Wesdome Gold Mines (TSE:WDO) Trading Down 12.1% Following Analyst Downgrade

Wesdome Gold Mines Ltd. (TSE:WDOGet Rating) shares traded down 12.1% during trading on Wednesday after BMO Capital Markets lowered their price target on the stock from C$15.00 to C$14.00. The stock traded as low as C$6.80 and last traded at C$6.83. 538,642 shares were traded during mid-day trading, a decline of 9% from the average session volume of 593,265 shares. The stock had previously closed at C$7.77.

Several other brokerages also recently commented on WDO. TD Securities reduced their target price on Wesdome Gold Mines from C$12.50 to C$11.50 and set a “buy” rating for the company in a research note on Thursday, November 10th. Bank of America dropped their price target on shares of Wesdome Gold Mines from C$14.50 to C$14.00 in a research report on Friday, November 11th. Eight Capital dropped their price target on shares of Wesdome Gold Mines from C$17.50 to C$15.00 in a research report on Wednesday, October 26th. National Bankshares dropped their price target on shares of Wesdome Gold Mines from C$14.00 to C$11.25 and set an “outperform” rating on the stock in a research report on Friday, January 13th. Finally, Echelon Wealth Partners cut shares of Wesdome Gold Mines from a “buy” rating to a “hold” rating in a research report on Thursday, November 10th. Five analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, Wesdome Gold Mines presently has an average rating of “Hold” and an average price target of C$13.06.

Insiders Place Their Bets

In related news, Director Charles Main sold 20,000 shares of Wesdome Gold Mines stock in a transaction that occurred on Monday, November 14th. The shares were sold at an average price of C$8.69, for a total value of C$173,800.00. Following the sale, the director now owns 15,000 shares of the company’s stock, valued at approximately C$130,350.

Wesdome Gold Mines Price Performance

The company has a current ratio of 0.62, a quick ratio of 0.37 and a debt-to-equity ratio of 9.89. The company has a market cap of C$926.17 million and a P/E ratio of 72.22. The business’s fifty day moving average is C$8.17 and its 200 day moving average is C$8.79.

Wesdome Gold Mines (TSE:WDOGet Rating) last posted its quarterly earnings results on Wednesday, November 9th. The company reported C($0.03) EPS for the quarter, missing analysts’ consensus estimates of C$0.07 by C($0.10). The company had revenue of C$61.82 million for the quarter, compared to the consensus estimate of C$62.00 million. As a group, sell-side analysts anticipate that Wesdome Gold Mines Ltd. will post 0.57 EPS for the current year.

Wesdome Gold Mines Company Profile

(Get Rating)

Wesdome Gold Mines Ltd. engages in the exploration, extraction, processing, and reclamation of gold in Canada. It principally produces gold in the form of doré bars, as well as silver as a by-product. The company's properties include the Eagle River Complex that consists of the Eagle River Mine, the Mishi Mine, and the Eagle River Mill located in Wawa, Ontario; and the Kiena Mine Complex, which includes the Kiena Mine concession and Kiena Mill situated in Val-d'Or, Québec.

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