Equinox Gold Target of Unusually Large Options Trading (NYSEAMERICAN:EQX)

Key Points

• Unusually high put-option activity: Investors bought 7,737 EQX put options, about 69% above the stock’s average daily put volume.
• Analysts remain broadly positive: Equinox Gold has a consensus “Buy” rating and an average price target of $13.00, despite one recent downgrade and RBC lowering its target to $13.
• Quarterly results slightly missed estimates: The company reported $0.16 in EPS versus expectations of $0.17, while revenue rose 60.8% year over year to $769.8 million. Shares traded at $10.70, and institutional investors own 38.85% of the stock.

Equinox Gold Corp. (NYSEAMERICAN:EQX - Get Free Report) was the target of some unusual options trading on Thursday. Investors bought 7,737 put options on the stock. This is an increase of approximately 69% compared to the average daily volume of 4,582 put options.

Wall Street Analysts Forecast Growth

Several brokerages have commented on EQX. Zacks Research downgraded Equinox Gold from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 21st. The Goldman Sachs Group upgraded Equinox Gold from a "buy" rating to a "buy" rating in a research note on Monday, June 8th. Canadian Imperial Bank of Commerce reiterated an "outperform" rating on shares of Equinox Gold in a research note on Thursday, July 16th. Finally, Royal Bank Of Canada decreased their price target on shares of Equinox Gold from $14.00 to $13.00 and set an "outperform" rating on the stock in a research report on Thursday, July 9th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $13.00.

Institutional Trading of Equinox Gold

Institutional investors and hedge funds have recently made changes to their positions in the stock. TT International Asset Management LTD acquired a new stake in shares of Equinox Gold during the 4th quarter worth approximately $24,061,000. Massachusetts Financial Services Co. MA acquired a new position in Equinox Gold during the fourth quarter worth approximately $30,375,000. Vanguard Group Inc. lifted its position in shares of Equinox Gold by 11.8% in the fourth quarter. Vanguard Group Inc. now owns 30,714,751 shares of the company's stock valued at $431,665,000 after buying an additional 3,250,135 shares during the last quarter. PKO Investment Management Joint Stock Co increased its holdings in shares of Equinox Gold by 41.3% during the 4th quarter. PKO Investment Management Joint Stock Co now owns 342,387 shares of the company's stock worth $4,821,000 after acquiring an additional 100,000 shares during the last quarter. Finally, Montrusco Bolton Investments Inc. acquired a new stake in Equinox Gold during the 4th quarter valued at $2,241,000. Institutional investors and hedge funds own 38.85% of the company's stock.

Equinox Gold Stock Performance

EQX traded up $0.38 during midday trading on Thursday, hitting $10.70. 11,510,131 shares of the company were exchanged, compared to its average volume of 11,328,910. Equinox Gold has a 1-year low of $6.29 and a 1-year high of $18.96. The company has a current ratio of 1.24, a quick ratio of 0.75 and a debt-to-equity ratio of 0.10. The company's 50 day simple moving average is $10.09 and its 200 day simple moving average is $13.19. The firm has a market capitalization of $8.44 billion, a price-to-earnings ratio of 13.37 and a beta of 1.27.

Equinox Gold (NYSEAMERICAN:EQX - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The company reported $0.16 EPS for the quarter, missing analysts' consensus estimates of $0.17 by ($0.01). Equinox Gold had a net margin of 21.72% and a return on equity of 10.26%. The business had revenue of $769.80 million during the quarter, compared to analysts' expectations of $775.79 million. During the same quarter in the previous year, the company posted $0.11 EPS. The company's revenue was up 60.8% compared to the same quarter last year. As a group, sell-side analysts predict that Equinox Gold will post 1.12 earnings per share for the current year.

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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