Wesdome Gold Mines (TSE:WDO) Stock Price Crosses Above Fifty Day Moving Average - Here's What Happened

Key Points

• Wesdome Gold Mines' share price has crossed above its 50-day moving average, reaching a high of C$19.22 during trading, with the last traded price at C$18.91.
• Several analysts have issued mixed ratings, with one upgrade to "strong-buy" but also a downgrade from "buy" to "hold," resulting in an average target price of C$22.13.
• Insider selling has occurred recently, with a total of 28,343 shares sold over the last 90 days, amounting to a value of approximately C$529,274.

Wesdome Gold Mines Ltd. (TSE:WDO - Get Free Report)'s stock price passed above its fifty day moving average during trading on Tuesday . The stock has a fifty day moving average of C$17.58 and traded as high as C$19.22. Wesdome Gold Mines shares last traded at C$18.91, with a volume of 805,463 shares trading hands.

Analysts Set New Price Targets

WDO has been the topic of a number of analyst reports. Canaccord Genuity Group upgraded shares of Wesdome Gold Mines from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, July 23rd. 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. National Bankshares increased their price target on shares of Wesdome Gold Mines from C$26.75 to C$28.00 and gave the company an "outperform" rating in a research report on Thursday, May 22nd. Stifel Nicolaus downgraded shares of Wesdome Gold Mines from a "buy" rating to a "hold" rating and cut their price target for the company from C$24.00 to C$20.50 in a research report on Friday, August 15th. Finally, Royal Bank Of Canada increased their price target on shares of Wesdome Gold Mines from C$19.00 to C$22.00 in a research report on Wednesday, June 4th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat, Wesdome Gold Mines presently has a consensus rating of "Moderate Buy" and an average target price of C$22.13.

Wesdome Gold Mines Stock Up 2.4%

The company has a quick ratio of 0.37, a current ratio of 2.14 and a debt-to-equity ratio of 0.30. The company has a market capitalization of C$2.96 billion, a price-to-earnings ratio of 12.24 and a beta of 0.22. The stock's fifty day moving average price is C$17.62 and its 200-day moving average price is C$17.27.

Insider Activity

In other news, Senior Officer Rajbir Gill sold 10,822 shares of Wesdome Gold Mines stock in a transaction that occurred on Monday, June 30th. The shares were sold at an average price of C$18.56, for a total value of C$200,856.32. 0.17% of the stock is owned by company insiders.

About Wesdome Gold Mines

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.