Wesdome Gold Mines (TSE:WDO) Rating Lowered to "Hold" at Canaccord Genuity Group

Key Points

• Canaccord Genuity downgraded Wesdome Gold Mines to “Hold” from “Buy,” while raising its price target to C$33 from C$30, implying 17.1% upside from the prior close.
• Analyst sentiment is mixed but remains positive overall: Wesdome has three “Buy” and three “Hold” ratings, producing a consensus “Moderate Buy” rating and an average target price of C$34.50.
• The stock recently traded at C$28.18, below its 50-day average of C$33.80. Wesdome reported C$0.65 in quarterly EPS on C$266.76 million in revenue, while a director sold approximately C$2.09 million worth of shares.

Wesdome Gold Mines (TSE:WDO - Get Free Report) was downgraded by Canaccord Genuity Group from a "buy" rating to a "hold" rating in a research note issued on Friday, BayStreet reports. They currently have a C$33.00 target price on the stock, up from their previous target price of C$30.00. Canaccord Genuity Group's target price suggests a potential upside of 17.10% from the stock's previous close.

Several other brokerages also recently commented on WDO. BMO Capital Markets downgraded shares of Wesdome Gold Mines from an "outperform" rating to a "hold" rating and lifted their target price for the stock from C$30.00 to C$34.00 in a report on Wednesday, August 19th. Canadian Imperial Bank of Commerce increased their price target on shares of Wesdome Gold Mines from C$32.00 to C$35.00 in a report on Friday, August 21st. Stifel Nicolaus downgraded shares of Wesdome Gold Mines from a "buy" rating to a "hold" rating and set a C$34.00 price objective for the company. in a research report on Monday. National Bank Financial boosted their price objective on Wesdome Gold Mines from C$34.50 to C$40.00 and gave the stock an "outperform" rating in a report on Wednesday, August 19th. Finally, Desjardins decreased their target price on Wesdome Gold Mines from C$42.00 to C$41.00 and set a "buy" rating on the stock in a research report on Thursday. Three research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, Wesdome Gold Mines has a consensus rating of "Moderate Buy" and a consensus target price of C$34.50.

Wesdome Gold Mines Stock Performance

Wesdome Gold Mines stock traded down C$0.69 during mid-day trading on Friday, hitting C$28.18. 402,427 shares of the company's stock traded hands, compared to its average volume of 758,162. The firm has a 50 day simple moving average of C$33.80 and a two-hundred day simple moving average of C$29.38. Wesdome Gold Mines has a fifty-two week low of C$19.48 and a fifty-two week high of C$37.22. The stock has a market cap of C$4.05 billion, a price-to-earnings ratio of 10.17 and a beta of 1.32. The company has a debt-to-equity ratio of 0.73, a current ratio of 6.90 and a quick ratio of 0.37.

Wesdome Gold Mines (TSE:WDO - Get Free Report) last released its quarterly earnings data on Thursday, August 13th. The company reported C$0.65 EPS for the quarter. The firm had revenue of C$266.76 million for the quarter. Wesdome Gold Mines had a net margin of 38.46% and a return on equity of 43.77%. On average, research analysts expect that Wesdome Gold Mines will post 1.29 EPS for the current fiscal year.

Insider Activity at Wesdome Gold Mines

In related news, Director Anthea Ingrid Bath sold 66,961 shares of the firm's stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of C$31.15, for a total transaction of C$2,085,835.15. Following the transaction, the director directly owned 130,128 shares of the company's stock, valued at approximately C$4,053,487.20. This trade represents a 33.98% decrease in their ownership of the stock. Company insiders own 0.17% of the company's stock.

Wesdome Gold Mines Company Profile

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.

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