Wesdome Gold Mines (TSE:WDO) Share Price Crosses Above Fifty Day Moving Average - Should You Sell?

Key Points

• Wesdome Gold Mines shares moved above their 50-day moving average, trading as high as C$26.70 and last changing hands at C$26.14, suggesting improved short-term momentum.
• Analysts remain bullish on the stock, with several recent upgrades and a consensus rating of “Buy”; the average price target is C$31.57, above the current share price.
• The company reported solid recent financial results, including C$0.79 EPS and C$299.79 million in quarterly revenue, while insiders showed mixed activity with both selling and buying in recent transactions.

Wesdome Gold Mines Ltd. (TSE:WDO - Get Free Report) shares passed above its 50 day moving average during trading on Friday . The stock has a 50 day moving average of C$25.84 and traded as high as C$26.70. Wesdome Gold Mines shares last traded at C$26.14, with a volume of 204,789 shares trading hands.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on WDO shares. Canaccord Genuity Group raised Wesdome Gold Mines from a "hold" rating to a "buy" rating and upped their price target for the company from C$30.00 to C$31.00 in a research note on Monday, June 1st. Desjardins upped their target price on shares of Wesdome Gold Mines from C$32.00 to C$34.00 and gave the company a "buy" rating in a research report on Thursday, April 23rd. Stifel Nicolaus raised shares of Wesdome Gold Mines to a "strong-buy" rating in a research note on Monday, June 29th. Canadian Imperial Bank of Commerce upgraded shares of Wesdome Gold Mines from a "neutral" rating to an "outperformer" rating and lifted their price target for the stock from C$31.00 to C$32.00 in a research report on Friday, July 17th. Finally, National Bank Financial raised shares of Wesdome Gold Mines from a "sector perform" rating to an "outperform" rating and boosted their price target for the stock from C$34.00 to C$37.00 in a research note on Friday, July 3rd. One analyst has rated the stock with a Strong Buy rating and four have issued a Buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of C$31.57.

Wesdome Gold Mines Stock Performance

The company has a debt-to-equity ratio of 0.31, a current ratio of 6.03 and a quick ratio of 0.37. The stock's 50-day moving average price is C$25.84 and its 200-day moving average price is C$25.48. The company has a market cap of C$3.88 billion, a P/E ratio of 9.75 and a beta of 1.33.

Wesdome Gold Mines (TSE:WDO - Get Free Report) last issued its quarterly earnings data on Tuesday, May 12th. The company reported C$0.79 earnings per share for the quarter. Wesdome Gold Mines had a net margin of 39.54% and a return on equity of 46.09%. The business had revenue of C$299.79 million during the quarter. Equities analysts anticipate that Wesdome Gold Mines Ltd. will post 1.293456 EPS for the current year.

Insider Buying and Selling

In other news, insider Robert Kallio sold 4,341 shares of the company's stock in a transaction on Monday, June 29th. The stock was sold at an average price of C$24.11, for a total transaction of C$104,661.51. Following the completion of the sale, the insider directly owned 4,029 shares in the company, valued at approximately C$97,139.19. This represents a 51.86% decrease in their position. Also, insider Rajbir Gill bought 1,047 shares of Wesdome Gold Mines stock in a transaction dated Tuesday, June 30th. The shares were bought at an average cost of C$24.02 per share, for a total transaction of C$25,148.94. Following the completion of the acquisition, the insider owned 24,669 shares in the company, valued at C$592,549.38. This represents a 4.43% increase in their position. Insiders have sold 17,433 shares of company stock worth $423,454 in the last quarter. Insiders own 0.17% of the company's stock.

Wesdome Gold Mines Company Profile

Wesdome is a Canadian-focused gold producer with two high-grade underground assets, Eagle River in Northern Ontario and Kiena in Val-d'Or, Québec. The Company's primary goal is to responsibly leverage its operating platform and high-quality brownfield and greenfield exploration pipeline to build a value-driven mid-tier gold producer.

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