Equinox Gold (NYSEAMERICAN:EQX) Hits New 52-Week High - Time to Buy?

Key Points

• Equinox Gold Corp. reached a new 52-week high of $11.35, with strong trading volume of over 4 million shares.
• Equity analysts have recently upgraded their ratings, with Royal Bank of Canada raising the target price from $11.00 to $17.00 and an average expected target of $26.00.
• The company reported a significant 77.7% year-over-year revenue increase, with earnings per share coming in at $0.11, exceeding analyst estimates.

Equinox Gold Corp. (NYSEAMERICAN:EQX - Get Free Report)'s stock price reached a new 52-week high on Monday . The stock traded as high as $11.35 and last traded at $11.24, with a volume of 4000445 shares changing hands. The stock had previously closed at $10.79.

Analysts Set New Price Targets

Several equities analysts have weighed in on EQX shares. BMO Capital Markets started coverage on Equinox Gold in a research note on Wednesday, June 18th. They issued an "outperform" rating on the stock. Royal Bank Of Canada raised Equinox Gold from a "sector perform" rating to an "outperform" rating and increased their target price for the company from $11.00 to $17.00 in a research note on Wednesday, September 10th. Zacks Research raised Equinox Gold from a "strong sell" rating to a "hold" rating in a research note on Wednesday, August 13th. Cormark raised Equinox Gold from a "hold" rating to a "moderate buy" rating in a research note on Friday, August 15th. Finally, National Bankshares reissued an "outperform" rating on shares of Equinox Gold in a research note on Friday, August 15th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $26.00.

Equinox Gold Stock Performance

The company has a quick ratio of 0.53, a current ratio of 0.94 and a debt-to-equity ratio of 0.29. The firm has a market capitalization of $8.91 billion, a P/E ratio of -189.55 and a beta of 1.11. The stock has a fifty day moving average of $8.33 and a 200-day moving average of $7.12.

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

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of EQX. BNP Paribas Financial Markets bought a new position in Equinox Gold in the fourth quarter valued at approximately $47,000. Bank of America Corp DE grew its stake in Equinox Gold by 134.2% in the fourth quarter. Bank of America Corp DE now owns 327,058 shares of the company's stock valued at $1,642,000 after purchasing an additional 187,432 shares in the last quarter. Cetera Investment Advisers bought a new position in Equinox Gold in the fourth quarter valued at approximately $95,000. Deutsche Bank AG grew its stake in Equinox Gold by 67.1% in the fourth quarter. Deutsche Bank AG now owns 39,222 shares of the company's stock valued at $197,000 after purchasing an additional 15,749 shares in the last quarter. Finally, Public Employees Retirement System of Ohio grew its stake in Equinox Gold by 2.9% in the fourth quarter. Public Employees Retirement System of Ohio now owns 137,268 shares of the company's stock valued at $691,000 after purchasing an additional 3,826 shares in the last quarter. 38.85% of the stock is currently owned by institutional investors.

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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