Wesdome Gold Mines (TSE:WDO) Share Price Passes Below 50 Day Moving Average - What's Next?

Key Points

• Wesdome Gold Mines stock price fell below its 50-day moving average of C$18.42, trading as low as C$16.34, with recent trading at C$16.37.
• Analysts have set a consensus price target of C$19.50, with several firms raising their ratings on the stock, including National Bankshares increasing their target to C$28.00.
• Insider activity has seen significant stock sales, with insiders collectively selling 29,827 shares valued at $556,297 over the last quarter.

Wesdome Gold Mines Ltd. (TSE:WDO - Get Free Report)'s share price crossed below its 50 day moving average during trading on Monday . The stock has a 50 day moving average of C$18.42 and traded as low as C$16.34. Wesdome Gold Mines shares last traded at C$16.37, with a volume of 621,381 shares traded.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Stifel Canada upgraded Wesdome Gold Mines to a "strong-buy" rating in a report on Tuesday, July 8th. National Bankshares increased their price target on Wesdome Gold Mines from C$26.75 to C$28.00 and gave the stock an "outperform" rating in a report on Thursday, May 22nd. Royal Bank Of Canada increased their price target on Wesdome Gold Mines from C$19.00 to C$22.00 in a report on Wednesday, June 4th. Finally, Canaccord Genuity Group upgraded Wesdome Gold Mines from a "hold" rating to a "strong-buy" rating in a report on Wednesday, July 23rd. One investment analyst has rated the stock with a hold rating, two have issued a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of C$19.50.

Wesdome Gold Mines Stock Performance

The stock has a market cap of C$2.73 billion, a P/E ratio of 33.55 and a beta of 0.85. The company has a fifty day moving average price of C$18.30 and a 200 day moving average price of C$16.82. 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 Buying and Selling at Wesdome Gold Mines

In other Wesdome Gold Mines news, Senior Officer Rajbir Gill sold 14,173 shares of the business's stock in a transaction that occurred on Friday, June 27th. The stock was sold at an average price of C$18.62, for a total transaction of C$263,901.26. Also, Senior Officer Robert Kristian Fitzgerald Kallio sold 3,348 shares of the business's stock in a transaction that occurred 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. In the last quarter, insiders sold 29,827 shares of company stock worth $556,297. 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.