Equinox Gold (TSE:EQX) Shares Up 13.7% on Analyst Upgrade

Equinox Gold Corp. (TSE:EQX) traded up 13.7% during mid-day trading on Thursday after Scotiabank upgraded the stock from a hold rating to an outperform rating. The company traded as high as C$17.43 and last traded at C$16.99. 1,130,702 shares changed hands during mid-day trading, a decline of 45% from the average session volume of 2,042,274 shares. The stock had previously closed at C$14.94.

A number of other brokerages have also commented on EQX. Cibc World Mkts raised Equinox Gold from a “hold” rating to a “strong-buy” rating in a research note on Thursday, October 9th. Royal Bank Of Canada raised Equinox Gold from a “hold” rating to a “moderate buy” rating in a report on Wednesday, September 10th. BMO Capital Markets increased their target price on Equinox Gold from C$18.00 to C$20.00 in a research report on Thursday. Cormark upgraded shares of Equinox Gold from a “hold” rating to a “moderate buy” rating in a research report on Friday, August 15th. Finally, National Bankshares upped their price target on shares of Equinox Gold from C$19.00 to C$23.00 and gave the company an “outperform” rating in a research note on Wednesday, October 15th. Three analysts have rated the stock with a Strong Buy rating and three have issued a Buy rating to the company’s stock. According to MarketBeat.com, Equinox Gold currently has a consensus rating of “Strong Buy” and a consensus target price of C$21.50.

Insiders Place Their Bets

In other news, insider David Chester Schummer bought 9,100 shares of Equinox Gold stock in a transaction dated Thursday, September 11th. The shares were acquired at an average price of C$15.20 per share, with a total value of C$138,320.00. Following the completion of the purchase, the insider owned 168,222 shares in the company, valued at C$2,556,974.40. The trade was a 5.72% increase in their position. Also, Director Blayne Barry Johnson sold 105,000 shares of the firm’s stock in a transaction dated Wednesday, September 10th. The stock was sold at an average price of C$14.91, for a total transaction of C$1,565,550.00. Following the completion of the sale, the director owned 1,706,616 shares of the company’s stock, valued at C$25,445,644.56. This trade represents a 5.80% decrease in their position. Insiders own 6.40% of the company’s stock.

Equinox Gold Stock Performance

The company has a market cap of C$12.85 billion, a P/E ratio of -126.15 and a beta of 2.41. The firm has a 50 day moving average of C$15.16 and a 200-day moving average of C$11.19. The company has a quick ratio of 1.31, a current ratio of 0.85 and a debt-to-equity ratio of 45.65.

About Equinox Gold

Equinox Gold is a growth-focused gold producer operating entirely in the Americas, with projects in Canada, the USA, Mexico and Brazil. Equinox Gold has seven operating mines and a clear path to achieve more than one million ounces of annual gold production from a pipeline of development and expansion projects.