Wesdome Gold Mines (TSE:WDO) Stock Passes Below Fifty 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 stock 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 trading hands.

Analysts Set New Price Targets

WDO has been the subject of several research reports. National Bankshares increased their price objective on shares of Wesdome Gold Mines from C$26.75 to C$28.00 and gave the company an "outperform" rating in a research note on Thursday, May 22nd. Royal Bank Of Canada increased their price objective on shares of Wesdome Gold Mines from C$19.00 to C$22.00 in a research note on Wednesday, June 4th. Stifel Canada raised shares of Wesdome Gold Mines to a "strong-buy" rating in a research note on Tuesday, July 8th. Finally, Canaccord Genuity Group raised shares of Wesdome Gold Mines from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, July 23rd. One research analyst has rated the stock with a hold rating, two have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of C$19.50.

Wesdome Gold Mines Trading Down 0.8%

The firm's 50-day moving average price is C$18.42 and its 200-day moving average price is C$16.72. The company has a quick ratio of 0.37, a current ratio of 2.14 and a debt-to-equity ratio of 0.30. The company has a market cap of C$2.49 billion, a P/E ratio of 30.55 and a beta of 0.85.

Insider Activity

In related news, Senior Officer Kevin Lonergan sold 1,484 shares of the business's stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of C$18.21, for a total transaction of C$27,023.64. Also, Senior Officer Rajbir Gill sold 10,822 shares of the business's stock in a transaction that occurred on Monday, June 30th. The shares were sold at an average price of C$18.56, for a total transaction of C$200,856.32. Insiders have sold a total of 29,827 shares of company stock valued at $556,297 over the last quarter. 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.

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