Equinox Gold (NYSEAMERICAN:EQX) Shares Gap Up After Earnings Beat

Equinox Gold Corp. (NYSEAMERICAN:EQX) gapped up prior to trading on Thursday following a better than expected earnings announcement. 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 trading hands.

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

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Scotiabank upgraded shares of Equinox Gold from a “hold” rating to an “outperform” rating in a report on Thursday. National Bankshares restated an “outperform” rating on shares of Equinox Gold in a report on Friday, August 15th. Cormark upgraded Equinox Gold from a “hold” rating to a “moderate buy” rating in a report on Friday, August 15th. TD Securities restated a “buy” rating on shares of Equinox Gold in a research note on Friday, September 5th. Finally, Royal Bank Of Canada upgraded Equinox Gold from a “sector perform” rating to an “outperform” rating and raised their price objective for the stock from $11.00 to $17.00 in a report on Wednesday, September 10th. Two research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $26.00.

Hedge Funds Weigh In On Equinox Gold

A number of large investors have recently modified their holdings of the stock. Y Intercept Hong Kong Ltd bought a new position in Equinox Gold in the 1st quarter worth approximately $937,000. Cetera Investment Advisers lifted its position 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 period. TD Asset Management Inc boosted its stake in shares of Equinox Gold by 4.4% in 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 grew its position in shares of 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 buying an additional 215,927 shares during the period. Finally, Mesirow Financial Investment Management Inc. bought a new position in Equinox Gold in the first quarter valued at approximately $69,000. 38.85% of the stock is currently owned by institutional investors and hedge funds.

Equinox Gold Stock Performance

The company has a current ratio of 0.94, a quick ratio of 0.53 and a debt-to-equity ratio of 0.29. The company has a market cap of $9.19 billion, a price-to-earnings ratio of 234.25 and a beta of 1.11. The stock has a 50 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.