Equinox Gold (TSE:EQX) Sets New 1-Year High - What's Next?

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.

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

Analysts Set New Price Targets

A number of brokerages have issued reports on EQX. TD Securities upgraded Equinox Gold from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, July 16th. Cormark raised Equinox Gold from a "hold" rating to a "moderate buy" rating in a research report on Friday, August 15th. Finally, Royal Bank Of Canada raised Equinox Gold from a "hold" rating to a "moderate buy" rating in a report on Wednesday, September 10th. Two investment analysts have rated the stock with a Strong Buy rating and one has assigned a Buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Strong Buy".

Equinox Gold Price Performance

The company has a debt-to-equity ratio of 45.65, a quick ratio of 1.31 and a current ratio of 0.85. The stock has a market capitalization of C$11.58 billion, a P/E ratio of -113.92 and a beta of 1.79. The firm has a 50-day moving average price of C$10.85 and a 200 day moving average price of C$9.67.

Insider Activity at Equinox Gold

In other news, Director Blayne Barry Johnson sold 105,000 shares of the stock in a transaction dated Wednesday, September 10th. The stock was sold at an average price of C$14.91, for a total transaction of C$1,565,550.00. Following the transaction, the director directly owned 1,706,616 shares in the company, valued at approximately C$25,445,644.56. This represents a 5.80% decrease in their position. Company insiders own 6.40% of the company's stock.

Equinox Gold Company Profile

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.