Wesdome Gold Mines (TSE:WDO) Share Price Crosses Below 50-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 passed 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.

Analysts Set New Price Targets

Several analysts have recently weighed in on WDO shares. Royal Bank Of Canada increased their price target on shares of Wesdome Gold Mines from C$19.00 to C$22.00 in a research note on Wednesday, June 4th. Stifel Canada upgraded shares of Wesdome Gold Mines to a "strong-buy" rating in a report on Tuesday, July 8th. National Bankshares upped their price objective on shares of 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. Finally, Canaccord Genuity Group upgraded shares of Wesdome Gold Mines from a "hold" rating to a "strong-buy" rating in a report on Wednesday, July 23rd. One equities research analyst has rated the stock with a hold rating, two have given a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, Wesdome Gold Mines currently has a consensus rating of "Buy" and an average price target of C$19.50.

Wesdome Gold Mines Price Performance

The company has a market cap of C$2.51 billion, a price-to-earnings ratio of 30.81 and a beta of 0.85. The company's 50 day moving average price is C$18.16 and its 200 day moving average price is C$16.93. The company has a current ratio of 2.14, a quick ratio of 0.37 and a debt-to-equity ratio of 0.30.

Insider Transactions at Wesdome Gold Mines

In related news, Senior Officer Rajbir Gill sold 14,173 shares of Wesdome Gold Mines stock in a transaction dated 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 Wesdome Gold Mines stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of C$19.27, for a total value of C$64,515.96. Insiders sold 29,827 shares of company stock valued at $556,297 in the last 90 days. 0.17% of the stock is currently owned by insiders.

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.