Equinox Gold (NYSEAMERICAN:EQX) Stock Price Down 7.9% - Here's Why

Key Points

• Equinox Gold shares fell 7.9% on Friday to $14.66, trading as low as $14.71 with about 5.4 million shares exchanged—roughly 47% below average session volume.
• Analysts maintain a consensus Buy rating with an average price target of $17.00, based on 2 Strong Buy, 5 Buy and 1 Hold recommendations.
• The company has a market cap of $11.49 billion and a P/E of 60.7, recently declared a quarterly dividend of $0.015 (annualized $0.06, ~0.4% yield), and institutional investors own about 38.9% of the stock.

Shares of Equinox Gold Corp. (NYSEAMERICAN:EQX - Get Free Report) fell 7.9% on Friday . The stock traded as low as $14.71 and last traded at $14.6550. 5,400,900 shares were traded during mid-day trading, a decline of 47% from the average session volume of 10,184,146 shares. The stock had previously closed at $15.92.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on EQX shares. BMO Capital Markets reaffirmed an "outperform" rating on shares of Equinox Gold in a research note on Tuesday, January 27th. Zacks Research raised Equinox Gold from a "strong sell" rating to a "hold" rating in a report on Tuesday, February 10th. Stifel Nicolaus started coverage on Equinox Gold in a research note on Tuesday, December 2nd. They set a "buy" rating for the company. Canadian Imperial Bank of Commerce raised shares of Equinox Gold from a "hold" rating to a "strong-buy" rating in a research report on Monday, February 23rd. Finally, Scotiabank restated an "outperform" rating on shares of Equinox Gold in a research note on Monday, January 26th. Two equities research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the company has an average rating of "Buy" and a consensus price target of $17.00.

Equinox Gold Stock Down 8.5%

The firm has a market capitalization of $11.49 billion, a P/E ratio of 60.71 and a beta of 1.20. The stock has a fifty day moving average price of $15.80 and a two-hundred day moving average price of $13.25. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.27 and a current ratio of 1.56.

Equinox Gold Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 26th. Stockholders of record on Thursday, March 12th will be issued a $0.015 dividend. The ex-dividend date of this dividend is Thursday, March 12th. This represents a $0.06 annualized dividend and a dividend yield of 0.4%.

Hedge Funds Weigh In On Equinox Gold

Several institutional investors have recently made changes to their positions in the stock. Mcguire Capital Advisors Inc. bought a new position in Equinox Gold during the 4th quarter worth $25,000. SBI Securities Co. Ltd. increased its holdings in shares of Equinox Gold by 2,054.6% in the 2nd quarter. SBI Securities Co. Ltd. now owns 4,697 shares of the company's stock worth $27,000 after acquiring an additional 4,479 shares during the period. Aventura Private Wealth LLC bought a new stake in Equinox Gold in the 4th quarter valued at about $28,000. Lodestone Wealth Management LLC acquired a new position in Equinox Gold during the 4th quarter valued at about $28,000. Finally, MassMutual Private Wealth & Trust FSB acquired a new stake in shares of Equinox Gold in the fourth quarter valued at approximately $37,000. 38.85% of the stock is owned by institutional investors.

About Equinox Gold

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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