Equinox Gold (NYSEAMERICAN:EQX) Sets New 12-Month High - Still a Buy?

Key Points

• Equinox Gold's share price reached a new 52-week high at $8.17, with a trading volume of 687,610 shares.
• Analyst ratings have improved, with several firms upgrading the stock to a "buy" or "moderate buy," leading to a consensus rating of "Moderate Buy" and an average target price of $35.00.
• The company reported a 77.7% increase in revenue year-over-year, with earnings per share surpassing expectations at $0.11 for the recent quarter.

Equinox Gold Corp. (NYSEAMERICAN:EQX - Get Free Report) shares reached a new 52-week high during mid-day trading on Monday . The company traded as high as $8.17 and last traded at $8.17, with a volume of 687610 shares. The stock had previously closed at $8.02.

Analyst Upgrades and Downgrades

EQX has been the subject of a number of research reports. National Bankshares reiterated an "outperform" rating on shares of Equinox Gold in a report on Friday, August 15th. CIBC restated a "neutral" rating on shares of Equinox Gold in a report on Tuesday, July 15th. Zacks Research upgraded Equinox Gold from a "strong sell" rating to a "hold" rating in a report on Wednesday, August 13th. Cormark upgraded Equinox Gold from a "hold" rating to a "moderate buy" rating in a report on Friday, August 15th. Finally, TD Securities upgraded Equinox Gold from a "hold" rating to a "buy" rating in a report on Wednesday, July 16th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $35.00.

Equinox Gold Price Performance

The firm has a market cap of $6.66 billion, a P/E ratio of -145.98 and a beta of 1.10. The business has a 50-day simple moving average of $6.63 and a 200 day simple moving average of $6.60. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.53 and a current ratio of 0.94.

Equinox Gold (NYSEAMERICAN:EQX - Get Free Report) last announced its earnings results on Wednesday, August 13th. The company reported $0.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.09. Equinox Gold had a positive return on equity of 3.54% and a negative net margin of 1.21%.The firm had revenue of $478.64 million during the quarter, compared to analyst estimates of $470.00 million. During the same quarter in the prior year, the company earned ($0.01) EPS. The business's revenue was up 77.7% compared to the same quarter last year. On average, analysts anticipate that Equinox Gold Corp. will post 0.85 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in EQX. Geode Capital Management LLC raised its position in shares of Equinox Gold by 3.7% in the 4th quarter. Geode Capital Management LLC now owns 178,818 shares of the company's stock worth $911,000 after acquiring an additional 6,351 shares in the last quarter. Wells Fargo & Company MN raised its position in shares of Equinox Gold by 16.3% in the 4th quarter. Wells Fargo & Company MN now owns 20,358 shares of the company's stock worth $102,000 after acquiring an additional 2,855 shares in the last quarter. Envestnet Asset Management Inc. raised its position in shares of Equinox Gold by 59.9% in the 4th quarter. Envestnet Asset Management Inc. now owns 41,178 shares of the company's stock worth $207,000 after acquiring an additional 15,425 shares in the last quarter. Mariner LLC bought a new position in Equinox Gold during the 4th quarter valued at approximately $128,000. Finally, Marshall Wace LLP increased its position in Equinox Gold by 77.7% during the 4th quarter. Marshall Wace LLP now owns 29,740 shares of the company's stock valued at $149,000 after buying an additional 13,004 shares in the last quarter. Institutional investors own 38.85% of the company's stock.

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.