Equinox Gold (NYSEAMERICAN:EQX) Sets New 52-Week High – Still a Buy?

Equinox Gold Corp. (NYSEAMERICAN:EQX) hit a new 52-week high during trading on Monday . The stock traded as high as $17.07 and last traded at $16.9370, with a volume of 1581543 shares. The stock had previously closed at $16.19.

Wall Street Analyst Weigh In

EQX has been the topic of several analyst reports. Scotiabank reiterated an “outperform” rating on shares of Equinox Gold in a research report on Monday. Stifel Nicolaus started coverage on shares of Equinox Gold in a research note on Tuesday, December 2nd. They set a “buy” rating for the company. Cibc Captl Mkts cut shares of Equinox Gold from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 15th. BMO Capital Markets reissued an “outperform” rating on shares of Equinox Gold in a report on Tuesday. Finally, Zacks Research lowered shares of Equinox Gold from a “hold” rating to a “strong sell” rating in a research report on Monday, January 12th. Three equities research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Equinox Gold has an average rating of “Moderate Buy” and an average price target of $26.00.

Equinox Gold Stock Performance

The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.62 and a current ratio of 1.07. The stock has a market cap of $13.45 billion, a P/E ratio of 342.47 and a beta of 1.25. The business’s 50-day moving average price is $14.24 and its 200-day moving average price is $11.18.

Equinox Gold (NYSEAMERICAN:EQX) last released its earnings results on Wednesday, November 5th. The company reported $0.19 earnings per share for the quarter, beating the consensus estimate of $0.13 by $0.06. Equinox Gold had a return on equity of 5.57% and a net margin of 2.71%.The company had revenue of $819.01 million for the quarter, compared to the consensus estimate of $607.81 million. Equinox Gold’s revenue for the quarter was up 91.2% compared to the same quarter last year. As a group, sell-side analysts expect that Equinox Gold Corp. will post 0.85 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Equinox Gold

Several hedge funds and other institutional investors have recently added to or reduced their stakes in EQX. Y Intercept Hong Kong Ltd bought a new position in Equinox Gold during the third quarter valued at approximately $6,991,000. Maple Rock Capital Partners Inc. raised its holdings in shares of Equinox Gold by 102.1% during the 2nd quarter. Maple Rock Capital Partners Inc. now owns 14,308,748 shares of the company’s stock worth $82,398,000 after acquiring an additional 7,229,260 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its position in shares of Equinox Gold by 70.7% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 941,985 shares of the company’s stock valued at $10,550,000 after acquiring an additional 390,000 shares during the last quarter. All Terrain Financial Advisors LLC purchased a new position in shares of Equinox Gold in the second quarter valued at $498,000. Finally, PKO Investment Management Joint Stock Co grew its holdings in shares of Equinox Gold by 50.6% in the second quarter. PKO Investment Management Joint Stock Co now owns 281,387 shares of the company’s stock valued at $1,617,000 after purchasing an additional 94,500 shares in the last quarter. 38.85% of the stock is owned by hedge funds and other institutional investors.

About Equinox Gold

Equinox Gold Corp is a Canadian gold mining company headquartered in Vancouver, British Columbia. The company focuses on the acquisition, development, and operation of gold properties, with an emphasis on open-pit heap leach mining. Since its inception, Equinox Gold has pursued a strategy of combining assets in established jurisdictions to build a diversified portfolio that balances production and growth, while maintaining rigorous safety and environmental standards.

Equinox Gold’s operating portfolio spans three countries.