Equinox Gold (NYSEAMERICAN:EQX) Shares Gap Up – Here’s Why

Equinox Gold Corp. (NYSEAMERICAN:EQX) shares gapped up prior to trading on Wednesday . The stock had previously closed at $5.69, but opened at $5.97. Equinox Gold shares last traded at $5.89, with a volume of 1,643,833 shares trading hands.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on EQX. TD Securities upgraded shares of Equinox Gold to a “hold” rating in a report on Tuesday, February 4th. TD Cowen started coverage on shares of Equinox Gold in a research note on Tuesday, February 4th. They set a “hold” rating and a $35.00 price target on the stock. Finally, National Bank Financial upgraded shares of Equinox Gold to a “strong-buy” rating in a report on Friday, March 21st.

Equinox Gold Price Performance

The company has a market capitalization of $2.68 billion, a price-to-earnings ratio of 10.88 and a beta of 1.33. The company has a quick ratio of 0.33, a current ratio of 0.85 and a debt-to-equity ratio of 0.37. The company has a 50 day simple moving average of $6.55 and a 200 day simple moving average of $5.93.

Hedge Funds Weigh In On Equinox Gold

Hedge funds have recently made changes to their positions in the business. Wellington Management Group LLP grew its stake in shares of Equinox Gold by 2.2% in the fourth quarter. Wellington Management Group LLP now owns 932,210 shares of the company’s stock valued at $4,693,000 after buying an additional 20,097 shares in the last quarter. PKO Investment Management Joint Stock Co purchased a new stake in shares of Equinox Gold during the fourth quarter valued at approximately $942,000. Mackenzie Financial Corp lifted its position in shares of Equinox Gold by 42.6% during the fourth quarter. Mackenzie Financial Corp now owns 7,008,149 shares of the company’s stock worth $35,260,000 after purchasing an additional 2,093,437 shares in the last quarter. Public Employees Retirement System of Ohio boosted its stake in shares of Equinox Gold by 2.9% in the fourth quarter. Public Employees Retirement System of Ohio now owns 137,268 shares of the company’s stock valued at $691,000 after purchasing an additional 3,826 shares during the period. Finally, Pacific Point Advisors LLC purchased a new stake in Equinox Gold during the 4th quarter worth $93,000. Hedge funds and other institutional investors own 38.85% of the company’s stock.

Equinox Gold Company Profile

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.