribas Financial Markets acquired a new position in shares of Equinox Gold during the 4th quarter worth $47,000. 38.85% of the stock is owned by institutional investors and hedge funds.

About Equinox Gold

Equinox Gold Corp. engages in the exploration, acquisition, development, and operation of mineral properties in the Americas. It explores gold and silver deposits. It holds interest in properties in California located in the United States; Guerrero State located in Mexico; Maranhão, Bahia, and Mina Gerais state located in Brazil; and Ontario, Canada.