Short Interest in Equinox Gold Corp. (NYSEAMERICAN:EQX) Declines By 36.3%

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 decline in short interest in August. As of August 31st, there was short interest totaling 20,650,000 shares, a decline of 36.3% from the August 15th total of 32,400,000 shares. Based on an average trading volume of 15,180,000 shares, the short-interest ratio is presently 1.4 days. Approximately 2.9% of the shares of the stock are short sold. Approximately 2.9% of the shares of the stock are short sold. Based on an average trading volume of 15,180,000 shares, the short-interest ratio is presently 1.4 days.

Analysts Set New Price Targets

Several analysts have issued reports on EQX shares. Royal Bank Of Canada upgraded shares of Equinox Gold from a "sector perform" rating to an "outperform" rating and upped their price target for the company from $11.00 to $17.00 in a research report on Wednesday, September 10th. BMO Capital Markets started coverage on shares of Equinox Gold in a research report on Wednesday, June 18th. They set an "outperform" rating for the company. National Bankshares restated 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. Finally, TD Securities reaffirmed a "buy" rating on shares of Equinox Gold in a research note on Friday, September 5th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $26.00.

Hedge Funds Weigh In On Equinox Gold

A number of institutional investors have recently bought and sold shares of the stock. Donald Smith & CO. Inc. raised its stake in Equinox Gold by 11.1% in the second quarter. Donald Smith & CO. Inc. now owns 26,507,615 shares of the company's stock worth $152,419,000 after buying an additional 2,643,856 shares in the last quarter. L1 Capital Pty Ltd raised its stake in Equinox Gold by 120.4% in the second quarter. L1 Capital Pty Ltd now owns 23,908,865 shares of the company's stock worth $137,476,000 after buying an additional 13,060,846 shares in the last quarter. Vanguard Group Inc. raised its stake in Equinox Gold by 7.4% in the first quarter. Vanguard Group Inc. now owns 14,852,614 shares of the company's stock worth $102,082,000 after buying an additional 1,029,738 shares in the last quarter. Maple Rock Capital Partners Inc. raised its stake in Equinox Gold by 102.1% in the second quarter. Maple Rock Capital Partners Inc. now owns 14,308,748 shares of the company's stock worth $82,398,000 after buying an additional 7,229,260 shares in the last quarter. Finally, Invesco Ltd. raised its stake in Equinox Gold by 19.0% in the second quarter. Invesco Ltd. now owns 10,824,459 shares of the company's stock worth $62,241,000 after buying an additional 1,731,118 shares in the last quarter. 38.85% of the stock is owned by institutional investors.

Equinox Gold Stock Performance

Shares of NYSEAMERICAN:EQX opened at $10.61 on Monday. The company has a market cap of $8.07 billion, a price-to-earnings ratio of -176.80 and a beta of 1.11. The company has a 50-day moving average price of $7.42 and a 200-day moving average price of $6.84. The company has a current ratio of 0.94, a quick ratio of 0.53 and a debt-to-equity ratio of 0.29. Equinox Gold has a 12 month low of $4.95 and a 12 month high of $11.10.

Equinox Gold (NYSEAMERICAN:EQX - Get Free Report) last released 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. Equinox Gold had a negative net margin of 1.21% and a positive return on equity of 3.54%. The company had revenue of $478.64 million during the quarter, compared to the consensus estimate of $470.00 million. During the same period in the prior year, the firm earned ($0.01) earnings per share. Equinox Gold's revenue was up 77.7% on a year-over-year basis. As a group, equities analysts anticipate 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.

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