Wesdome Gold Mines (TSE:WDO) Shares Pass Above 50-Day Moving Average - Here's What Happened

Key Points

• Wesdome Gold Mines shares crossed above their 50-day moving average, reaching C$34.58 before last trading at C$33.69 on volume of 556,545 shares.
• Analyst sentiment is broadly positive: multiple brokerages upgraded the stock, and Wesdome has a consensus “Buy” rating with a C$31.57 price target.
• The company reported C$0.79 in quarterly EPS, C$299.79 million in revenue, a 46.09% return on equity, and a 39.54% net margin; recent insider activity included purchases by one insider alongside share sales by directors.

Wesdome Gold Mines Ltd. (TSE:WDO - Get Free Report) shares crossed above its fifty day moving average during trading on Wednesday . The stock has a fifty day moving average of C$26.56 and traded as high as C$34.58. Wesdome Gold Mines shares last traded at C$33.69, with a volume of 556,545 shares.

Analyst Upgrades and Downgrades

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

Wesdome Gold Mines Trading Down 0.3%

The firm has a market capitalization of C$5.00 billion, a PE ratio of 12.57 and a beta of 1.33. The company's 50-day moving average price is C$26.56 and its 200-day moving average price is C$25.89. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.37 and a current ratio of 6.03.

Wesdome Gold Mines (TSE:WDO - Get Free Report) last posted its earnings results on Tuesday, May 12th. The company reported C$0.79 EPS for the quarter. Wesdome Gold Mines had a return on equity of 46.09% and a net margin of 39.54%.The firm had revenue of C$299.79 million for the quarter. On average, sell-side analysts expect that Wesdome Gold Mines Ltd. will post 1.293456 earnings per share for the current year.

Insiders Place Their Bets

In other Wesdome Gold Mines news, insider Rajbir Gill bought 1,047 shares of the firm's stock in a transaction that occurred on Tuesday, June 30th. The stock was purchased at an average price of C$24.02 per share, for a total transaction of C$25,148.94. Following the completion of the purchase, the insider directly owned 24,669 shares in the company, valued at C$592,549.38. This trade represents a 4.43% increase in their ownership of the stock. Also, Director Anthea Ingrid Bath sold 7,315 shares of the company's stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of C$24.63, for a total value of C$180,168.45. Following the completion of the transaction, the director directly owned 45,753 shares of the company's stock, valued at C$1,126,896.39. This trade represents a 13.78% decrease in their ownership of the stock. In the last quarter, insiders have sold 17,433 shares of company stock worth $423,454. 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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