Equinox Gold (NYSEAMERICAN:EQX) Downgraded by Zacks Research to "Hold"

Key Points

• Zacks Research downgraded Equinox Gold from strong-buy to hold, making it the latest analyst to turn more cautious on the stock.
• Despite the downgrade, the broader analyst view remains upbeat: the stock still carries a consensus rating of Buy with an average price target of $13.00.
• Equinox Gold recently posted Q1 earnings of $0.28 per share, missing estimates by a penny, while revenue came in below expectations at $861.59 million even though sales rose sharply year over year.

Equinox Gold (NYSEAMERICAN:EQX - Get Free Report) was downgraded by stock analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a research report issued on Tuesday,Zacks.com reports.

Several other equities research analysts also recently commented on the stock. The Goldman Sachs Group upgraded shares of Equinox Gold from a "buy" rating to a "buy" rating in a research report on Monday, June 8th. Canadian Imperial Bank of Commerce restated an "outperform" rating on shares of Equinox Gold in a research report on Thursday, July 16th. Finally, Royal Bank Of Canada dropped their price target on shares of Equinox Gold from $14.00 to $13.00 and set an "outperform" rating for the company in a research note on Thursday, July 9th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $13.00.

Equinox Gold Price Performance

Equinox Gold stock opened at $9.35 on Tuesday. The company has a current ratio of 1.24, a quick ratio of 0.75 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $7.38 billion, a PE ratio of 11.69 and a beta of 1.26. Equinox Gold has a 12 month low of $6.01 and a 12 month high of $18.96. The stock has a 50-day moving average price of $10.74 and a two-hundred day moving average price of $13.54.

Equinox Gold (NYSEAMERICAN:EQX - Get Free Report) last released its quarterly earnings results on Wednesday, May 6th. The company reported $0.28 earnings per share for the quarter, missing the consensus estimate of $0.29 by ($0.01). Equinox Gold had a return on equity of 10.26% and a net margin of 21.72%.The firm had revenue of $861.59 million for the quarter, compared to the consensus estimate of $896.94 million. During the same quarter last year, the firm posted ($0.08) earnings per share. The business's revenue for the quarter was up 224.3% on a year-over-year basis. Analysts expect that Equinox Gold will post 1.12 EPS for the current year.

Hedge Funds Weigh In On Equinox Gold

Hedge funds and other institutional investors have recently made changes to their positions in the stock. TT International Asset Management LTD acquired a new position in Equinox Gold in the fourth quarter valued at approximately $24,061,000. Euro Pacific Asset Management LLC grew its position in shares of Equinox Gold by 8.3% during the 4th quarter. Euro Pacific Asset Management LLC now owns 1,906,970 shares of the company's stock worth $26,173,000 after buying an additional 145,541 shares during the period. Allspring Global Investments Holdings LLC increased its stake in shares of Equinox Gold by 21.3% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 1,142,985 shares of the company's stock valued at $16,064,000 after acquiring an additional 201,000 shares in the last quarter. Wealth Enhancement Advisory Services LLC bought a new stake in shares of Equinox Gold in the 4th quarter valued at $1,146,000. Finally, Massachusetts Financial Services Co. MA bought a new stake in shares of Equinox Gold in the 4th quarter valued at $30,375,000. 38.85% of the stock is owned by institutional investors and hedge funds.

Equinox Gold Company Profile

Equinox Gold Corp is a Canadian gold mining company headquartered in Vancouver, British Columbia. The company focuses on the acquisition, development, and operation of gold properties, with an emphasis on open-pit heap leach mining. Since its inception, Equinox Gold has pursued a strategy of combining assets in established jurisdictions to build a diversified portfolio that balances production and growth, while maintaining rigorous safety and environmental standards.

Equinox Gold's operating portfolio spans three countries.

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