Wesdome Gold Mines (TSE:WDO) Shares Cross Above 50-Day Moving Average – Time to Sell?

Wesdome Gold Mines Ltd. (TSE:WDO)’s stock price crossed above its 50-day moving average during trading on Friday . The stock has a 50-day moving average of C$26.27 and traded as high as C$26.79. Wesdome Gold Mines shares last traded at C$26.27, with a volume of 371,650 shares trading hands.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Stifel Nicolaus raised shares of Wesdome Gold Mines to a “strong-buy” rating in a report on Monday, June 29th. Canaccord Genuity Group raised shares of Wesdome Gold Mines from a “hold” rating to a “buy” rating and raised their price objective for the stock from C$30.00 to C$31.00 in a research note on Monday, June 1st. National Bank Financial upgraded Wesdome Gold Mines from a “sector perform” rating to an “outperform” rating and lifted their price objective for the stock from C$34.00 to C$37.00 in a research report on Friday, July 3rd. Finally, Desjardins increased their target price on Wesdome Gold Mines from C$32.00 to C$34.00 and gave the company a “buy” rating in a report on Thursday, April 23rd. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of C$30.86.

Wesdome Gold Mines Stock Down 2.5%

The firm’s 50 day moving average is C$26.27 and its two-hundred day moving average is C$25.33. The stock has a market cap of C$3.90 billion, a price-to-earnings ratio of 9.80 and a beta of 1.33. The company has a current ratio of 6.03, a quick ratio of 0.37 and a debt-to-equity ratio of 0.31.

Wesdome Gold Mines (TSE:WDO) last released its quarterly earnings results on Tuesday, May 12th. The company reported C$0.79 earnings per share (EPS) for the quarter. The company had revenue of C$299.79 million for the quarter. Wesdome Gold Mines had a net margin of 39.54% and a return on equity of 46.09%. On average, sell-side analysts predict that Wesdome Gold Mines Ltd. will post 1.293456 EPS for the current year.

Insider Activity

In other news, insider Philip Chow Yee bought 6,250 shares of the firm’s stock in a transaction that occurred on Tuesday, June 30th. The shares were purchased at an average price of C$24.15 per share, for a total transaction of C$150,937.50. Following the completion of the transaction, the insider owned 12,500 shares in the company, valued at C$301,875. The trade was a 100.00% increase in their ownership of the stock. Also, insider Rajbir Gill bought 1,047 shares of the stock in a transaction on Tuesday, June 30th. The stock was purchased at an average cost of C$24.02 per share, with a total value of C$25,148.94. Following the completion of the purchase, the insider directly owned 24,669 shares in the company, valued at C$592,549.38. This trade represents a 4.43% increase in their position. Over the last ninety days, insiders sold 17,433 shares of company stock worth $423,454. 0.17% of the stock is currently owned by corporate insiders.

Wesdome Gold Mines Company Profile

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.