Equinox Gold (NYSEAMERICAN:EQX) Rating Lowered to Hold at Zacks Research

Key Points

• Zacks Research downgraded Equinox Gold from a "strong-buy" to a "hold" in a research report released Wednesday.
• Despite the downgrade, analyst consensus remains a Buy with an average price target of $17.00 (2 Strong Buy, 5 Buy, 1 Hold).
• Institutional investors have been adding large positions—VanECK boosted holdings ~91% to about 96.0 million shares and FIL, Norges Bank, Boston Partners and Arrowstreet established significant stakes—institutions now own 38.85%; shares opened at $14.08, market cap ~$11.11B, 12‑month range $5.61–$18.96.

Equinox Gold (NYSEAMERICAN:EQX - Get Free Report) was downgraded by analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a research report issued to clients and investors on Wednesday,Zacks.com reports.

Other research analysts have also issued reports about the stock. Scotiabank restated an "outperform" rating on shares of Equinox Gold in a research report on Monday, January 26th. Canadian Imperial Bank of Commerce upgraded Equinox Gold from a "hold" rating to a "strong-buy" rating in a research report on Monday, February 23rd. Finally, BMO Capital Markets reissued an "outperform" rating on shares of Equinox Gold in a research note on Tuesday, January 27th. Two investment analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $17.00.

Equinox Gold Price Performance

Shares of NYSEAMERICAN:EQX opened at $14.08 on Wednesday. The company has a 50 day moving average of $15.28 and a 200 day moving average of $14.11. The company has a current ratio of 1.56, a quick ratio of 1.27 and a debt-to-equity ratio of 0.24. The stock has a market cap of $11.11 billion, a P/E ratio of 58.67 and a beta of 1.33. Equinox Gold has a 12 month low of $5.61 and a 12 month high of $18.96.

Hedge Funds Weigh In On Equinox Gold

A number of institutional investors have recently made changes to their positions in the stock. Van ECK Associates Corp lifted its holdings in shares of Equinox Gold by 91.3% during the 3rd quarter. Van ECK Associates Corp now owns 96,024,048 shares of the company's stock worth $1,077,394,000 after acquiring an additional 45,820,861 shares during the last quarter. FIL Ltd bought a new position in Equinox Gold in the fourth quarter valued at $332,888,000. Norges Bank purchased a new stake in Equinox Gold during the fourth quarter valued at about $141,388,000. Boston Partners purchased a new stake in Equinox Gold during the fourth quarter valued at about $75,290,000. Finally, Arrowstreet Capital Limited Partnership bought a new stake in Equinox Gold during the fourth quarter worth about $55,875,000. 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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