Equinox Gold (NYSEAMERICAN:EQX) Trading Down 6.7% on Analyst Downgrade

Equinox Gold Corp. (NYSEAMERICAN:EQXGet Rating) shares dropped 6.7% on Friday after TD Securities lowered their price target on the stock from $10.00 to $9.50. TD Securities currently has a buy rating on the stock. Equinox Gold traded as low as $3.95 and last traded at $4.01. Approximately 67,176 shares were traded during mid-day trading, a decline of 97% from the average daily volume of 2,315,466 shares. The stock had previously closed at $4.30.

Several other research firms have also weighed in on EQX. Desjardins cut their target price on shares of Equinox Gold from C$12.00 to C$11.25 in a report on Friday, May 6th. TheStreet lowered shares of Equinox Gold from a “b-” rating to a “c+” rating in a report on Friday, May 20th. Stifel Nicolaus dropped their price objective on shares of Equinox Gold from C$16.25 to C$11.50 in a report on Wednesday, July 20th. National Bank Financial lowered shares of Equinox Gold from an “outperform” rating to a “sector perform” rating in a research note on Friday, July 29th. Finally, BMO Capital Markets decreased their price objective on shares of Equinox Gold from C$14.50 to C$14.00 in a research report on Tuesday, May 17th. Five research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $11.55.

Institutional Trading of Equinox Gold

Several hedge funds and other institutional investors have recently modified their holdings of EQX. Van ECK Associates Corp boosted its holdings in Equinox Gold by 8.2% in the 1st quarter. Van ECK Associates Corp now owns 33,303,089 shares of the company’s stock valued at $275,415,000 after purchasing an additional 2,526,327 shares during the period. Vanguard Group Inc. boosted its holdings in Equinox Gold by 2.3% in the 1st quarter. Vanguard Group Inc. now owns 8,215,014 shares of the company’s stock valued at $67,938,000 after purchasing an additional 187,970 shares during the period. Sprott Inc. boosted its holdings in Equinox Gold by 12.2% in the 1st quarter. Sprott Inc. now owns 5,854,118 shares of the company’s stock valued at $48,353,000 after purchasing an additional 636,480 shares during the period. Invesco Ltd. boosted its holdings in Equinox Gold by 3.3% in the 1st quarter. Invesco Ltd. now owns 4,626,965 shares of the company’s stock valued at $38,265,000 after purchasing an additional 149,383 shares during the period. Finally, Russell Investments Group Ltd. boosted its holdings in Equinox Gold by 50.1% in the 2nd quarter. Russell Investments Group Ltd. now owns 4,589,948 shares of the company’s stock valued at $20,423,000 after purchasing an additional 1,533,019 shares during the period. Institutional investors own 35.13% of the company’s stock.

Equinox Gold Stock Down 6.7 %

The company has a debt-to-equity ratio of 0.20, a quick ratio of 2.20 and a current ratio of 2.84. The firm has a market cap of $1.22 billion, a PE ratio of 3.37 and a beta of 1.19.

Equinox Gold (NYSEAMERICAN:EQXGet Rating) last issued its earnings results on Tuesday, May 3rd. The company reported ($0.08) EPS for the quarter, missing the consensus estimate of $0.03 by ($0.11). The firm had revenue of $223.20 million during the quarter. Equinox Gold had a net margin of 38.26% and a return on equity of 2.51%. On average, equities research analysts expect that Equinox Gold Corp. will post 0.17 earnings per share for the current fiscal year.

About Equinox Gold

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Equinox Gold Corp. engages in the operation, acquisition, exploration, and development of mineral properties. The company primarily explores for gold and silver deposits. Its properties include the Aurizona gold mine located in Maranhão State; the RDM gold mine located in Minas Gerais State; and Fazenda gold mine and the Santa Luz gold mine located in Bahia State, Brazil.

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