Equinox Gold (NYSEAMERICAN:EQX) Shares Gap Up on Better-Than-Expected Earnings

Shares of Equinox Gold Corp. (NYSEAMERICAN:EQX) gapped up prior to trading on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $10.60, but opened at $11.54. Equinox Gold shares last traded at $11.7260, with a volume of 9,494,545 shares changing hands.

The company reported $0.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.13 by $0.06. Equinox Gold had a net margin of 2.71% and a return on equity of 6.12%. The firm had revenue of $819.01 million for the quarter, compared to the consensus estimate of $607.81 million. The business’s revenue for the quarter was up 91.2% compared to the same quarter last year.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on EQX shares. TD Securities reiterated a “buy” rating on shares of Equinox Gold in a report on Friday, September 5th. Scotiabank upgraded Equinox Gold from a “hold” rating to an “outperform” rating in a research report on Thursday. Royal Bank Of Canada upgraded Equinox Gold from a “sector perform” rating to an “outperform” rating and lifted their target price for the stock from $11.00 to $17.00 in a report on Wednesday, September 10th. Cibc World Mkts raised Equinox Gold from a “hold” rating to a “strong-buy” rating in a research note on Thursday, October 9th. Finally, Cormark raised shares of Equinox Gold from a “hold” rating to a “moderate buy” rating in a research report on Friday, August 15th. Two research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $26.00.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Y Intercept Hong Kong Ltd bought a new stake in shares of Equinox Gold during the first quarter worth about $937,000. Cetera Investment Advisers boosted its stake in Equinox Gold by 42.1% during the 1st quarter. Cetera Investment Advisers now owns 26,874 shares of the company’s stock valued at $185,000 after purchasing an additional 7,962 shares during the last quarter. TD Asset Management Inc boosted its stake in Equinox Gold by 4.4% during the 1st quarter. TD Asset Management Inc now owns 1,382,033 shares of the company’s stock valued at $9,497,000 after purchasing an additional 58,242 shares during the last quarter. LPL Financial LLC increased its holdings in Equinox Gold by 50.1% during the 1st quarter. LPL Financial LLC now owns 646,649 shares of the company’s stock worth $4,449,000 after purchasing an additional 215,927 shares in the last quarter. Finally, Mesirow Financial Investment Management Inc. purchased a new stake in shares of Equinox Gold in the first quarter worth approximately $69,000. Institutional investors and hedge funds own 38.85% of the company’s stock.

Equinox Gold Stock Up 2.6%

The company has a market cap of $9.19 billion, a P/E ratio of 234.25 and a beta of 1.11. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.94 and a quick ratio of 0.53. The stock has a fifty day moving average price of $10.89 and a two-hundred day moving average price of $8.09.

About Equinox Gold

Equinox Gold Corp. engages in the exploration, acquisition, development, and operation of mineral properties in the Americas. It explores gold and silver deposits. It holds interest in properties in California located in the United States; Guerrero State located in Mexico; Maranhão, Bahia, and Mina Gerais state located in Brazil; and Ontario, Canada.