Equinox Gold (NYSEAMERICAN:EQX) Hits New 52-Week High - Should You Buy?

Key Points

• Equinox Gold Corp. shares reached a new 52-week high at $12.35, closing at $12.05 with significant trading volume of over 2.8 million shares.
• Recent analyst upgrades include a target price increase from $11.00 to $17.00 by Royal Bank of Canada and a "strong-buy" rating from Cibc World Mkts, contributing to an average price target of $26.00.
• The company reported a 77.7% year-over-year revenue increase for the last quarter, with earnings per share (EPS) of $0.11, surpassing expectations.

Equinox Gold Corp. (NYSEAMERICAN:EQX - Get Free Report) shares hit a new 52-week high on Monday . The stock traded as high as $12.35 and last traded at $12.05, with a volume of 2812929 shares. The stock had previously closed at $11.65.

Analysts Set New Price Targets

EQX has been the subject of several recent research reports. Zacks Research upgraded shares of Equinox Gold from a "strong sell" rating to a "hold" rating in a research note on Wednesday, August 13th. National Bankshares reiterated an "outperform" rating on shares of Equinox Gold in a research note on Friday, August 15th. Royal Bank Of Canada upgraded shares of Equinox Gold from a "sector perform" rating to an "outperform" rating and increased their target price for the stock from $11.00 to $17.00 in a research note on Wednesday, September 10th. Cibc World Mkts upgraded shares of Equinox Gold from a "hold" rating to a "strong-buy" rating in a research note on Thursday. Finally, TD Securities reiterated a "buy" rating on shares of Equinox Gold in a research note on Friday, September 5th. Two analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $26.00.

Equinox Gold Stock Performance

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 stock's 50 day moving average price is $9.33 and its two-hundred day moving average price is $7.43. The firm has a market capitalization of $9.48 billion, a PE ratio of -201.88 and a beta of 1.14.

Equinox Gold (NYSEAMERICAN:EQX - Get Free Report) last released its earnings results on Wednesday, August 13th. The company reported $0.11 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%. Equinox Gold's revenue for the quarter was up 77.7% on a year-over-year basis. During the same period in the previous year, the company earned ($0.01) EPS. On average, equities analysts expect that Equinox Gold Corp. will post 0.85 earnings per share for the current year.

Institutional Investors Weigh In On Equinox Gold

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. American Capital Advisory LLC bought a new stake in shares of Equinox Gold in the 2nd quarter worth about $25,000. SBI Securities Co. Ltd. lifted its stake in shares of Equinox Gold by 2,054.6% in the 2nd quarter. SBI Securities Co. Ltd. now owns 4,697 shares of the company's stock worth $27,000 after acquiring an additional 4,479 shares during the period. Continuum Advisory LLC lifted its stake in shares of Equinox Gold by 53.3% in the 1st quarter. Continuum Advisory LLC now owns 7,540 shares of the company's stock worth $52,000 after acquiring an additional 2,620 shares during the period. ORG Partners LLC lifted its stake in shares of 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 acquiring an additional 4,970 shares during the period. Finally, Mesirow Financial Investment Management Inc. acquired a new stake in Equinox Gold during the first quarter valued at approximately $69,000. Hedge funds and other 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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