Wesdome Gold Mines (TSE:WDO) Shares Pass Above Fifty Day Moving Average - Here's What Happened

Key Points

• Wesdome Gold Mines Ltd. shares crossed above their 50-day moving average of C$17.71, reaching a high of C$19.52 before last trading at C$18.42 with considerable trading volume.
• Analyst upgrades have occurred, with the Royal Bank of Canada raising their price target to C$22.00 and National Bankshares to C$28.00, while some analysts have lowered ratings, resulting in an average target price of C$22.13.
• The company's debt-to-equity ratio stands at 0.30, highlighting a relatively stable financial position amid ongoing trading fluctuations.

Wesdome Gold Mines Ltd. (TSE:WDO - Get Free Report)'s stock price crossed above its 50 day moving average during trading on Tuesday . The stock has a 50 day moving average of C$17.71 and traded as high as C$19.52. Wesdome Gold Mines shares last traded at C$18.42, with a volume of 1,221,420 shares.

Wall Street Analyst Weigh In

WDO has been the topic of a number of recent research reports. Stifel Nicolaus downgraded shares of Wesdome Gold Mines from a "buy" rating to a "hold" rating and reduced their price target for the stock from C$24.00 to C$20.50 in a research report on Friday, August 15th. 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 lowered Wesdome Gold Mines from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 14th. National Bankshares increased their target price on Wesdome Gold Mines from C$26.75 to C$28.00 and gave the stock an "outperform" rating in a research report on Thursday, May 22nd. Finally, 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. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of C$22.13.

Wesdome Gold Mines Trading Up 4.7%

The stock has a market capitalization of C$2.90 billion, a price-to-earnings ratio of 11.99 and a beta of 0.22. The business has a fifty day moving average of C$17.72 and a 200-day moving average of C$17.57. 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 related news, Senior Officer Rajbir Gill sold 10,822 shares of Wesdome Gold Mines 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. Company insiders own 0.17% of the company's stock.

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.