Wesdome Gold Mines (TSE:WDO) Stock Price Crosses Above 50 Day Moving Average - Should You Sell?

Key Points

• Wesdome Gold Mines shares crossed above their 50-day moving average, reaching C$28.53 before last trading at C$28.28, with about 837,000 shares changing hands.
• Analyst sentiment is broadly positive: the stock has a consensus “Buy” rating from five analysts, with an average price target of C$31.57 and recent upgrades from several firms.
• The company reported C$0.79 in quarterly EPS on C$299.79 million in revenue, alongside a 39.54% net margin and 46.09% return on equity; insiders have collectively sold 17,433 shares over the past 90 days.

Shares of Wesdome Gold Mines Ltd. (TSE:WDO - Get Free Report) passed above its 50-day moving average during trading on Tuesday . The stock has a 50-day moving average of C$25.82 and traded as high as C$28.53. Wesdome Gold Mines shares last traded at C$28.28, with a volume of 836,957 shares trading hands.

Wall Street Analyst Weigh In

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

Wesdome Gold Mines Price Performance

The company has a market cap of C$4.19 billion, a P/E ratio of 10.55 and a beta of 1.33. The company's 50-day moving average price is C$25.82 and its two-hundred day moving average price is C$25.59. The company has a current ratio of 6.03, a quick ratio of 0.37 and a debt-to-equity ratio of 0.31.

Wesdome Gold Mines (TSE:WDO - Get Free Report) last posted its quarterly 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 business had revenue of C$299.79 million during the quarter. As a group, sell-side analysts expect that Wesdome Gold Mines Ltd. will post 1.293456 earnings per share for the current year.

Insider Transactions at Wesdome Gold Mines

In other news, insider Robert Kallio sold 3,348 shares of the business's stock in a transaction that occurred on Tuesday, June 30th. The stock was sold at an average price of C$23.89, for a total value of C$79,983.72. Following the completion of the sale, the insider directly owned 2,000 shares in the company, valued at approximately C$47,780. The trade was a 62.60% decrease in their position. Also, insider Rajbir Gill acquired 1,047 shares of Wesdome Gold Mines stock in a transaction that occurred on Tuesday, June 30th. The shares were 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 of the company's stock, valued at C$592,549.38. The trade was a 4.43% increase in their ownership of the stock. Insiders have sold a total of 17,433 shares of company stock valued at $423,454 over the last 90 days. 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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