Wesdome Gold Mines (OTCMKTS:WDOFF) Share Price Breaks Below 200 Day Moving Average – Here’s Why

Wesdome Gold Mines Ltd. (OTCMKTS:WDOFF)’s stock price passed below its two hundred day moving average during trading on Thursday. The stock has a two hundred day moving average of $20.08 and traded as low as $19.30. Wesdome Gold Mines shares last traded at $19.33, with a volume of 186,583 shares trading hands.

Wall Street Analyst Weigh In

WDOFF has been the topic of several research analyst reports. Royal Bank Of Canada reaffirmed a “sector perform” rating on shares of Wesdome Gold Mines in a research note on Thursday, July 23rd. Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of Wesdome Gold Mines in a research report on Friday, October 16th. Finally, BMO Capital Markets cut shares of Wesdome Gold Mines from an “outperform” rating to a “market perform” rating in a report on Tuesday, August 18th. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy”.

Wesdome Gold Mines Trading Down 5.3%

The stock’s fifty day simple moving average is $23.60 and its 200-day simple moving average is $20.08.

Wesdome Gold Mines Company Profile

Wesdome Gold Mines Ltd. is a Canadian gold mining company engaged in the exploration, development, extraction and processing of gold deposits. The company produces gold doré and related mineral products from its underground mining operations and operates primarily in Canada.

Wesdome’s principal assets include the Eagle River Complex in Ontario’s Wawa area and the Kiena Mine in Val-d’Or, Quebec. The Eagle River Complex includes the Eagle River underground mine and an associated processing facility, while Kiena is an underground gold mine and mill complex in the Abitibi region of Quebec.

Founded in 1976, Wesdome has developed a portfolio focused on high-grade Canadian gold deposits.