Equinox Gold (NYSEAMERICAN:EQX) Reaches New 52-Week High on Strong Earnings

Shares of Equinox Gold Corp. (NYSEAMERICAN:EQX) hit a new 52-week high during mid-day trading on Thursday following a better than expected earnings announcement. The stock traded as high as $7.80 and last traded at $7.63, with a volume of 12090759 shares changing hands. The stock had previously closed at $6.79.

The company reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.09. The firm had revenue of $478.64 million for the quarter, compared to analysts’ expectations of $470.00 million. Equinox Gold had a negative net margin of 1.21% and a positive return on equity of 4.06%. The business’s revenue was up 77.7% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.01) EPS.

Wall Street Analysts Forecast Growth

EQX has been the topic of a number of recent analyst reports. BMO Capital Markets initiated coverage on shares of Equinox Gold in a research report on Wednesday, June 18th. They issued an “outperform” rating on the stock. CIBC reissued a “neutral” rating on shares of Equinox Gold in a research report on Tuesday, July 15th. TD Securities raised shares of Equinox Gold from a “hold” rating to a “buy” rating in a research report on Wednesday, July 16th. Finally, National Bankshares reissued an “outperform” rating on shares of Equinox Gold in a research report on Friday. Two research analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Equinox Gold presently has an average rating of “Moderate Buy” and an average price target of $35.00.

Hedge Funds Weigh In On Equinox Gold

A number of institutional investors have recently modified their holdings of the stock. Veracity Capital LLC boosted its stake in Equinox Gold by 14.2% in the first quarter. Veracity Capital LLC now owns 12,589 shares of the company’s stock valued at $87,000 after acquiring an additional 1,564 shares in the last quarter. Rathbones Group PLC raised its holdings in shares of Equinox Gold by 1.7% in the first quarter. Rathbones Group PLC now owns 108,129 shares of the company’s stock worth $743,000 after buying an additional 1,825 shares during the last quarter. Cambridge Investment Research Advisors Inc. raised its holdings in shares of Equinox Gold by 2.4% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 86,161 shares of the company’s stock worth $592,000 after buying an additional 1,990 shares during the last quarter. Kohmann Bosshard Financial Services LLC raised its holdings in shares of Equinox Gold by 5.6% in the second quarter. Kohmann Bosshard Financial Services LLC now owns 38,000 shares of the company’s stock worth $218,000 after buying an additional 2,000 shares during the last quarter. Finally, TD Waterhouse Canada Inc. raised its holdings in shares of Equinox Gold by 13.2% in the second quarter. TD Waterhouse Canada Inc. now owns 17,923 shares of the company’s stock worth $103,000 after buying an additional 2,091 shares during the last quarter. 38.85% of the stock is owned by hedge funds and other institutional investors.

Equinox Gold Trading Up 2.0%

The stock’s fifty day simple moving average is $6.32 and its 200-day simple moving average is $6.42. The firm has a market cap of $6.06 billion, a PE ratio of -132.98 and a beta of 1.10. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.85 and a quick ratio of 0.50.

Equinox Gold Company Profile

Equinox Gold Corp. engages in the exploration, acquisition, development, and operation of mineral properties in the Americas. It explores gold and silver deposits. It holds interest in properties in California located in the United States; Guerrero State located in Mexico; Maranhão, Bahia, and Mina Gerais state located in Brazil; and Ontario, Canada.