Equinox Gold (NYSEAMERICAN:EQX) Trading Down 5.5% – Here’s What Happened

Equinox Gold Corp. (NYSEAMERICAN:EQX)’s share price dropped 5.5% during mid-day trading on Friday . The stock traded as low as $14.06 and last traded at $13.7520. Approximately 1,502,931 shares were traded during trading, a decline of 82% from the average daily volume of 8,148,205 shares. The stock had previously closed at $14.56.

Analysts Set New Price Targets

EQX has been the subject of several recent research reports. Cibc Captl Mkts downgraded shares of Equinox Gold from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 15th. Cibc World Mkts raised Equinox Gold from a “hold” rating to a “strong-buy” rating in a research note on Thursday, October 9th. Scotiabank raised Equinox Gold from a “hold” rating to an “outperform” rating in a research report on Thursday, November 6th. Stifel Nicolaus initiated coverage on Equinox Gold in a research note on Tuesday, December 2nd. They issued a “buy” rating on the stock. Finally, Stifel Canada upgraded Equinox Gold to a “strong-buy” rating in a research note on Monday, December 1st. Three research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Equinox Gold currently has an average rating of “Moderate Buy” and a consensus price target of $26.00.

Equinox Gold Stock Down 2.6%

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 company has a market capitalization of $11.14 billion, a PE ratio of 283.94 and a beta of 1.25. The firm’s 50-day simple moving average is $13.76 and its 200 day simple moving average is $10.58.

Equinox Gold (NYSEAMERICAN:EQX) last announced its quarterly earnings data on Wednesday, November 5th. The company reported $0.19 EPS for the quarter, beating the consensus estimate of $0.13 by $0.06. The firm had revenue of $819.01 million during the quarter, compared to analysts’ expectations of $607.81 million. Equinox Gold had a net margin of 2.71% and a return on equity of 5.57%. The business’s revenue for the quarter was up 91.2% compared to the same quarter last year. As a group, equities research analysts forecast that Equinox Gold Corp. will post 0.85 earnings per share for the current year.

Institutional Investors Weigh In On Equinox Gold

A number of institutional investors and hedge funds have recently modified their holdings of the company. Royal Bank of Canada raised its holdings in Equinox Gold by 232.7% during the first quarter. Royal Bank of Canada now owns 558,605 shares of the company’s stock worth $3,843,000 after purchasing an additional 390,690 shares during the last quarter. Millennium Management LLC acquired a new stake in Equinox Gold in the first quarter valued at $6,883,000. Goldman Sachs Group Inc. increased its position in shares of Equinox Gold by 35.7% in the first quarter. Goldman Sachs Group Inc. now owns 1,862,225 shares of the company’s stock valued at $12,812,000 after buying an additional 490,251 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Equinox Gold by 164.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 780,141 shares of the company’s stock worth $5,367,000 after buying an additional 485,567 shares during the last quarter. Finally, Baader Bank Aktiengesellschaft purchased a new stake in shares of Equinox Gold in the 2nd quarter worth about $74,000. Institutional investors and hedge funds own 38.85% of the company’s stock.

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.