Wesdome Gold Mines (TSE:WDO) Share Price Passes Above 50 Day Moving Average – What’s Next?

Wesdome Gold Mines Ltd. (TSE:WDO)’s share price crossed above its 50 day moving average during trading on Friday . The stock has a 50 day moving average of C$25.84 and traded as high as C$26.70. Wesdome Gold Mines shares last traded at C$26.14, with a volume of 204,789 shares trading hands.

Wall Street Analyst Weigh In

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

Wesdome Gold Mines Price Performance

The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.37 and a current ratio of 6.03. The business has a 50 day simple moving average of C$25.84 and a 200-day simple moving average of C$25.48. The firm has a market cap of C$3.88 billion, a price-to-earnings ratio of 9.75 and a beta of 1.33.

Wesdome Gold Mines (TSE:WDO) last issued its quarterly earnings data 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 firm had revenue of C$299.79 million during the quarter. Equities research analysts expect that Wesdome Gold Mines Ltd. will post 1.293456 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Philip Chow Yee purchased 6,250 shares of the stock in a transaction that occurred on Tuesday, June 30th. The stock was acquired at an average cost of C$24.15 per share, with a total value of C$150,937.50. Following the transaction, the insider owned 12,500 shares of the company’s stock, valued at C$301,875. This represents a 100.00% increase in their position. Also, insider Robert Kallio sold 3,348 shares of the stock in a transaction on Tuesday, June 30th. The shares were 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 of the company’s stock, valued at C$47,780. The trade was a 62.60% decrease in their ownership of the stock. Over the last three months, insiders have sold 17,433 shares of company stock worth $423,454. 0.17% of the stock is owned by corporate insiders.

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.