Equinox Gold (NYSEAMERICAN:EQX) Shares Gap Up – Time to Buy?

Shares of Equinox Gold Corp. (NYSEAMERICAN:EQX) gapped up before the market opened 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 traded.

Wall Street Analysts Forecast Growth

EQX has been the subject of several research reports. TD Securities raised Equinox Gold to a “hold” rating in a research report on Tuesday, February 4th. TD Cowen began coverage on shares of Equinox Gold in a report on Tuesday, February 4th. They issued a “hold” rating and a $35.00 price target for the company. 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 cap of $3.11 billion, a P/E ratio of 12.63 and a beta of 1.33. The stock has a 50-day simple moving average of $6.59 and a 200 day simple moving average of $5.95. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.33 and a current ratio of 0.85.

Hedge Funds Weigh In On Equinox Gold

A number of hedge funds have recently made changes to their positions in EQX. Hobbs Group Advisors LLC bought a new stake in Equinox Gold in the third quarter valued at about $43,000. Parvin Asset Management LLC acquired a new stake in Equinox Gold during the fourth quarter valued at approximately $38,000. BNP Paribas Financial Markets bought a new stake in shares of Equinox Gold in the 4th quarter valued at approximately $47,000. Synovus Financial Corp acquired a new position in shares of Equinox Gold in the 3rd quarter worth approximately $61,000. Finally, Generali Investments CEE investicni spolecnost a.s. bought a new position in shares of Equinox Gold during the 4th quarter worth approximately $50,000. Institutional investors and hedge funds own 38.85% of the company’s stock.

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.