Equinox Gold (NYSEAMERICAN:EQX) Shares Break Above 50 Day Moving Average – Here’s Why

Equinox Gold Corp. (NYSEAMERICAN:EQX) crossed above its 50 day moving average during trading on Friday. The stock has a 50 day moving average of $11.45 and traded as high as $11.54. Equinox Gold shares last traded at $11.52, with a volume of 11,263,691 shares trading hands.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. TD Securities reiterated a “buy” rating on shares of Equinox Gold in a research note on Thursday, September 17th. Scotiabank reaffirmed an “outperform” rating on shares of Equinox Gold in a research note on Friday, August 7th. Zacks Research lowered Equinox Gold from a “hold” rating to a “strong sell” rating in a research note on Wednesday, October 21st. Royal Bank Of Canada upped their price objective on Equinox Gold from $13.00 to $14.00 and gave the company an “outperform” rating in a report on Wednesday, September 16th. Finally, Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of Equinox Gold in a report on Friday, October 16th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Equinox Gold presently has a consensus rating of “Moderate Buy” and an average price target of $14.00.

Equinox Gold Stock Up 2.1%

The firm has a market cap of $13.45 billion, a price-to-earnings ratio of 11.52 and a beta of 1.33. The company has a quick ratio of 0.77, a current ratio of 1.33 and a debt-to-equity ratio of 0.09. The firm has a 50 day moving average of $11.45 and a 200 day moving average of $12.67.

Equinox Gold (NYSEAMERICAN:EQX) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $0.16 EPS for the quarter, missing the consensus estimate of $0.17 by ($0.01). Equinox Gold had a return on equity of 10.91% and a net margin of 26.30%. The company had revenue of $769.80 million during the quarter, compared to analysts’ expectations of $775.79 million. During the same period in the prior year, the business earned $0.11 EPS. The company’s quarterly revenue was up 60.8% on a year-over-year basis. As a group, sell-side analysts predict that Equinox Gold Corp. will post 0.95 earnings per share for the current year.

Institutional Investors Weigh In On Equinox Gold

A number of hedge funds have recently made changes to their positions in EQX. EverSource Wealth Advisors LLC boosted its holdings in Equinox Gold by 96.7% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,997 shares of the company’s stock valued at $29,000 after purchasing an additional 982 shares in the last quarter. IFP Advisors Inc increased its stake in Equinox Gold by 1,427.1% in the third quarter. IFP Advisors Inc now owns 3,039 shares of the company’s stock valued at $34,000 after acquiring an additional 2,840 shares during the last quarter. Pinnacle Wealth Planning Services Inc. bought a new stake in Equinox Gold during the third quarter worth approximately $35,000. Fortitude Family Office LLC purchased a new position in Equinox Gold in the 3rd quarter valued at about $39,000. Finally, Mather Group LLC. purchased a new position in shares of Equinox Gold during the 3rd quarter worth approximately $56,000. 38.85% of the stock is currently owned by hedge funds and other institutional investors.

About Equinox Gold

Equinox Gold Corp. is a precious metals mining company focused primarily on the acquisition, development and operation of gold mines. The company produces gold and conducts exploration and development activities intended to expand its mineral reserves and production base.

Equinox Gold’s operations and projects have been located across the Americas, including Canada, the United States, Mexico and Brazil. Its portfolio has included the Greenstone Mine in Ontario, the Mesquite and Castle Mountain projects in California, the Los Filos complex in Mexico, and the Aurizona, Fazenda and Santa Luz operations in Brazil.

The company was formed in 2017 through the merger of Trek Mining and NewCastle Gold and has since grown through acquisitions, mine development and exploration.