Equinox Gold (NYSEAMERICAN:EQX) Stock Sees 7.2% Increase - Is It A Good Time To Buy?

Equinox Gold Corp. (NYSEAMERICAN:EQX) experienced a notable increase of 7.2% in its stock price during mid-day trading on a recent Monday. The share price peaked at $6.46 and was last recorded at $6.51. A total of 4,951,311 shares changed hands in this period, representing a 28% decrease from the average trading volume of 6,902,599 shares. Before this rise, the stock had closed at $6.07.

Equinox Gold's Stock Performance

Currently, Equinox Gold holds a current ratio of 0.85, a quick ratio of 0.33, and a debt-to-equity ratio of 0.37. It boasts a market capitalization of $2.99 billion, a price-to-earnings (PE) ratio of 13.41, and a beta of 1.33, indicating that the stock's price is somewhat volatile compared to the market.

The company recently announced its quarterly earnings on November 6, reporting earnings per share (EPS) of $0.09, which fell short of analysts’ expectations of $0.10 by just $0.01. Equinox Gold achieved a net margin of 19.83% and a return on equity of 0.69%. Its revenue for the quarter was $428.40 million, slightly below the expected $437.84 million yet showing an impressive increase of 50.5% compared to the same quarter last year. Analysts forecast that Equinox Gold Corp. will achieve an EPS of 0.36 for the current year.

Institutional Investment in Equinox Gold

Recently, a number of institutional investors and hedge funds have adjusted their stakes in Equinox Gold. For instance, CIBC Asset Management Inc. increased its position by 3.3% during the fourth quarter, now owning 537,896 shares valued at $2,703,000 after acquiring an additional 17,017 shares. Other investors, like Sanctuary Advisors LLC and Choreo LLC, also made new investments in Equinox Gold, worth approximately $462,000 and $63,000 respectively. Additionally, Helikon Investments Ltd invested approximately $8,559,000 in the company. As a result, institutional ownership accounts for 38.85% of Equinox Gold's stock.

Overview of Equinox Gold

Equinox Gold Corp. is actively involved in the exploration, acquisition, development, and operation of mineral properties across the Americas, specifically targeting gold and silver deposits. The company has interests in mining properties located in California, the Guerrero State of Mexico, and in the Brazilian states of Maranhão, Bahia, and Minas Gerais, along with operations in Ontario, Canada.

Should You Consider Investing?

Before making any investment decision regarding Equinox Gold, investors should conduct thorough research. It is worth noting that, while the stock currently holds a "Hold" rating among analysts, there are five other stocks that some top-rated analysts believe present better investment opportunities right now.

Equinox, Stocks, Earnings