Equinox Gold (TSE:EQX) Sets New 12-Month High - Still a Buy?

Key Points

• Equinox Gold shares reached a new 52-week high of C$17.07, closing at C$16.95, with significant trading volume of over 2.1 million shares.
• Analysts have upgraded Equinox Gold's rating multiple times, with three firms now giving a Strong Buy recommendation and one a Buy rating, leading to a consensus rating of "Strong Buy."
• Insider trading activity included a purchase by David Chester Schummer of 9,100 shares and a sale by Director Blayne Barry Johnson of 105,000 shares, indicating varied confidence among insiders.

Equinox Gold Corp. (TSE:EQX - Get Free Report) shares hit a new 52-week high on Tuesday . The company traded as high as C$17.07 and last traded at C$16.95, with a volume of 2108844 shares traded. The stock had previously closed at C$16.29.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. TD Securities raised Equinox Gold from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, July 16th. Cormark upgraded Equinox Gold from a "hold" rating to a "moderate buy" rating in a research report on Friday, August 15th. Royal Bank Of Canada upgraded Equinox Gold from a "hold" rating to a "moderate buy" rating in a research report on Wednesday, September 10th. Finally, Cibc World Mkts raised Equinox Gold from a "hold" rating to a "strong-buy" rating in a report on Thursday, October 9th. Three analysts have rated the stock with a Strong Buy rating and one has issued a Buy rating to the company. According to data from MarketBeat.com, Equinox Gold has a consensus rating of "Strong Buy".

Equinox Gold Price Performance

The company has a current ratio of 0.85, a quick ratio of 1.31 and a debt-to-equity ratio of 45.65. The stock has a market capitalization of C$13.14 billion, a P/E ratio of -129.31 and a beta of 2.18. The stock has a 50 day moving average of C$13.07 and a 200-day moving average of C$10.32.

Insiders Place Their Bets

In related news, insider David Chester Schummer acquired 9,100 shares of the firm's stock in a transaction dated Thursday, September 11th. The stock was acquired at an average price of C$15.20 per share, with a total value of C$138,320.00. Following the acquisition, the insider directly owned 168,222 shares in the company, valued at C$2,556,974.40. This represents a 5.72% increase in their position. Also, Director Blayne Barry Johnson sold 105,000 shares of Equinox Gold 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 transaction, the director owned 1,706,616 shares of the company's stock, valued at approximately C$25,445,644.56. This represents a 5.80% decrease in their position. 6.40% of the stock is owned by company insiders.

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.

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