Equinox Gold Corp. (NYSEAMERICAN:EQX) Short Interest Down 36.3% in August

Key Points

• Short interest in Equinox Gold Corp (NYSEAMERICAN:EQX) decreased by 36.3% in August, bringing the total to 20,650,000 shares.
• Analysts have raised price targets for Equinox Gold, with Royal Bank of Canada upgrading their target from $11.00 to $17.00, and the average target now sitting at $26.00.
• Institutional investors, including Donald Smith & Co. and L1 Capital, significantly increased their stakes in Equinox Gold, reflecting strong confidence in the company.

Equinox Gold Corp. (NYSEAMERICAN:EQX - Get Free Report) saw a significant drop in short interest in the month of August. As of August 31st, there was short interest totaling 20,650,000 shares, a drop of 36.3% from the August 15th total of 32,400,000 shares. Currently, 2.9% of the shares of the company are short sold. Based on an average daily volume of 15,180,000 shares, the short-interest ratio is presently 1.4 days. Based on an average daily volume of 15,180,000 shares, the short-interest ratio is presently 1.4 days. Currently, 2.9% of the shares of the company are short sold.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. CIBC reiterated a "neutral" rating on shares of Equinox Gold in a research note on Tuesday, July 15th. Cormark upgraded Equinox Gold from a "hold" rating to a "moderate buy" rating in a research note on Friday, August 15th. Zacks Research upgraded Equinox Gold from a "strong sell" rating to a "hold" rating in a research note on Wednesday, August 13th. TD Securities reiterated a "buy" rating on shares of Equinox Gold in a research note on Friday, September 5th. Finally, BMO Capital Markets began coverage on Equinox Gold in a research note on Wednesday, June 18th. They set an "outperform" rating on the stock. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $26.00.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. American Capital Advisory LLC bought a new position in Equinox Gold in the second quarter valued at $25,000. SBI Securities Co. Ltd. increased its stake in Equinox Gold by 2,054.6% in the second quarter. SBI Securities Co. Ltd. now owns 4,697 shares of the company's stock valued at $27,000 after acquiring an additional 4,479 shares during the last quarter. Tobam bought a new position in shares of Equinox Gold during the first quarter valued at about $29,000. ORG Partners LLC grew its stake in shares of Equinox Gold by 191.2% during the second quarter. ORG Partners LLC now owns 7,570 shares of the company's stock valued at $43,000 after buying an additional 4,970 shares during the last quarter. Finally, BNP Paribas Financial Markets bought a new position in shares of Equinox Gold during the fourth quarter valued at about $47,000. Institutional investors own 38.85% of the company's stock.

Equinox Gold Stock Performance

Equinox Gold stock traded up $0.28 during trading on Friday, hitting $10.68. The stock had a trading volume of 10,774,413 shares, compared to its average volume of 12,719,902. The stock has a market cap of $8.36 billion, a price-to-earnings ratio of -177.72 and a beta of 1.11. The stock's 50 day moving average is $7.79 and its two-hundred day moving average is $6.93. Equinox Gold has a 1 year low of $4.95 and a 1 year high of $11.10. The company has a quick ratio of 0.53, a current ratio of 0.94 and a debt-to-equity ratio of 0.29.

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 analysts' consensus estimates of $0.02 by $0.09. Equinox Gold had a positive return on equity of 3.54% and a negative net margin of 1.21%.The company had revenue of $478.64 million for the quarter, compared to the consensus estimate of $470.00 million. During the same quarter last year, the business posted ($0.01) earnings per share. The firm's revenue was up 77.7% compared to the same quarter last year. As a group, analysts predict that Equinox Gold will post 0.85 EPS for the current 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.