Cubist Systematic Strategies LLC Takes $8.46 Million Position in Equinox Gold Corp. $EQX

Key Points

• Cubist Systematic Strategies LLC has made a substantial new investment of approximately $8.46 million in Equinox Gold Corp., acquiring over 1.2 million shares.
• Equinox Gold has received multiple upgrades from analysts, including a rating change from TD Securities from "hold" to "buy," reflecting growing confidence in the company's prospects.
• The company's recent earnings report showed a significant year-over-year revenue increase of 77.7%, with earnings per share of $0.11, outperforming analyst expectations.

Cubist Systematic Strategies LLC bought a new position in Equinox Gold Corp. (NYSEAMERICAN:EQX - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 1,229,256 shares of the company's stock, valued at approximately $8,457,000. Cubist Systematic Strategies LLC owned 0.27% of Equinox Gold at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Helikon Investments Ltd boosted its position in Equinox Gold by 229.3% in the first quarter. Helikon Investments Ltd now owns 5,614,735 shares of the company's stock valued at $38,629,000 after buying an additional 3,909,705 shares in the last quarter. Mackenzie Financial Corp lifted its position in shares of Equinox Gold by 42.6% during the fourth quarter. Mackenzie Financial Corp now owns 7,008,149 shares of the company's stock worth $35,260,000 after purchasing an additional 2,093,437 shares in the last quarter. American Century Companies Inc. lifted its position in shares of Equinox Gold by 88.4% during the first quarter. American Century Companies Inc. now owns 3,660,928 shares of the company's stock worth $25,162,000 after purchasing an additional 1,717,251 shares in the last quarter. Gemsstock Ltd. boosted its stake in Equinox Gold by 64.2% in the first quarter. Gemsstock Ltd. now owns 4,198,277 shares of the company's stock valued at $28,905,000 after acquiring an additional 1,641,600 shares during the last quarter. Finally, Compass Rose Asset Management LP boosted its stake in Equinox Gold by 1,500.0% in the fourth quarter. Compass Rose Asset Management LP now owns 1,600,000 shares of the company's stock valued at $8,032,000 after acquiring an additional 1,500,000 shares during the last quarter. Institutional investors own 38.85% of the company's stock.

Equinox Gold Trading Up 9.0%

NYSEAMERICAN EQX traded up $0.81 during trading on Friday, hitting $9.78. The company had a trading volume of 32,127,927 shares, compared to its average volume of 13,941,589. The company has a current ratio of 0.94, a quick ratio of 0.53 and a debt-to-equity ratio of 0.29. The company's fifty day moving average is $6.96 and its 200-day moving average is $6.71. The company has a market cap of $7.43 billion, a price-to-earnings ratio of -162.97 and a beta of 1.11. Equinox Gold Corp. has a one year low of $4.95 and a one year high of $9.87.

Equinox Gold (NYSEAMERICAN:EQX - Get Free Report) last issued its quarterly earnings results on Wednesday, August 13th. The company reported $0.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.09. The company had revenue of $478.64 million during the quarter, compared to analyst estimates of $470.00 million. Equinox Gold had a negative net margin of 1.21% and a positive return on equity of 3.54%. Equinox Gold's quarterly revenue was up 77.7% compared to the same quarter last year. During the same period last year, the business earned ($0.01) EPS. On average, sell-side analysts predict that Equinox Gold Corp. will post 0.85 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms have weighed in on EQX. CIBC reiterated a "neutral" rating on shares of Equinox Gold in a report on Tuesday, July 15th. BMO Capital Markets began coverage on shares of Equinox Gold in a report on Wednesday, June 18th. They set an "outperform" rating for the company. TD Securities raised shares of Equinox Gold from a "hold" rating to a "buy" rating in a research note on Wednesday, July 16th. Zacks Research upgraded shares of Equinox Gold from a "strong sell" rating to a "hold" rating in a report on Wednesday, August 13th. Finally, National Bankshares reissued an "outperform" rating on shares of Equinox Gold in a research report on Friday, August 15th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $35.00.

Equinox Gold Profile

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.