Wesdome Gold Mines (TSE:WDO) Shares Cross Above Fifty Day Moving Average – Here’s What Happened

Wesdome Gold Mines Ltd. (TSE:WDO) shares crossed above its 50 day moving average during trading on Tuesday . The stock has a 50 day moving average of C$25.82 and traded as high as C$28.53. Wesdome Gold Mines shares last traded at C$28.28, with a volume of 836,957 shares traded.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Canaccord Genuity Group upgraded Wesdome Gold Mines from a “hold” rating to a “buy” rating and raised their target price for the company from C$30.00 to C$31.00 in a research note on Monday, June 1st. Desjardins increased their price objective 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 lifted their price objective for the company from C$31.00 to C$32.00 in a research report on Friday, July 17th. Stifel Nicolaus raised shares of Wesdome Gold Mines to a “strong-buy” rating in a research note on Monday, June 29th. Finally, National Bank Financial upgraded shares of Wesdome Gold Mines from a “sector perform” rating to an “outperform” rating and upped their target price for the stock from C$34.00 to C$37.00 in a research report on Friday, July 3rd. One research analyst has rated the stock with a Strong Buy rating and four have given a Buy rating to the company’s stock. Based on data from MarketBeat, Wesdome Gold Mines has a consensus rating of “Buy” and a consensus price target of C$31.57.

Wesdome Gold Mines Stock Up 8.7%

The company has a market cap of C$4.19 billion, a price-to-earnings ratio of 10.55 and a beta of 1.33. The stock has a 50-day simple moving average of C$25.82 and a 200-day simple moving average of C$25.59. The company has a current ratio of 6.03, a quick ratio of 0.37 and a debt-to-equity ratio of 0.31.

Wesdome Gold Mines (TSE:WDO) last issued its quarterly earnings results 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 company had revenue of C$299.79 million for the quarter. As a group, analysts predict that Wesdome Gold Mines Ltd. will post 1.293456 EPS for the current year.

Insider Activity at Wesdome Gold Mines

In related news, insider Philip Chow Yee purchased 6,250 shares of the company’s stock in a transaction on Tuesday, June 30th. The shares were bought at an average cost of C$24.15 per share, for a total transaction 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 ownership of the stock. Also, insider Robert Kallio sold 4,341 shares of the company’s stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of C$24.11, for a total transaction of C$104,661.51. Following the completion of the sale, the insider directly owned 4,029 shares of the company’s stock, valued at approximately C$97,139.19. This represents a 51.86% decrease in their ownership of the stock. Over the last quarter, insiders have sold 17,433 shares of company stock worth $423,454. 0.17% of the stock is currently 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.