Wesdome Gold Mines (TSE:WDO) Share Price Passes Above 50-Day Moving Average – Time to Sell?

Wesdome Gold Mines Ltd. (TSE:WDO) crossed above its 50 day moving average during trading on Friday . The stock has a 50 day moving average of C$28.61 and traded as high as C$35.25. Wesdome Gold Mines shares last traded at C$33.80, with a volume of 508,004 shares changing hands.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on WDO. Stifel Nicolaus upgraded Wesdome Gold Mines to a “strong-buy” rating in a research report on Monday, June 29th. Canaccord Genuity Group raised Wesdome Gold Mines from a “hold” rating to a “buy” rating and raised their target price for the company from C$30.00 to C$31.00 in a research note on Monday, June 1st. National Bank Financial raised their target price on Wesdome Gold Mines from C$34.50 to C$40.00 and gave the company an “outperform” rating in a research note on Wednesday, August 19th. Canadian Imperial Bank of Commerce lifted their target price on Wesdome Gold Mines from C$32.00 to C$35.00 in a report on Friday, August 21st. Finally, Desjardins boosted their price target on shares of Wesdome Gold Mines from C$34.00 to C$40.00 and gave the stock a “buy” rating in a research report on Wednesday, August 19th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Wesdome Gold Mines presently has a consensus rating of “Buy” and a consensus target price of C$33.38.

Wesdome Gold Mines Stock Down 3.4%

The stock has a market capitalization of C$4.85 billion, a P/E ratio of 12.20 and a beta of 1.33. The company has a debt-to-equity ratio of 0.73, a current ratio of 6.90 and a quick ratio of 0.37. The stock’s fifty day moving average is C$28.61 and its two-hundred day moving average is C$26.76.

Wesdome Gold Mines (TSE:WDO) last posted its quarterly earnings results on Thursday, August 13th. The company reported C$0.65 earnings per share (EPS) for the quarter. Wesdome Gold Mines had a return on equity of 43.77% and a net margin of 38.46%.The company had revenue of C$266.76 million for the quarter. As a group, research analysts predict that Wesdome Gold Mines Ltd. will post 1.293456 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Philip Chow Yee bought 6,250 shares of the business’s stock in a transaction dated Tuesday, June 30th. The shares were bought at an average cost of C$24.15 per share, with a total value of C$150,937.50. Following the completion of the transaction, the insider directly owned 12,500 shares of the company’s stock, valued at approximately C$301,875. This trade represents a 100.00% increase in their ownership of the stock. Also, insider Rajbir Gill bought 1,047 shares of Wesdome Gold Mines stock in a transaction dated Tuesday, June 30th. The shares were bought at an average cost of C$24.02 per share, with a total value of C$25,148.94. Following the completion of the acquisition, the insider owned 24,669 shares of the company’s stock, valued at C$592,549.38. The trade was a 4.43% increase in their ownership of the stock. Over the last quarter, insiders have sold 84,394 shares of company stock valued at $2,509,289. 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.