Equinox Gold Corp. $EQX Shares Acquired by L1 Capital Pty Ltd

Key Points

• L1 Capital Pty Ltd increased its stake in Equinox Gold Corp. by 111.1% during the first quarter, owning approximately $74.63 million worth of shares.
• Equinox Gold recently reported $0.11 earnings per share for the quarter, outperforming analysts' estimates of $0.02, with a significant revenue increase of 77.7% year-over-year.
• Equinox Gold's stock has received a consensus rating of "Moderate Buy", with a price target set at $35.00 by analysts.

L1 Capital Pty Ltd grew its holdings in Equinox Gold Corp. (NYSEAMERICAN:EQX - Free Report) by 111.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 10,848,019 shares of the company's stock after acquiring an additional 5,710,310 shares during the period. Equinox Gold accounts for 7.0% of L1 Capital Pty Ltd's portfolio, making the stock its 8th largest holding. L1 Capital Pty Ltd owned 2.38% of Equinox Gold worth $74,634,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in EQX. Tobam bought a new position in Equinox Gold in the first quarter worth approximately $29,000. BNP Paribas Financial Markets bought a new position in Equinox Gold in the fourth quarter worth approximately $47,000. Continuum Advisory LLC raised its position in Equinox Gold by 53.3% in the first quarter. Continuum Advisory LLC now owns 7,540 shares of the company's stock worth $52,000 after acquiring an additional 2,620 shares during the period. Mesirow Financial Investment Management Inc. bought a new position in Equinox Gold in the first quarter worth approximately $69,000. Finally, Vident Advisory LLC bought a new position in Equinox Gold in the first quarter worth approximately $74,000. 38.85% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. TD Securities upgraded shares of Equinox Gold from a "hold" rating to a "buy" rating in a research report on Wednesday, July 16th. Zacks Research upgraded shares of Equinox Gold from a "strong sell" rating to a "hold" rating in a research report on Wednesday, August 13th. BMO Capital Markets started coverage on shares of Equinox Gold in a research report on Wednesday, June 18th. They issued an "outperform" rating on the stock. National Bankshares restated an "outperform" rating on shares of Equinox Gold in a research report on Friday, August 15th. Finally, Cormark upgraded shares of Equinox Gold from a "hold" rating to a "moderate buy" rating in a research report on Friday, August 15th. One investment 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. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $35.00.

Equinox Gold Stock Performance

NYSEAMERICAN:EQX traded up $0.81 during trading hours on Friday, hitting $9.78. 32,127,927 shares of the company were exchanged, compared to its average volume of 13,941,589. The stock has a market capitalization of $7.43 billion, a price-to-earnings ratio of -162.97 and a beta of 1.11. Equinox Gold Corp. has a 52-week low of $4.95 and a 52-week high of $9.87. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.94 and a quick ratio of 0.53. The company's 50 day moving average price is $6.96 and its 200-day moving average price is $6.71.

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 the consensus estimate of $0.02 by $0.09. The company had revenue of $478.64 million for the quarter, compared to the consensus estimate 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 revenue was up 77.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.01) EPS. As a group, research 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.