Equinox Gold (NYSEAMERICAN:EQX) Reaches New 1-Year High - Still a Buy?

Key Points

• Equinox Gold Corp. reached a new 52-week high with stock trading up to $9.10, closing at $8.93 on significant volume of 670,220 shares.
• Analysts upgraded Equinox Gold's ratings, with the average rating now being "Moderate Buy" and a price target of $35.00.
• The company reported earnings per share of $0.11, surpassing estimates, with a 77.7% increase in revenue year-over-year, totaling $478.64 million.

Equinox Gold Corp. (NYSEAMERICAN:EQX - Get Free Report) shares hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $9.10 and last traded at $8.93, with a volume of 670220 shares. The stock had previously closed at $8.76.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. BMO Capital Markets assumed coverage on shares of Equinox Gold in a research report on Wednesday, June 18th. They set an "outperform" rating for the company. TD Securities upgraded shares of Equinox Gold from a "hold" rating to a "buy" rating in a research report on Wednesday, July 16th. CIBC reissued a "neutral" rating on shares of Equinox Gold in a research report on Tuesday, July 15th. Zacks Research raised shares of Equinox Gold from a "strong sell" rating to a "hold" rating in a research report on Wednesday, August 13th. Finally, Cormark raised shares of Equinox Gold from a "hold" rating to a "moderate buy" rating in a research report on Friday, August 15th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat, Equinox Gold currently has an average rating of "Moderate Buy" and an average price target of $35.00.

Equinox Gold Price Performance

The stock's 50-day moving average is $6.96 and its 200-day moving average is $6.71. The firm has a market cap of $7.43 billion, a P/E ratio of -162.97 and a beta of 1.11. The company has a quick ratio of 0.53, a current ratio of 0.94 and a debt-to-equity ratio of 0.29.

Equinox Gold (NYSEAMERICAN:EQX - Get Free Report) last announced its earnings results 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. Equinox Gold had a negative net margin of 1.21% and a positive return on equity of 3.54%. The business had revenue of $478.64 million for the quarter, compared to analyst estimates of $470.00 million. During the same quarter in the previous year, the firm posted ($0.01) earnings per share. Equinox Gold's revenue was up 77.7% compared to the same quarter last year. As a group, equities analysts anticipate that Equinox Gold Corp. will post 0.85 EPS for the current fiscal year.

Institutional Investors Weigh In On Equinox Gold

A number of institutional investors have recently bought and sold shares of the business. Osaic Holdings Inc. boosted its stake in Equinox Gold by 27.9% during the second quarter. Osaic Holdings Inc. now owns 43,424 shares of the company's stock worth $250,000 after buying an additional 9,468 shares in the last quarter. Squarepoint Ops LLC boosted its stake in Equinox Gold by 398.8% during the second quarter. Squarepoint Ops LLC now owns 722,955 shares of the company's stock worth $4,157,000 after buying an additional 578,026 shares in the last quarter. Marex Group plc acquired a new stake in Equinox Gold during the second quarter worth $932,000. L1 Capital Pty Ltd boosted its stake in Equinox Gold by 120.4% during the second quarter. L1 Capital Pty Ltd now owns 23,908,865 shares of the company's stock worth $137,476,000 after buying an additional 13,060,846 shares in the last quarter. Finally, Nikko Asset Management Americas Inc. acquired a new stake in Equinox Gold during the second quarter worth $574,000. Institutional investors and hedge funds 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.