Equinox Gold (NYSEAMERICAN:EQX) Hits New 1-Year High - What's Next?

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)'s share price reached a new 52-week high on Monday . The company traded as high as $8.17 and last traded at $8.17, with a volume of 687610 shares traded. The stock had previously closed at $8.02.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on EQX shares. Cormark raised Equinox Gold from a "hold" rating to a "moderate buy" rating in a research report on Friday, August 15th. TD Securities raised Equinox Gold from a "hold" rating to a "buy" rating in a research report on Wednesday, July 16th. Zacks Research raised Equinox Gold from a "strong sell" rating to a "hold" rating in a research report on Wednesday, August 13th. CIBC reaffirmed a "neutral" rating on shares of Equinox Gold in a research report on Tuesday, July 15th. Finally, BMO Capital Markets initiated coverage on shares of Equinox Gold in a research report on Wednesday, June 18th. They issued an "outperform" rating on the stock. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $35.00.

Equinox Gold Price Performance

The company has a market cap of $6.18 billion, a price-to-earnings ratio of -135.39 and a beta of 1.10. The company has a current ratio of 0.94, a quick ratio of 0.53 and a debt-to-equity ratio of 0.29. The company's 50 day moving average price is $6.43 and its 200 day moving average price is $6.52.

Equinox Gold (NYSEAMERICAN:EQX - Get Free Report) last posted its quarterly 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. The firm had revenue of $478.64 million during the quarter, compared to analysts' expectations of $470.00 million. Equinox Gold had a negative net margin of 1.21% and a positive return on equity of 3.54%. The firm's revenue for the quarter was up 77.7% on a year-over-year basis. During the same period in the prior year, the company posted ($0.01) earnings per share. Equities research analysts forecast that Equinox Gold Corp. will post 0.85 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Marex Group plc acquired a new position in shares of Equinox Gold in the second quarter valued at approximately $932,000. L1 Capital Pty Ltd grew its stake in Equinox Gold by 120.4% in the 2nd quarter. L1 Capital Pty Ltd now owns 23,908,865 shares of the company's stock worth $137,476,000 after acquiring an additional 13,060,846 shares during the period. Nikko Asset Management Americas Inc. purchased a new stake in Equinox Gold in the 2nd quarter worth approximately $574,000. CANADA LIFE ASSURANCE Co raised its holdings in Equinox Gold by 74.6% in the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 58,757 shares of the company's stock valued at $337,000 after acquiring an additional 25,106 shares during the last quarter. Finally, Man Group plc acquired a new position in Equinox Gold in the 2nd quarter valued at $3,991,000. 38.85% of the stock is owned by hedge funds and other institutional investors.

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.

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