Wesdome Gold Mines (TSE:WDO) Stock Price Crosses Below Fifty Day Moving Average - What's Next?

Key Points

• Wesdome Gold Mines Ltd. reported that its stock price fell below its 50-day moving average of C$18.25, trading as low as C$17.75 on Tuesday.
• Analyst ratings have been predominantly positive, with Canaccord Genuity and Stifel Canada upgrading the stock to a "strong-buy" status, while Royal Bank of Canada raised its price target to C$22.00.
• Insider selling activity was noted, with senior officer transactions totaling 29,827 shares valued at approximately $556,297 over the last quarter.

Wesdome Gold Mines Ltd. (TSE:WDO - Get Free Report)'s share price crossed below its fifty day moving average during trading on Tuesday . The stock has a fifty day moving average of C$18.25 and traded as low as C$17.75. Wesdome Gold Mines shares last traded at C$17.97, with a volume of 311,766 shares trading hands.

Analyst Ratings Changes

Several research firms recently commented on WDO. Canaccord Genuity Group upgraded Wesdome Gold Mines from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, July 23rd. Stifel Nicolaus cut Wesdome Gold Mines from a "buy" rating to a "hold" rating and reduced their target price for the company from C$24.00 to C$20.50 in a research note on Friday. National Bankshares raised their price objective on 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. Stifel Canada cut Wesdome Gold Mines from a "strong-buy" rating to a "hold" rating in a research note on Thursday. Finally, Royal Bank Of Canada lifted their price objective on Wesdome Gold Mines from C$19.00 to C$22.00 in a research report on Wednesday, June 4th. Three investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Wesdome Gold Mines has an average rating of "Moderate Buy" and an average target price of C$20.70.

Wesdome Gold Mines Stock Down 1.8%

The firm's fifty day simple moving average is C$18.09 and its two-hundred day simple moving average is C$16.96. The company has a current ratio of 2.14, a quick ratio of 0.37 and a debt-to-equity ratio of 0.30. The company has a market capitalization of C$2.46 billion, a price-to-earnings ratio of 30.27 and a beta of 0.85.

Insider Activity at Wesdome Gold Mines

In other news, Senior Officer Kevin Lonergan sold 1,484 shares of the firm's stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of C$18.21, for a total value of C$27,023.64. Also, Senior Officer Robert Kristian Fitzgerald Kallio sold 3,348 shares of the firm's stock in a transaction on Thursday, June 5th. The stock was sold at an average price of C$19.27, for a total transaction of C$64,515.96. Insiders have sold 29,827 shares of company stock valued at $556,297 in the last ninety days. 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.