Wesdome Gold Mines (TSE:WDO) Sets New 52-Week High After Analyst Upgrade

Wesdome Gold Mines Ltd. (TSE:WDO)’s stock price reached a new 52-week high during mid-day trading on Friday after Canadian Imperial Bank of Commerce raised their price target on the stock from C$32.00 to C$35.00. The company traded as high as C$35.20 and last traded at C$34.97, with a volume of 609359 shares changing hands. The stock had previously closed at C$34.19.

Several other research firms have also recently weighed in on WDO. Desjardins boosted their price objective on shares of Wesdome Gold Mines from C$34.00 to C$40.00 and gave the stock a “buy” rating in a research report on Wednesday. BMO Capital Markets downgraded shares of Wesdome Gold Mines from an “outperform” rating to a “hold” rating and lifted their price objective for the company from C$30.00 to C$34.00 in a report on Wednesday. National Bank Financial increased their price objective on Wesdome Gold Mines from C$34.50 to C$40.00 and gave the company an “outperform” rating in a report on Wednesday. Stifel Nicolaus raised shares of Wesdome Gold Mines to a “strong-buy” rating in a report on Monday, June 29th. Finally, Canaccord Genuity Group raised shares of Wesdome Gold Mines from a “hold” rating to a “buy” rating and lifted their price objective for the stock from C$30.00 to C$31.00 in a research report on Monday, June 1st. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Buy” and an average price target of C$33.38.

Insider Activity at Wesdome Gold Mines

In other news, insider Rajbir Gill acquired 1,047 shares of Wesdome Gold Mines stock in a transaction that occurred on Tuesday, June 30th. The shares were acquired at an average price of C$24.02 per share, for a total transaction of C$25,148.94. Following the transaction, the insider directly owned 24,669 shares of the company’s stock, valued at approximately C$592,549.38. The trade was a 4.43% increase in their position. Also, Director Anthea Ingrid Bath sold 66,961 shares of the company’s stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of C$31.15, for a total value of C$2,085,835.15. Following the completion of the transaction, the director directly owned 130,128 shares of the company’s stock, valued at C$4,053,487.20. This represents a 33.98% decrease in their position. In the last ninety days, insiders sold 84,394 shares of company stock worth $2,509,289. Corporate insiders own 0.17% of the company’s stock.

Wesdome Gold Mines Stock Performance

The company has a 50-day moving average of C$27.51 and a 200-day moving average of C$26.23. The company has a market cap of C$5.02 billion, a PE ratio of 12.62 and a beta of 1.33. The company has a quick ratio of 0.37, a current ratio of 6.90 and a debt-to-equity ratio of 0.73.

Wesdome Gold Mines (TSE:WDO) last issued its quarterly earnings data on Thursday, August 13th. The company reported C$0.65 earnings per share for the quarter. Wesdome Gold Mines had a return on equity of 43.77% and a net margin of 38.46%.The business had revenue of C$266.76 million for the quarter. As a group, analysts anticipate that Wesdome Gold Mines Ltd. will post 1.293456 earnings per share for the current year.

About Wesdome Gold Mines

Wesdome is a Canadian-focused gold producer with two high-grade underground assets, Eagle River in Northern Ontario and Kiena in Val-d’Or, Québec. The Company’s primary goal is to responsibly leverage its operating platform and high-quality brownfield and greenfield exploration pipeline to build a value-driven mid-tier gold producer.