Wesdome Gold Mines (TSE:WDO) Stock Crosses Above Fifty Day Moving Average – What’s Next?

Wesdome Gold Mines Ltd. (TSE:WDO)’s stock price passed above its fifty day moving average during trading on Wednesday . The stock has a fifty day moving average of C$26.56 and traded as high as C$34.58. Wesdome Gold Mines shares last traded at C$33.69, with a volume of 556,545 shares changing hands.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Stifel Nicolaus upgraded shares of Wesdome Gold Mines to a “strong-buy” rating in a report on Monday, June 29th. Canadian Imperial Bank of Commerce raised Wesdome Gold Mines from a “neutral” rating to an “outperformer” rating and raised their price target for the company from C$31.00 to C$32.00 in a research report on Friday, July 17th. 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 note on Friday, July 3rd. Desjardins boosted their price objective on Wesdome Gold Mines from C$32.00 to C$34.00 and gave the stock a “buy” rating in a research report on Thursday, April 23rd. Finally, Canaccord Genuity Group raised Wesdome Gold Mines from a “hold” rating to a “buy” rating and boosted their price objective for the stock from C$30.00 to C$31.00 in a research report on Monday, June 1st. One research analyst has rated the stock with a Strong Buy rating and four have issued a Buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of C$31.57.

Wesdome Gold Mines Price Performance

The firm has a market cap of C$4.83 billion, a P/E ratio of 12.14 and a beta of 1.33. The stock’s 50-day moving average is C$26.68 and its 200-day moving average is C$25.93. The company has a quick ratio of 0.37, a current ratio of 6.03 and a debt-to-equity ratio of 0.31.

Wesdome Gold Mines (TSE:WDO) last issued its quarterly earnings results on Thursday, August 13th. The company reported C$0.65 earnings per share for the quarter. The firm had revenue of C$266.76 million during the quarter. Wesdome Gold Mines had a net margin of 39.54% and a return on equity of 46.09%. As a group, equities analysts anticipate that Wesdome Gold Mines Ltd. will post 1.293456 EPS for the current fiscal year.

Insider Activity at Wesdome Gold Mines

In other news, insider Philip Chow Yee purchased 6,250 shares of the stock in a transaction that occurred on Tuesday, June 30th. The shares were purchased at an average cost of C$24.15 per share, for a total transaction of C$150,937.50. Following the completion of the purchase, the insider directly owned 12,500 shares of the company’s stock, valued at approximately C$301,875. The trade was a 100.00% increase in their position. Also, insider Robert Kallio sold 4,341 shares of the business’s stock in a transaction dated Monday, June 29th. The shares were sold at an average price of C$24.11, for a total value of C$104,661.51. Following the transaction, the insider owned 4,029 shares in the company, valued at C$97,139.19. This represents a 51.86% decrease in their ownership of the stock. Insiders sold a total of 17,433 shares of company stock worth $423,454 over the last ninety days. Corporate insiders own 0.17% of the company’s stock.

About Wesdome Gold Mines

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.