Equinox Gold (NYSEAMERICAN:EQX) Shares Gap Down - Here's Why

Equinox Gold Corp. (NYSEAMERICAN:EQX - Get Free Report) shares gapped down prior to trading on Thursday . The stock had previously closed at $6.95, but opened at $6.67. Equinox Gold shares last traded at $6.39, with a volume of 7,116,203 shares trading hands.

Analyst Upgrades and Downgrades

Separately, National Bank Financial raised Equinox Gold to a "strong-buy" rating in a research note on Friday, March 21st.

Equinox Gold Price Performance

The company has a 50 day moving average price of $6.61 and a 200 day moving average price of $6.16. The company has a market capitalization of $2.98 billion, a price-to-earnings ratio of 12.11 and a beta of 1.33. The company has a current ratio of 0.85, a quick ratio of 0.33 and a debt-to-equity ratio of 0.37.

Equinox Gold (NYSEAMERICAN:EQX - Get Free Report) last released its earnings results on Wednesday, May 7th. The company reported ($0.08) EPS for the quarter, missing the consensus estimate of $0.11 by ($0.19). Equinox Gold had a net margin of 17.81% and a return on equity of 3.20%. The firm had revenue of $423.72 million during the quarter, compared to analyst estimates of $404.00 million. During the same period last year, the business posted ($0.13) earnings per share. The firm's quarterly revenue was up 75.6% on a year-over-year basis. As a group, equities research analysts forecast that Equinox Gold Corp. will post 0.85 earnings per share for the current year.

Institutional Investors Weigh In On Equinox Gold

A number of institutional investors have recently made changes to their positions in the stock. Invst LLC acquired a new position in Equinox Gold in the first quarter valued at about $877,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Equinox Gold by 164.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 780,141 shares of the company's stock valued at $5,367,000 after acquiring an additional 485,567 shares during the period. Goldman Sachs Group Inc. grew its stake in Equinox Gold by 35.7% in the first quarter. Goldman Sachs Group Inc. now owns 1,862,225 shares of the company's stock valued at $12,812,000 after acquiring an additional 490,251 shares during the period. Dynamic Technology Lab Private Ltd grew its stake in Equinox Gold by 92.8% in the first quarter. Dynamic Technology Lab Private Ltd now owns 162,043 shares of the company's stock valued at $1,115,000 after acquiring an additional 78,011 shares during the period. Finally, Millennium Management LLC acquired a new position in Equinox Gold in the first quarter valued at about $6,883,000. 38.85% of the stock is owned by institutional investors and hedge funds.

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.