Equinox Gold (NYSEAMERICAN:EQX) Hits New 1-Year High - Still a Buy?

Key Points

• Equinox Gold's stock recently hit a 52-week high of $11.15, reflecting strong investor interest with a trading volume of over 1.5 million shares.
• Recent analyst updates show that Equinox Gold has received multiple rating upgrades, with a consensus rating of "Moderate Buy" and an average target price of $26.00.
• The company reported significant quarterly earnings, with a 77.7% increase in revenue year-over-year and an earnings per share (EPS) of $0.11, surpassing analyst expectations.

Shares of Equinox Gold Corp. (NYSEAMERICAN:EQX - Get Free Report) reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $11.15 and last traded at $11.01, with a volume of 1592793 shares changing hands. The stock had previously closed at $10.94.

Analyst Ratings Changes

EQX has been the topic of several recent analyst reports. Cormark upgraded shares of Equinox Gold from a "hold" rating to a "moderate buy" rating in a report on Friday, August 15th. TD Securities restated a "buy" rating on shares of Equinox Gold in a report on Friday, September 5th. National Bankshares restated an "outperform" rating on shares of Equinox Gold in a report on Friday, August 15th. BMO Capital Markets initiated coverage on shares of Equinox Gold in a report on Wednesday, June 18th. They issued an "outperform" rating on the stock. Finally, Royal Bank Of Canada upgraded shares of Equinox Gold from a "sector perform" rating to an "outperform" rating and boosted their target price for the company from $11.00 to $17.00 in a report on Wednesday, September 10th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $26.00.

Equinox Gold Stock Down 0.4%

The company has a debt-to-equity ratio of 0.29, a current ratio of 0.94 and a quick ratio of 0.53. The firm's fifty day moving average price is $7.97 and its two-hundred day moving average price is $7.00. The stock has a market cap of $8.53 billion, a price-to-earnings ratio of -181.55 and a beta of 1.11.

Equinox Gold (NYSEAMERICAN:EQX - Get Free Report) last released its quarterly earnings results on Wednesday, August 13th. The company reported $0.11 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.02 by $0.09. The business had revenue of $478.64 million during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.01) EPS. Sell-side analysts forecast that Equinox Gold Corp. will post 0.85 earnings per share for the current fiscal year.

Institutional Trading of Equinox Gold

Several institutional investors have recently made changes to their positions in EQX. L1 Capital Pty Ltd lifted its position in shares of Equinox Gold by 120.4% during the second quarter. L1 Capital Pty Ltd now owns 23,908,865 shares of the company's stock valued at $137,476,000 after purchasing an additional 13,060,846 shares in the last quarter. Franklin Resources Inc. boosted its stake in shares of Equinox Gold by 44,440.1% in the 2nd quarter. Franklin Resources Inc. now owns 10,364,487 shares of the company's stock worth $59,850,000 after buying an additional 10,341,217 shares during the last quarter. Maple Rock Capital Partners Inc. grew its holdings in shares of Equinox Gold by 102.1% in the second quarter. Maple Rock Capital Partners Inc. now owns 14,308,748 shares of the company's stock valued at $82,398,000 after acquiring an additional 7,229,260 shares in the last quarter. Ruffer LLP increased its position in shares of Equinox Gold by 322.1% during the second quarter. Ruffer LLP now owns 7,499,601 shares of the company's stock valued at $43,267,000 after acquiring an additional 5,722,871 shares during the last quarter. Finally, Helikon Investments Ltd lifted its holdings in Equinox Gold by 229.3% during the first quarter. Helikon Investments Ltd now owns 5,614,735 shares of the company's stock worth $38,629,000 after acquiring an additional 3,909,705 shares during the period. Institutional investors own 38.85% of the company's stock.

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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