Equinox Gold (NYSEAMERICAN:EQX) Releases Earnings Results, Beats Expectations By $0.09 EPS

Key Points

• Equinox Gold reported earnings of $0.11 per share, exceeding expectations by $0.09 and achieving a revenue of $478.64 million, up 77.7% year-over-year.
• The stock reached $7.77 after an increase of $0.98 during trading, with a market capitalization of $5.90 billion and a PE ratio of 15.51.
• Institutional investors own 38.85% of Equinox Gold, with significant increases in holdings from firms like Walleye Capital LLC, which grew its stake by 419.7%.

Equinox Gold (NYSEAMERICAN:EQX - Get Free Report) issued its earnings results on Wednesday. The company reported $0.11 earnings per share for the quarter, beating analysts' consensus estimates of $0.02 by $0.09, Briefing.com reports. The company had revenue of $478.64 million for 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 firm's quarterly revenue was up 77.7% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.01) EPS.

Equinox Gold Price Performance

Shares of EQX traded down $0.42 during trading hours on Tuesday, hitting $7.55. The stock had a trading volume of 14,585,577 shares, compared to its average volume of 13,632,653. Equinox Gold has a 52 week low of $4.95 and a 52 week high of $8.16. The stock has a market capitalization of $5.74 billion, a price-to-earnings ratio of -125.81 and a beta of 1.10. The company's fifty day moving average is $6.34 and its two-hundred day moving average is $6.46. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.94 and a quick ratio of 0.50.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on EQX shares. Cormark raised shares of Equinox Gold from a "hold" rating to a "moderate buy" rating in a research note on Friday. National Bankshares reaffirmed an "outperform" rating on shares of Equinox Gold in a research note on Friday. BMO Capital Markets assumed coverage on Equinox Gold in a report on Wednesday, June 18th. They set an "outperform" rating for the company. CIBC reaffirmed a "neutral" rating on shares of Equinox Gold in a research note on Tuesday, July 15th. Finally, TD Securities raised 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 assigned a Hold rating to the stock. According to MarketBeat, Equinox Gold currently has a consensus rating of "Moderate Buy" and a consensus price target of $35.00.

Hedge Funds Weigh In On Equinox Gold

Institutional investors have recently bought and sold shares of the business. Nikko Asset Management Americas Inc. acquired a new position in Equinox Gold during the 2nd quarter worth about $574,000. CANADA LIFE ASSURANCE Co grew its stake in shares of Equinox Gold by 74.6% during the second quarter. CANADA LIFE ASSURANCE Co now owns 58,757 shares of the company's stock worth $337,000 after purchasing an additional 25,106 shares during the period. Man Group plc bought a new position in Equinox Gold during the second quarter worth about $3,991,000. Merewether Investment Management LP acquired a new position in Equinox Gold during the second quarter valued at approximately $5,728,000. Finally, HRT Financial LP bought a new stake in shares of Equinox Gold in the 2nd quarter valued at $3,920,000. 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.