Equinox Gold (NYSEAMERICAN:EQX) Downgraded by Zacks Research to “Hold”

Equinox Gold (NYSEAMERICAN:EQX) was downgraded by analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

Several other equities research analysts also recently commented on the company. The Goldman Sachs Group upgraded Equinox Gold from a “buy” rating to a “buy” rating in a report on Monday, June 8th. Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of Equinox Gold in a report on Thursday, July 16th. Finally, Royal Bank Of Canada reduced their price target on shares of Equinox Gold from $14.00 to $13.00 and set an “outperform” rating for the company in a research report on Thursday, July 9th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, Equinox Gold currently has an average rating of “Buy” and a consensus target price of $13.00.

Equinox Gold Stock Performance

Shares of EQX opened at $9.35 on Tuesday. Equinox Gold has a one year low of $6.01 and a one year high of $18.96. The company has a market cap of $7.38 billion, a PE ratio of 11.69 and a beta of 1.26. The stock has a 50-day moving average of $10.74 and a 200-day moving average of $13.54. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.24 and a quick ratio of 0.75.

Equinox Gold (NYSEAMERICAN:EQX) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $0.28 earnings per share for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.01). The firm had revenue of $861.59 million for the quarter, compared to analyst estimates of $896.94 million. Equinox Gold had a return on equity of 10.26% and a net margin of 21.72%.The firm’s quarterly revenue was up 224.3% compared to the same quarter last year. During the same period last year, the company posted ($0.08) earnings per share. On average, equities research analysts predict that Equinox Gold will post 1.12 EPS for the current fiscal year.

Institutional Trading of Equinox Gold

Several institutional investors and hedge funds have recently modified their holdings of the stock. FIL Ltd bought a new position in Equinox Gold during the 4th quarter valued at $332,888,000. Norges Bank bought a new stake in shares of Equinox Gold in the 4th quarter worth $141,388,000. Boston Partners bought a new stake in shares of Equinox Gold in the 4th quarter worth $75,290,000. Arrowstreet Capital Limited Partnership bought a new stake in shares of Equinox Gold in the 4th quarter worth $55,875,000. Finally, The Manufacturers Life Insurance Company raised its holdings in shares of Equinox Gold by 163.4% in the fourth quarter. The Manufacturers Life Insurance Company now owns 5,946,309 shares of the company’s stock valued at $83,576,000 after purchasing an additional 3,688,805 shares during 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.