Equinox Gold (NYSEAMERICAN:EQX) Shares Up 8%

Shares of Equinox Gold Corp. (NYSEAMERICAN:EQX) rose 8% during mid-day trading on Monday . The stock traded as high as $7.31 and last traded at $7.30. Approximately 147,511 shares were traded during mid-day trading, a decline of 90% from the average daily volume of 1,481,871 shares. The stock had previously closed at $6.76.

A number of analysts recently issued reports on the company. Zacks Investment Research raised Equinox Gold from a “sell” rating to a “hold” rating in a research report on Tuesday, August 24th. CIBC lowered their target price on Equinox Gold from C$14.00 to C$11.50 in a report on Wednesday, June 23rd. Royal Bank of Canada cut their target price on Equinox Gold from C$14.00 to C$12.00 and set a “sector perform” rating for the company in a research report on Tuesday, August 10th. TD Securities cut their target price on Equinox Gold from C$17.50 to C$17.00 and set a “buy” rating for the company in a research report on Thursday, August 5th. Finally, Desjardins upgraded Equinox Gold from a “hold” rating to a “buy” rating in a research report on Friday, August 6th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $13.75.

The company has a quick ratio of 2.37, a current ratio of 3.13 and a debt-to-equity ratio of 0.22. The company has a market capitalization of $2.21 billion, a price-to-earnings ratio of 5.04 and a beta of 1.05. The firm has a 50 day simple moving average of $10.30.

Equinox Gold (NYSEAMERICAN:EQX) last posted its quarterly earnings results on Wednesday, August 4th. The company reported $0.01 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.08 by ($0.07). Equinox Gold had a return on equity of 4.12% and a net margin of 50.08%. The company had revenue of $226.22 million during the quarter. Analysts expect that Equinox Gold Corp. will post 0.41 earnings per share for the current fiscal year.

A number of hedge funds have recently added to or reduced their stakes in EQX. Tradition Wealth Management LLC bought a new stake in shares of Equinox Gold in the second quarter valued at about $36,000. K.J. Harrison & Partners Inc acquired a new stake in shares of Equinox Gold during the second quarter worth approximately $70,000. Brown Brothers Harriman & Co. increased its holdings in shares of Equinox Gold by 102.0% during the second quarter. Brown Brothers Harriman & Co. now owns 11,049 shares of the company’s stock worth $77,000 after buying an additional 5,580 shares in the last quarter. Reynders McVeigh Capital Management LLC acquired a new stake in shares of Equinox Gold during the first quarter worth approximately $80,000. Finally, First Interstate Bank acquired a new stake in shares of Equinox Gold during the second quarter worth approximately $92,000. Institutional investors own 27.93% of the company’s stock.

About Equinox Gold (NYSEAMERICAN:EQX)

Equinox Gold Corp. engages in the exploration of gold mining properties. Its projects include mesquite gold mine, aurizona gold mine, castle mountain, and copper projects. The company was founded by Marc Pais on March 23, 2007 and is headquartered in Vancouver, Canada.

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