National Bankshares Forecasts Strong Price Appreciation for Equinox Gold (TSE:EQX) Stock

Key Points

• National Bankshares has raised its price target for Equinox Gold (TSE:EQX) from C$19.00 to C$23.00, indicating a potential upside of 30.61% from its previous close.
• The stock has received multiple upgrades from other firms, with three analysts rating it as a Strong Buy and a consensus rating of Strong Buy.
• Equinox Gold's shares increased by 5.6% on the day of the report, reaching C$17.61, and trading volume was significantly higher than its average.

Equinox Gold (TSE:EQX - Get Free Report) had its price target increased by analysts at National Bankshares from C$19.00 to C$23.00 in a research note issued on Wednesday,BayStreet.CA reports. The firm presently has an "outperform" rating on the stock. National Bankshares' price objective would suggest a potential upside of 30.61% from the stock's previous close.

Other research analysts have also recently issued reports about the company. Royal Bank Of Canada raised Equinox Gold from a "hold" rating to a "moderate buy" rating in a research report on Wednesday, September 10th. TD Securities raised Equinox Gold from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, July 16th. Cibc World Mkts raised Equinox Gold from a "hold" rating to a "strong-buy" rating in a research report on Thursday, October 9th. Finally, Cormark upgraded Equinox Gold from a "hold" rating to a "moderate buy" rating in a research report on Friday, August 15th. Three research analysts have rated the stock with a Strong Buy rating and two have assigned a Buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Strong Buy" and a consensus price target of C$23.00.

Equinox Gold Stock Up 5.6%

Shares of EQX stock traded up C$0.94 on Wednesday, hitting C$17.61. 3,125,205 shares of the stock were exchanged, compared to its average volume of 2,013,344. The company has a current ratio of 0.85, a quick ratio of 1.31 and a debt-to-equity ratio of 45.65. The firm has a market capitalization of C$13.77 billion, a P/E ratio of -135.46 and a beta of 2.18. The business has a 50-day moving average of C$13.23 and a 200 day moving average of C$10.36. Equinox Gold has a fifty-two week low of C$6.93 and a fifty-two week high of C$17.87.

Insider Buying and Selling

In related news, Director Blayne Barry Johnson sold 105,000 shares of Equinox Gold stock in a transaction on Wednesday, September 10th. The stock was sold at an average price of C$14.91, for a total transaction of C$1,565,550.00. Following the sale, the director directly owned 1,706,616 shares in the company, valued at approximately C$25,445,644.56. This trade represents a 5.80% decrease in their ownership of the stock. Also, insider David Chester Schummer purchased 9,100 shares of the firm's stock in a transaction dated Thursday, September 11th. The shares were bought at an average price of C$15.20 per share, for a total transaction of C$138,320.00. Following the completion of the transaction, the insider owned 168,222 shares of the company's stock, valued at approximately C$2,556,974.40. This trade represents a 5.72% increase in their ownership of the stock. Insiders own 6.40% of the company's stock.

Equinox Gold Company Profile

Equinox Gold is a growth-focused gold producer operating entirely in the Americas, with projects in Canada, the USA, Mexico and Brazil. Equinox Gold has seven operating mines and a clear path to achieve more than one million ounces of annual gold production from a pipeline of development and expansion projects.

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