Equinox Gold (NYSEAMERICAN:EQX) Hits New 1-Year High Following Strong Earnings

Key Points

• Equinox Gold's stock reached a new 52-week high of $7.80 following an earnings report that showed a significant improvement, with earnings per share of $0.11 compared to a consensus estimate of $0.02.
• The company's quarterly revenue rose by 77.7% year-over-year, totaling $478.64 million, surpassing analyst expectations.
• Analysts have a consensus rating of "Moderate Buy" with a target price set at $35.00 after recent positive ratings from multiple research firms.

Equinox Gold Corp. (NYSEAMERICAN:EQX - Get Free Report) shares hit a new 52-week high on Thursday following a better than expected earnings announcement. The company traded as high as $7.80 and last traded at $7.63, with a volume of 12090759 shares traded. The stock had previously closed at $6.79.

The company reported $0.11 EPS for the quarter, topping the consensus estimate of $0.02 by $0.09. Equinox Gold had a return on equity of 2.20% and a net margin of 13.96%. The firm had revenue of $478.64 million during the quarter, compared to analysts' expectations of $470.00 million. During the same period last year, the business earned ($0.01) earnings per share. Equinox Gold's quarterly revenue was up 77.7% compared to the same quarter last year.

Analysts Set New Price Targets

Several equities research analysts have weighed in on EQX shares. National Bankshares reiterated an "outperform" rating on shares of Equinox Gold in a report on Friday, June 13th. BMO Capital Markets assumed coverage on Equinox Gold in a research note on Wednesday, June 18th. They issued an "outperform" rating for the company. TD Securities raised Equinox Gold from a "hold" rating to a "buy" rating in a research report on Wednesday, July 16th. Finally, CIBC reaffirmed a "neutral" rating on shares of Equinox Gold in a report on Tuesday, July 15th. Two investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $35.00.

Institutional Trading of Equinox Gold

A number of large investors have recently bought and sold shares of EQX. Tobam purchased a new stake in Equinox Gold in the first quarter worth approximately $29,000. American Capital Advisory LLC purchased a new stake in Equinox Gold in the second quarter worth about $25,000. SBI Securities Co. Ltd. grew its position in shares of Equinox Gold by 2,054.6% during the second quarter. SBI Securities Co. Ltd. now owns 4,697 shares of the company's stock worth $27,000 after purchasing an additional 4,479 shares in the last quarter. Continuum Advisory LLC lifted its position in shares of Equinox Gold by 53.3% in the first quarter. Continuum Advisory LLC now owns 7,540 shares of the company's stock worth $52,000 after buying an additional 2,620 shares in the last quarter. Finally, ORG Partners LLC raised its position in Equinox Gold by 191.2% in the 2nd quarter. ORG Partners LLC now owns 7,570 shares of the company's stock worth $43,000 after purchasing an additional 4,970 shares during the period. 38.85% of the stock is owned by hedge funds and other institutional investors.

Equinox Gold Price Performance

The stock has a market capitalization of $5.86 billion, a PE ratio of 15.45 and a beta of 1.10. The company has a quick ratio of 0.50, a current ratio of 0.85 and a debt-to-equity ratio of 0.38. The stock's 50 day moving average price is $6.29 and its 200-day moving average price is $6.39.

Equinox Gold Company Profile

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.

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