Equinox Gold (NYSEAMERICAN:EQX) Upgraded to Outperform at Royal Bank Of Canada

Key Points

• Equinox Gold was upgraded from a "sector perform" to an "outperform" rating by Royal Bank Of Canada, indicating increased analyst confidence in the stock's performance.
• The company reported earnings of $0.11 per share for the last quarter, significantly exceeding analysts' expectations of $0.02, and demonstrated a 77.7% year-over-year revenue increase.
• A consensus rating of "Moderate Buy" among analysts suggests positive sentiment towards Equinox Gold, with a target price of $35.00 for the stock.

Equinox Gold (NYSEAMERICAN:EQX - Get Free Report) was upgraded by stock analysts at Royal Bank Of Canada from a "sector perform" rating to an "outperform" rating in a research note issued to investors on Wednesday, Marketbeat Ratings reports.

A number of other analysts also recently issued reports on the company. Zacks Research raised Equinox Gold from a "strong sell" rating to a "hold" rating in a report on Wednesday, August 13th. Cormark raised Equinox Gold from a "hold" rating to a "moderate buy" rating in a report on Friday, August 15th. BMO Capital Markets initiated coverage on Equinox Gold in a report on Wednesday, June 18th. They set an "outperform" rating for the company. TD Securities reaffirmed a "buy" rating on shares of Equinox Gold in a report on Friday. Finally, National Bankshares reissued an "outperform" rating on shares of Equinox Gold in a report on Friday, August 15th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $35.00.

Equinox Gold Trading Up 1.2%

NYSEAMERICAN:EQX opened at $9.95 on Wednesday. The firm has a market cap of $7.57 billion, a PE ratio of -165.81 and a beta of 1.11. The stock has a fifty day moving average price of $7.13 and a 200 day moving average price of $6.76. Equinox Gold has a 12-month low of $4.95 and a 12-month high of $10.01. The company has a current ratio of 0.94, a quick ratio of 0.53 and a debt-to-equity ratio of 0.29.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in EQX. Osaic Holdings Inc. boosted its position in shares of Equinox Gold by 27.9% during the 2nd quarter. Osaic Holdings Inc. now owns 43,424 shares of the company's stock valued at $250,000 after acquiring an additional 9,468 shares in the last quarter. Squarepoint Ops LLC boosted its position 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 buying an additional 578,026 shares in the last quarter. Marex Group plc acquired a new position in Equinox Gold in the second quarter valued at about $932,000. L1 Capital Pty Ltd boosted its position 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 buying an additional 13,060,846 shares in the last quarter. Finally, Nikko Asset Management Americas Inc. acquired a new position in Equinox Gold in the second quarter valued at about $574,000. 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.

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