Equinox Gold (NYSEAMERICAN:EQX) Shares Gap Down – Here’s Why

Equinox Gold Corp. (NYSEAMERICAN:EQX) shares gapped down prior to trading on Friday . The stock had previously closed at $16.01, but opened at $14.46. Equinox Gold shares last traded at $14.8690, with a volume of 1,609,475 shares changing hands.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on EQX shares. 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 World Mkts raised Equinox Gold from a “hold” rating to a “strong-buy” rating in a research report on Thursday, October 9th. BMO Capital Markets restated an “outperform” rating on shares of Equinox Gold in a research note on Tuesday. Scotiabank restated an “outperform” rating on shares of Equinox Gold in a research note on Monday. 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 investment analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Equinox Gold has an average rating of “Moderate Buy” and an average price target of $26.00.

Equinox Gold Stock Down 8.3%

The company has a debt-to-equity ratio of 0.27, a current ratio of 1.07 and a quick ratio of 0.62. The stock has a 50-day moving average price of $14.40 and a 200-day moving average price of $11.26. The company has a market capitalization of $11.54 billion, a P/E ratio of 294.48 and a beta of 1.25.

Equinox Gold (NYSEAMERICAN:EQX) last announced its earnings results on Wednesday, November 5th. The company reported $0.19 EPS for the quarter, beating the consensus estimate of $0.13 by $0.06. The company had revenue of $819.01 million for the quarter, compared to analyst estimates of $607.81 million. Equinox Gold had a return on equity of 5.57% and a net margin of 2.71%.The business’s revenue was up 91.2% on a year-over-year basis. On average, research analysts predict that Equinox Gold Corp. will post 0.85 EPS for the current fiscal year.

Hedge Funds Weigh In On Equinox Gold

Institutional investors have recently modified their holdings of the business. Royal Bank of Canada increased its position in Equinox Gold by 232.7% in the first quarter. Royal Bank of Canada now owns 558,605 shares of the company’s stock worth $3,843,000 after buying an additional 390,690 shares during the last quarter. Millennium Management LLC bought a new position in shares of Equinox Gold in the first quarter worth approximately $6,883,000. Goldman Sachs Group Inc. raised its stake in 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 purchasing an additional 490,251 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Equinox Gold by 164.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 780,141 shares of the company’s stock valued at $5,367,000 after purchasing an additional 485,567 shares during the last quarter. Finally, Farther Finance Advisors LLC bought a new stake in shares of Equinox Gold during the 2nd quarter worth $69,000. 38.85% of the stock is owned by 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.