Wesdome Gold Mines (TSE:WDO) Hits New 52-Week High - Time to Buy?

Key Points

• Wesdome Gold Mines Ltd. reached a new 52-week high of C$20.63 during trading, closing at C$20.53 with a trading volume of 581,356 shares.
• Brokerages have updated their ratings with Royal Bank of Canada raising the price target to C$22.00, while Stifel Nicolaus downgraded their rating from "buy" to "hold."
• The company's market capitalization is C$3.07 billion, and it has an average rating of "Moderate Buy" with a consensus price target of C$22.13.

Wesdome Gold Mines Ltd. (TSE:WDO - Get Free Report)'s stock price reached a new 52-week high during mid-day trading on Monday . The company traded as high as C$20.63 and last traded at C$20.53, with a volume of 581356 shares changing hands. The stock had previously closed at C$19.18.

Analysts Set New Price Targets

Several brokerages have weighed in on WDO. Royal Bank Of Canada increased their target price on Wesdome Gold Mines from C$19.00 to C$22.00 in a research report on Wednesday, June 4th. Stifel Nicolaus lowered shares of Wesdome Gold Mines from a "buy" rating to a "hold" rating and lowered their price target for the stock from C$24.00 to C$20.50 in a research report on Friday, August 15th. Stifel Canada downgraded shares of Wesdome Gold Mines from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 14th. Finally, Canaccord Genuity Group raised Wesdome Gold Mines from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, July 23rd. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, Wesdome Gold Mines has an average rating of "Moderate Buy" and a consensus price target of C$22.13.

Wesdome Gold Mines Stock Performance

The firm's fifty day moving average is C$17.74 and its 200 day moving average is C$17.63. The firm has a market capitalization of C$3.07 billion, a price-to-earnings ratio of 12.73 and a beta of 0.22. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.14 and a quick ratio of 0.37.

Insider Activity at Wesdome Gold Mines

In other news, Senior Officer Rajbir Gill sold 14,173 shares of the company's stock in a transaction on Friday, June 27th. The shares were sold at an average price of C$18.62, for a total value of C$263,901.26. 0.17% of the stock is currently owned by corporate insiders.

Wesdome Gold Mines Company Profile

Wesdome Gold Mines Ltd is a gold producer engaged in mining-related activities including exploration, processing, and reclamation. The company produces gold at the Eagle River Complex located near Wawa, Ontario from the Eagle River Underground and Mishi Open Pit gold mines. Activities of the group primarily function through Canada and it derives revenue from the sale of gold and silver bullion.

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