Gabelli Funds LLC Invests $2.75 Million in Equinox Gold Corp. $EQX

Key Points

• Gabelli Funds LLC has invested approximately $2.75 million in Equinox Gold Corp. by purchasing 400,000 shares during the first quarter of 2023.
• Analysts now have a consensus rating of "Moderate Buy" for Equinox Gold, with a target price set at $35.00, reflecting positive sentiment following notable upgrades from various research firms.
• Equinox Gold reported earnings of $0.11 per share for the last quarter, significantly exceeding the expected $0.02, while experiencing a 77.7% year-over-year increase in revenue.

Gabelli Funds LLC bought a new position in shares of Equinox Gold Corp. (NYSEAMERICAN:EQX - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 400,000 shares of the company's stock, valued at approximately $2,752,000. Gabelli Funds LLC owned approximately 0.09% of Equinox Gold as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in EQX. Tobam acquired a new position in Equinox Gold in the 1st quarter worth approximately $29,000. BNP Paribas Financial Markets acquired a new position in Equinox Gold in the 4th quarter worth approximately $47,000. Continuum Advisory LLC boosted its stake in Equinox Gold by 53.3% in the 1st quarter. Continuum Advisory LLC now owns 7,540 shares of the company's stock worth $52,000 after purchasing an additional 2,620 shares during the period. Mesirow Financial Investment Management Inc. acquired a new position in Equinox Gold in the 1st quarter worth approximately $69,000. Finally, Veracity Capital LLC boosted its stake in Equinox Gold by 14.2% in the 1st quarter. Veracity Capital LLC now owns 12,589 shares of the company's stock worth $87,000 after purchasing an additional 1,564 shares during the period. Institutional investors and hedge funds own 38.85% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. Cormark raised shares of Equinox Gold from a "hold" rating to a "moderate buy" rating in a research note on Friday, August 15th. National Bankshares reissued an "outperform" rating on shares of Equinox Gold in a research note on Friday, August 15th. Zacks Research upgraded shares of Equinox Gold from a "strong sell" rating to a "hold" rating in a report on Wednesday, August 13th. TD Securities upgraded Equinox Gold from a "hold" rating to a "buy" rating in a report on Wednesday, July 16th. Finally, CIBC restated a "neutral" rating on shares of Equinox Gold in a research note on Tuesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $35.00.

Equinox Gold Stock Up 4.3%

Shares of EQX stock traded up $0.38 during trading hours on Tuesday, hitting $9.14. 19,535,242 shares of the company were exchanged, compared to its average volume of 12,281,940. The business has a 50 day moving average of $6.69 and a two-hundred day moving average of $6.63. The company has a current ratio of 0.94, a quick ratio of 0.53 and a debt-to-equity ratio of 0.29. Equinox Gold Corp. has a 52 week low of $4.95 and a 52 week high of $9.21. The company has a market capitalization of $6.95 billion, a PE ratio of -152.31 and a beta of 1.11.

Equinox Gold (NYSEAMERICAN:EQX - Get Free Report) last issued its quarterly earnings data 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. Equinox Gold had a negative net margin of 1.21% and a positive return on equity of 3.54%. The company had revenue of $478.64 million during the quarter, compared to the consensus estimate of $470.00 million. During the same quarter in the prior year, the firm earned ($0.01) earnings per share. The firm's revenue was up 77.7% compared to the same quarter last year. Analysts anticipate that Equinox Gold Corp. will post 0.85 earnings per share for the current fiscal year.

Equinox Gold Company 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.