Equinox Gold (NYSEAMERICAN:EQX) Reaches New 52-Week High - Should You Buy?

Key Points

• Equinox Gold's stock reached a new 52-week high of $9.96 and has been performing strongly, with a reported increase of 77.7% in quarterly revenue compared to the previous year.
• Analysts have shown confidence in Equinox Gold, with most giving it ratings of "Moderate Buy" and a significant average price target of $35.00.
• Institutional investors currently own 38.85% of Equinox Gold's stock, indicating strong interest and confidence from large financial entities.

Equinox Gold Corp. (NYSEAMERICAN:EQX - Get Free Report) shares reached a new 52-week high during trading on Monday . The company traded as high as $9.96 and last traded at $9.84, with a volume of 333652 shares traded. The stock had previously closed at $9.78.

Analysts Set New Price Targets

A number of analysts have recently commented on EQX shares. Royal Bank Of Canada raised Equinox Gold from a "sector perform" rating to an "outperform" rating and boosted their price objective for the stock from $11.00 to $17.00 in a research note on Wednesday. National Bankshares restated an "outperform" rating on shares of Equinox Gold in a report on Friday, August 15th. BMO Capital Markets began coverage on Equinox Gold in a report on Wednesday, June 18th. They issued an "outperform" rating on the stock. TD Securities restated a "buy" rating on shares of Equinox Gold in a report on Friday, September 5th. Finally, CIBC restated a "neutral" rating on shares of Equinox Gold in a report on Tuesday, July 15th. One 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. Based on data from MarketBeat, Equinox Gold has an average rating of "Moderate Buy" and a consensus target price of $26.00.

Equinox Gold Stock Down 3.3%

The company has a debt-to-equity ratio of 0.29, a current ratio of 0.94 and a quick ratio of 0.53. The firm has a market cap of $8.07 billion, a PE ratio of -176.80 and a beta of 1.11. The business has a fifty day moving average price of $7.42 and a two-hundred day moving average price of $6.84.

Equinox Gold (NYSEAMERICAN:EQX - Get Free Report) last issued its quarterly earnings results on Wednesday, August 13th. The company reported $0.11 earnings per share for the quarter, beating analysts' consensus estimates of $0.02 by $0.09. Equinox Gold had a positive return on equity of 3.54% and a negative net margin of 1.21%.The business had revenue of $478.64 million for the quarter, compared to the consensus estimate of $470.00 million. During the same quarter in the previous year, the company posted ($0.01) earnings per share. Equinox Gold's revenue for the quarter was up 77.7% compared to the same quarter last year. On average, analysts anticipate that Equinox Gold Corp. will post 0.85 EPS for the current fiscal year.

Institutional Inflows and Outflows

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