Wesdome Gold Mines (TSE:WDO) Stock Crosses Below 50 Day Moving Average - Here's Why

Key Points

• Wesdome Gold Mines' share price fell below its 50-day moving average of C$17.73, currently trading at C$17.19 with significant trading volume.
• Analysts have varied opinions on the stock, with one analyst rating it as a Strong Buy and three maintaining Hold ratings, resulting in a consensus target price of C$20.70.
• Insider transactions show that company executives have sold 28,343 shares valued at C$529,274 over the last three months, indicating potential unease among insiders about the stock's performance.

Wesdome Gold Mines Ltd. (TSE:WDO - Get Free Report) shares crossed below its fifty day moving average during trading on Monday . The stock has a fifty day moving average of C$17.73 and traded as low as C$16.87. Wesdome Gold Mines shares last traded at C$17.19, with a volume of 506,356 shares changing hands.

Analyst Ratings Changes

A number of research analysts have weighed in on WDO shares. Royal Bank Of Canada upped their target price on Wesdome Gold Mines from C$19.00 to C$22.00 in a report on Wednesday, June 4th. Stifel Canada downgraded Wesdome Gold Mines from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 14th. Stifel Nicolaus downgraded Wesdome Gold Mines from a "buy" rating to a "hold" rating and cut their price target for the stock from C$24.00 to C$20.50 in a research note on Friday, August 15th. National Bankshares upped their price target on Wesdome Gold Mines from C$26.75 to C$28.00 and gave the stock an "outperform" rating in a research note on Thursday, May 22nd. Finally, Canaccord Genuity Group upgraded Wesdome Gold Mines from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, July 23rd. One investment 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's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of C$22.13.

Wesdome Gold Mines Trading Up 2.2%

The firm has a 50 day simple moving average of C$17.62 and a 200 day simple moving average of C$17.09. The company has a current ratio of 2.14, a quick ratio of 0.37 and a debt-to-equity ratio of 0.30. The firm has a market capitalization of C$2.77 billion, a PE ratio of 34.02 and a beta of 0.85.

Insiders Place Their Bets

In other Wesdome Gold Mines news, Senior Officer Rajbir Gill sold 10,822 shares of the stock in a transaction on Monday, June 30th. The stock was sold at an average price of C$18.56, for a total value of C$200,856.32. Also, Senior Officer Robert Kristian Fitzgerald Kallio sold 3,348 shares of the stock in a transaction on Thursday, June 5th. The stock was sold at an average price of C$19.27, for a total value of C$64,515.96. Insiders sold a total of 28,343 shares of company stock valued at $529,274 in the last quarter. 0.17% of the stock is currently owned by company 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.