Equinox Gold (NYSEAMERICAN:EQX) Stock Jumps 13.2% - Should You Buy?

Key Points

• Equinox Gold shares surged 13.2% to about $11.33 in midday trading, with volume 39% above its daily average.
• Analysts’ consensus rating is “Moderate Buy” with a $14 price target, though ratings include one strong sell and one sell.
• The company’s latest quarterly results slightly missed EPS and revenue estimates, but revenue rose 60.8% year over year.

Equinox Gold Corp. (NYSEAMERICAN:EQX - Get Free Report)'s share price shot up 13.2% during mid-day trading on Wednesday. The stock traded as high as $11.36 and last traded at $11.3250. 16,419,352 shares traded hands during mid-day trading, an increase of 39% from the average daily volume of 11,842,144 shares. The stock had previously closed at $10.00.

Wall Street Analyst Weigh In

EQX has been the topic of several research reports. Scotiabank reissued an "outperform" rating on shares of Equinox Gold in a research note on Friday, August 7th. TD Securities reaffirmed a "buy" rating on shares of Equinox Gold in a research note on Thursday, September 17th. Royal Bank Of Canada lifted their target price on shares of Equinox Gold from $13.00 to $14.00 and gave the company an "outperform" rating in a report on Wednesday, September 16th. Canadian Imperial Bank of Commerce reissued an "outperform" rating on shares of Equinox Gold in a research report on Friday, October 16th. Finally, Zacks Research cut Equinox Gold from a "hold" rating to a "strong sell" rating in a research report on Wednesday, October 21st. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $14.00.

Equinox Gold Price Performance

The firm has a fifty day moving average of $11.59 and a 200 day moving average of $12.73. The company has a market capitalization of $13.17 billion, a P/E ratio of 11.28 and a beta of 1.33. The company has a current ratio of 1.33, a quick ratio of 0.77 and a debt-to-equity ratio of 0.09.

Equinox Gold (NYSEAMERICAN:EQX - Get Free Report) last posted its earnings results on Wednesday, August 5th. The company reported $0.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.17 by ($0.01). The company had revenue of $769.80 million for the quarter, compared to the consensus estimate of $775.79 million. Equinox Gold had a net margin of 26.30% and a return on equity of 10.91%. Equinox Gold's revenue was up 60.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.11 EPS. On average, equities research analysts anticipate that Equinox Gold Corp. will post 1.00 EPS for the current year.

Institutional Investors Weigh In On Equinox Gold

A number of large investors have recently added to or reduced their stakes in the stock. Amundi grew its position in shares of Equinox Gold by 25.2% during the 2nd quarter. Amundi now owns 5,307,103 shares of the company's stock valued at $51,585,000 after acquiring an additional 1,067,139 shares during the period. Bard Associates Inc. purchased a new stake in shares of Equinox Gold in the 2nd quarter worth $3,763,000. Van ECK Associates Corp raised its holdings in Equinox Gold by 2.8% in the 2nd quarter. Van ECK Associates Corp now owns 87,435,651 shares of the company's stock worth $849,875,000 after purchasing an additional 2,355,044 shares during the period. Global Strategic Management Inc. raised its holdings in Equinox Gold by 106.3% in the 3rd quarter. Global Strategic Management Inc. now owns 345,308 shares of the company's stock worth $3,836,000 after purchasing an additional 177,945 shares during the period. Finally, CWA Asset Management Group LLC bought a new position in Equinox Gold in the 3rd quarter worth $16,071,000. Institutional investors own 38.85% of the company's stock.

Equinox Gold Company Profile

Equinox Gold Corp. is a precious metals mining company focused primarily on the acquisition, development and operation of gold mines. The company produces gold and conducts exploration and development activities intended to expand its mineral reserves and production base.

Equinox Gold's operations and projects have been located across the Americas, including Canada, the United States, Mexico and Brazil. Its portfolio has included the Greenstone Mine in Ontario, the Mesquite and Castle Mountain projects in California, the Los Filos complex in Mexico, and the Aurizona, Fazenda and Santa Luz operations in Brazil.

The company was formed in 2017 through the merger of Trek Mining and NewCastle Gold and has since grown through acquisitions, mine development and exploration.

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