Equinox Gold (TSE:EQX) Hits New 52-Week High - Here's What Happened

Key Points

• Equinox Gold's shares reached a new 52-week high of C$15.29, indicating a significant increase in investor confidence.
• Multiple brokerage firms, including TD Securities and Royal Bank of Canada, upgraded Equinox Gold's stock rating to "strong-buy" or "moderate buy," reflecting a positive outlook from analysts.
• Director Blayne Barry Johnson sold 105,000 shares of the company’s stock, decreasing his ownership, while insiders hold approximately 6.40% of the stock.

Shares of Equinox Gold Corp. (TSE:EQX - Get Free Report) reached a new 52-week high during mid-day trading on Monday . The company traded as high as C$15.29 and last traded at C$15.20, with a volume of 1143227 shares trading hands. The stock had previously closed at C$14.71.

Wall Street Analyst Weigh In

EQX has been the subject of a number of recent research reports. TD Securities upgraded Equinox Gold from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, July 16th. Royal Bank Of Canada upgraded Equinox Gold from a "hold" rating to a "moderate buy" rating in a research note on Wednesday, September 10th. Finally, Cormark raised Equinox Gold from a "hold" rating to a "moderate buy" rating in a report on Friday, August 15th. Two equities research analysts have rated the stock with a Strong Buy rating and one has given a Buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Strong Buy".

Equinox Gold Stock Up 1.5%

The firm's 50 day simple moving average is C$10.22 and its 200 day simple moving average is C$9.49. The company has a quick ratio of 1.31, a current ratio of 0.85 and a debt-to-equity ratio of 45.65. The company has a market cap of C$11.67 billion, a price-to-earnings ratio of -114.85 and a beta of 1.79.

Insiders Place Their Bets

In related news, Director Blayne Barry Johnson sold 105,000 shares of the company's stock in a transaction dated Wednesday, September 10th. The shares were sold at an average price of C$14.91, for a total value of C$1,565,550.00. Following the completion of the sale, the director owned 1,706,616 shares of the company's stock, valued at C$25,445,644.56. This represents a 5.80% decrease in their ownership of the stock. 6.40% of the stock is owned by insiders.

About Equinox Gold

Equinox Gold is a growth-focused gold producer operating entirely in the Americas, with projects in Canada, the USA, Mexico and Brazil. Equinox Gold has seven operating mines and a clear path to achieve more than one million ounces of annual gold production from a pipeline of development and expansion projects.

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