Equinox Gold (NYSEAMERICAN:EQX) Rating Increased to Strong-Buy at Zacks Research

Key Points

• Zacks Research upgraded Equinox Gold (EQX) from a "hold" to a "strong-buy," joining other bullish broker calls such as CIBC's upgrade and positive ratings from BMO, Stifel and Scotiabank.
• Analysts' consensus is a "Buy" with three Strong Buy and five Buy ratings and a consensus target price of $17.00.
• Market/fundamentals snapshot: shares were up ~3.3% and opened at $13.00, market cap ~$10.25B, P/E ~54.2, 52-week range $5.59–$18.96, and institutional investors hold about 38.85% with several funds recently increasing positions.

Equinox Gold (NYSEAMERICAN:EQX - Get Free Report) was upgraded by equities researchers at Zacks Research from a "hold" rating to a "strong-buy" rating in a research note issued on Tuesday,Zacks.com reports.

A number of other analysts have also weighed in on EQX. BMO Capital Markets restated an "outperform" rating on shares of Equinox Gold in a research note on Tuesday, January 27th. Canadian Imperial Bank of Commerce upgraded shares of Equinox Gold from a "hold" rating to a "strong-buy" rating in a research report on Monday, February 23rd. Stifel Nicolaus began coverage on shares of Equinox Gold in a report on Tuesday, December 2nd. They set a "buy" rating on the stock. Finally, Scotiabank restated an "outperform" rating on shares of Equinox Gold in a research report on Monday, January 26th. Three analysts have rated the stock with a Strong Buy rating and five have assigned a Buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $17.00.

Equinox Gold Trading Up 3.3%

Shares of EQX opened at $13.00 on Tuesday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.27 and a current ratio of 1.56. The company has a market cap of $10.25 billion, a price-to-earnings ratio of 54.17 and a beta of 1.20. The stock has a fifty day moving average price of $15.61 and a two-hundred day moving average price of $13.57. Equinox Gold has a 52-week low of $5.59 and a 52-week high of $18.96.

Institutional Investors Weigh In On Equinox Gold

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Ruffer LLP raised its holdings in Equinox Gold by 15.4% during the 3rd quarter. Ruffer LLP now owns 8,651,889 shares of the company's stock worth $96,992,000 after purchasing an additional 1,152,288 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new position in shares of Equinox Gold in the 3rd quarter valued at about $6,991,000. Maple Rock Capital Partners Inc. boosted its stake in shares of Equinox Gold by 102.1% in the 2nd quarter. Maple Rock Capital Partners Inc. now owns 14,308,748 shares of the company's stock valued at $82,398,000 after purchasing an additional 7,229,260 shares during the last quarter. Allspring Global Investments Holdings LLC grew its position in shares of Equinox Gold by 70.7% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 941,985 shares of the company's stock worth $10,550,000 after buying an additional 390,000 shares during the period. Finally, Integrated Advisors Network LLC acquired a new stake in shares of Equinox Gold during the 3rd quarter worth approximately $1,111,000. Institutional investors own 38.85% of the company's stock.

Equinox Gold Company Profile

Equinox Gold Corp is a Canadian gold mining company headquartered in Vancouver, British Columbia. The company focuses on the acquisition, development, and operation of gold properties, with an emphasis on open-pit heap leach mining. Since its inception, Equinox Gold has pursued a strategy of combining assets in established jurisdictions to build a diversified portfolio that balances production and growth, while maintaining rigorous safety and environmental standards.

Equinox Gold's operating portfolio spans three countries.

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