Bank of New York Mellon Corp Sells 125,180 Shares of Equinox Gold Corp. (NYSEAMERICAN:EQX)

Key Points

• Bank of New York Mellon Corp reduced its holdings in Equinox Gold Corp by 80.9% in Q1, leaving them with 29,470 shares valued at approximately $203,000.
• Equinox Gold reported a quarterly loss of ($0.08) EPS, missing estimates by ($0.19), though revenue rose 75.6% year-over-year to $423.72 million.
• Analysts rate Equinox Gold as a Moderate Buy with a consensus price target of $35.00, reflecting positive sentiment despite recent earnings miss.

Bank of New York Mellon Corp trimmed its holdings in Equinox Gold Corp. (NYSEAMERICAN:EQX - Free Report) by 80.9% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 29,470 shares of the company's stock after selling 125,180 shares during the quarter. Bank of New York Mellon Corp's holdings in Equinox Gold were worth $203,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in EQX. Norges Bank purchased a new stake in Equinox Gold during the fourth quarter valued at $5,304,000. Vanguard Group Inc. increased its holdings in shares of Equinox Gold by 1.7% in the 4th quarter. Vanguard Group Inc. now owns 13,822,876 shares of the company's stock worth $69,626,000 after buying an additional 236,455 shares during the last quarter. Cetera Investment Advisers purchased a new stake in shares of Equinox Gold during the 4th quarter valued at about $95,000. Deutsche Bank AG raised its position in shares of Equinox Gold by 67.1% during the 4th quarter. Deutsche Bank AG now owns 39,222 shares of the company's stock valued at $197,000 after buying an additional 15,749 shares in the last quarter. Finally, LPL Financial LLC lifted its holdings in shares of Equinox Gold by 8.3% in the 4th quarter. LPL Financial LLC now owns 430,722 shares of the company's stock valued at $2,162,000 after acquiring an additional 32,952 shares during the last quarter. 38.85% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

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

Equinox Gold Trading Down 1.7%

Shares of EQX traded down $0.11 during trading hours on Friday, reaching $6.44. 14,250,354 shares of the company traded hands, compared to its average volume of 11,986,377. The firm has a market cap of $4.89 billion, a price-to-earnings ratio of 12.88 and a beta of 1.10. Equinox Gold Corp. has a 12-month low of $4.67 and a 12-month high of $7.45. The company has a current ratio of 0.85, a quick ratio of 0.50 and a debt-to-equity ratio of 0.38. The stock's fifty day moving average price is $6.30 and its 200 day moving average price is $6.34.

Equinox Gold (NYSEAMERICAN:EQX - Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.11 by ($0.19). The company had revenue of $423.72 million for the quarter, compared to analysts' expectations of $404.00 million. Equinox Gold had a net margin of 13.96% and a return on equity of 2.20%. The firm's revenue for the quarter was up 75.6% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.13) earnings per share. Sell-side analysts forecast 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.