Russell Investments Group Ltd. Sells 621,445 Shares of Equinox Gold Corp. $EQX

Key Points

• Russell Investments Group Ltd. has reduced its stake in Equinox Gold Corp. by 27.9%, holding approximately 1.6 million shares valued around $11 million after selling 621,445 shares in the first quarter.
• Institutional investors now own 38.85% of Equinox Gold's stock, with notable increases in holdings by firms like Bank of America Corp and Deutsche Bank AG.
• Equinox Gold recently reported earnings, showing $0.11 earnings per share, surpassing analysts' expectations, and recorded a 77.7% increase in year-over-year revenue.

Russell Investments Group Ltd. reduced its stake in Equinox Gold Corp. (NYSEAMERICAN:EQX - Free Report) by 27.9% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,602,026 shares of the company's stock after selling 621,445 shares during the period. Russell Investments Group Ltd. owned about 0.35% of Equinox Gold worth $11,009,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the stock. Rathbones Group PLC boosted its stake in shares of Equinox Gold by 1.7% in the 1st quarter. Rathbones Group PLC now owns 108,129 shares of the company's stock valued at $743,000 after purchasing an additional 1,825 shares in the last quarter. Gemsstock Ltd. boosted its position in Equinox Gold by 64.2% during the 1st quarter. Gemsstock Ltd. now owns 4,198,277 shares of the company's stock worth $28,905,000 after buying an additional 1,641,600 shares during the period. Nuveen LLC acquired a new stake in Equinox Gold during the 1st quarter worth approximately $2,162,000. Invesco Ltd. boosted its position in Equinox Gold by 0.7% during the 1st quarter. Invesco Ltd. now owns 9,093,341 shares of the company's stock worth $62,562,000 after buying an additional 64,101 shares during the period. Finally, Helikon Investments Ltd boosted its position in Equinox Gold by 229.3% during the 1st quarter. Helikon Investments Ltd now owns 5,614,735 shares of the company's stock worth $38,629,000 after buying an additional 3,909,705 shares during the period. 38.85% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently commented on EQX. Cormark upgraded shares of Equinox Gold from a "hold" rating to a "moderate buy" rating in a research report on Friday, August 15th. National Bankshares reiterated an "outperform" rating on shares of Equinox Gold in a research report on Friday, August 15th. 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 assumed coverage on shares of Equinox Gold in a research report on Wednesday, June 18th. They issued an "outperform" rating on the stock. Finally, TD Securities upgraded shares of Equinox Gold from a "hold" rating to a "buy" rating in a research report on Wednesday, July 16th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $35.00.

Equinox Gold Trading Up 1.5%

Shares of NYSEAMERICAN EQX traded up $0.12 during midday trading on Friday, reaching $8.02. The stock had a trading volume of 9,492,953 shares, compared to its average volume of 13,870,206. The firm has a market cap of $6.09 billion, a price-to-earnings ratio of -133.64 and a beta of 1.10. Equinox Gold Corp. has a twelve month low of $4.95 and a twelve month high of $8.16. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.50 and a current ratio of 0.94. The company's 50 day moving average price is $6.43 and its 200 day moving average price is $6.51.

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 analysts' consensus estimates of $0.02 by $0.09. The firm 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%. The company's revenue for the quarter was up 77.7% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.01) EPS. As a group, sell-side analysts expect that Equinox Gold Corp. will post 0.85 EPS 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.