Bank of Nova Scotia Cuts Stake in Equinox Gold Corp. (NYSEAMERICAN:EQX)

Key Points

• The Bank of Nova Scotia drastically reduced its holdings in Equinox Gold Corp. by 99.6%, now owning only 14,473 shares after selling over 3.8 million shares during the first quarter.
• Equinox Gold reported a loss of $0.08 per share for the quarter, missing the consensus estimate while achieving a significant year-over-year revenue increase of 75.6% to $423.72 million.
• Analysts have mixed ratings on Equinox Gold, with a consensus rating of "Moderate Buy" and a target price of $35.00, reflecting potential for future growth.

Bank of Nova Scotia reduced its stake in Equinox Gold Corp. (NYSEAMERICAN:EQX - Free Report) by 99.6% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 14,473 shares of the company's stock after selling 3,834,961 shares during the period. Bank of Nova Scotia's holdings in Equinox Gold were worth $99,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. Veracity Capital LLC grew its holdings in Equinox Gold by 14.2% during the 1st quarter. Veracity Capital LLC now owns 12,589 shares of the company's stock valued at $87,000 after purchasing an additional 1,564 shares during the last quarter. Cambridge Investment Research Advisors Inc. boosted its position in Equinox Gold by 2.4% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 86,161 shares of the company's stock valued at $592,000 after buying an additional 1,990 shares during the period. Continuum Advisory LLC boosted its position in Equinox Gold by 53.3% in the 1st quarter. Continuum Advisory LLC now owns 7,540 shares of the company's stock valued at $52,000 after buying an additional 2,620 shares during the period. Wells Fargo & Company MN boosted its position in Equinox Gold by 16.3% in the 4th quarter. Wells Fargo & Company MN now owns 20,358 shares of the company's stock valued at $102,000 after buying an additional 2,855 shares during the period. Finally, Public Employees Retirement System of Ohio boosted its position in Equinox Gold by 2.9% in the 4th quarter. Public Employees Retirement System of Ohio now owns 137,268 shares of the company's stock valued at $691,000 after buying an additional 3,826 shares during the period. 38.85% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

EQX has been the subject of several recent analyst reports. BMO Capital Markets initiated coverage on shares of Equinox Gold in a research note on Wednesday, June 18th. They issued an "outperform" rating for the company. CIBC reaffirmed a "neutral" rating on shares of Equinox Gold in a report on Tuesday, July 15th. National Bankshares reaffirmed an "outperform" rating on shares of Equinox Gold in a report on Friday, June 13th. Finally, TD Securities raised shares of Equinox Gold from a "hold" rating to a "buy" rating in a report on Wednesday, July 16th. Two analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $35.00.

Equinox Gold Price Performance

Shares of NYSEAMERICAN EQX traded up $1.05 during trading on Thursday, hitting $7.84. The company had a trading volume of 28,598,294 shares, compared to its average volume of 12,124,452. The firm has a market capitalization of $5.96 billion, a price-to-earnings ratio of 15.63 and a beta of 1.10. Equinox Gold Corp. has a fifty-two week low of $4.95 and a fifty-two week high of $7.87. The stock has a fifty day simple moving average of $6.29 and a two-hundred day simple moving average of $6.39. The company has a quick ratio of 0.50, a current ratio of 0.85 and a debt-to-equity ratio of 0.38.

Equinox Gold (NYSEAMERICAN:EQX - Get Free Report) last released its earnings results on Wednesday, August 13th. The company reported $0.11 earnings per share for the quarter, topping analysts' consensus estimates of $0.02 by $0.09. The business had revenue of $478.64 million for the quarter, compared to analyst estimates of $470.00 million. Equinox Gold had a net margin of 13.96% and a return on equity of 2.20%. The business's revenue was up 77.7% on a year-over-year basis. During the same period last year, the company posted ($0.01) EPS. On average, research analysts expect that Equinox Gold Corp. will post 0.85 earnings per share for the current year.

About Equinox Gold

Equinox Gold Corp. engages in the exploration, acquisition, development, and operation of mineral properties in the Americas. It explores gold and silver deposits. It holds interest in properties in California located in the United States; Guerrero State located in Mexico; Maranhão, Bahia, and Mina Gerais state located in Brazil; and Ontario, Canada.