Equinox Gold (TSE:EQX) Price Target Lowered to C$27.00 at Canadian Imperial Bank of Commerce

Key Points

• Canadian Imperial Bank of Commerce cut its price target on Equinox Gold from C$31.00 to C$27.00, though the new target still implies significant upside from the current share price.
• TD also lowered its target on the stock, from C$23.00 to C$20.00, while keeping a buy rating. Overall, analysts remain constructive, with seven Buy ratings and a consensus target of C$24.50.
• Equinox Gold shares fell to C$12.28 in Thursday trading after recent earnings showed C$0.39 per share and C$1.20 billion in revenue for the quarter. The company also reported insider buying in recent months, including purchases by Ryan King and Daniella Elena Dimitrov.

Equinox Gold (TSE:EQX - Get Free Report) had its price objective decreased by investment analysts at Canadian Imperial Bank of Commerce from C$31.00 to C$27.00 in a research note issued on Thursday,BayStreet.CA reports. Canadian Imperial Bank of Commerce's target price suggests a potential upside of 119.87% from the stock's current price.

Separately, TD reduced their price target on Equinox Gold from C$23.00 to C$20.00 and set a "buy" rating for the company in a research report on Monday, June 29th. Seven investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company has an average rating of "Buy" and a consensus price target of C$24.50.

Equinox Gold Stock Performance

EQX traded down C$0.82 during midday trading on Thursday, hitting C$12.28. 1,833,003 shares of the company were exchanged, compared to its average volume of 3,585,193. The company's 50 day simple moving average is C$15.81 and its 200 day simple moving average is C$18.95. The firm has a market capitalization of C$9.69 billion, a price-to-earnings ratio of 13.64 and a beta of 3.11. The company has a current ratio of 1.24, a quick ratio of 1.31 and a debt-to-equity ratio of 10.04. Equinox Gold has a 1-year low of C$8.27 and a 1-year high of C$25.87.

Equinox Gold (TSE:EQX - Get Free Report) last released its quarterly earnings data on Wednesday, May 6th. The company reported C$0.39 earnings per share for the quarter. Equinox Gold had a return on equity of 10.88% and a net margin of 21.78%.The business had revenue of C$1.20 billion during the quarter. As a group, sell-side analysts predict that Equinox Gold will post 1.3865979 earnings per share for the current year.

Insider Buying and Selling

In other Equinox Gold news, insider Ryan King acquired 3,000 shares of the business's stock in a transaction dated Friday, May 22nd. The stock was acquired at an average cost of C$16.96 per share, for a total transaction of C$50,880.00. Following the completion of the transaction, the insider directly owned 324,062 shares of the company's stock, valued at C$5,496,091.52. This represents a 0.93% increase in their ownership of the stock. Also, insider Daniella Elena Dimitrov bought 7,000 shares of Equinox Gold stock in a transaction dated Friday, June 12th. The shares were acquired at an average cost of C$14.40 per share, with a total value of C$100,800.00. Following the completion of the purchase, the insider owned 109,199 shares in the company, valued at approximately C$1,572,465.60. This trade represents a 6.85% increase in their ownership of the stock. In the last 90 days, insiders acquired 11,922 shares of company stock valued at $187,391. 6.40% of the stock is owned by company insiders.

Equinox Gold Company Profile

Equinox Gold Corp is a Canadian-based gold mining company engaged in the exploration, development and production of gold assets across the Americas. The company focuses on operating and advancing assets that can deliver sustainable gold production through modern mining methods and responsible environmental practices.

Equinox Gold’s operating portfolio includes the Los Filos mine in Mexico, the Mesquite and Castle Mountain mines in California, and the Aurizona mine in Brazil. These assets employ a combination of heap‐leach and carbon‐in‐leach processing techniques to produce gold doré, while ongoing exploration programs seek to expand mineral reserves and extend mine life at each site.

Since its formation, Equinox Gold has grown through strategic acquisitions and organic project development, building a pipeline of development‐stage and advanced exploration properties across North and South America.

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