Waratah Capital Advisors Ltd. has significantly reduced its stake in Equinox Gold Corp. (NYSEAMERICAN:EQX), selling 1,534,682 shares during the second quarter of the year. This sale represents a reduction of approximately 78.1% in Waratah’s holdings. By the end of the quarter, the institutional investor owned 431,193 shares, valued at around $2.48 million.
In addition to Waratah’s divestiture, other institutional investors have also adjusted their positions in Equinox Gold. Ruffer LLP increased its stake by a striking 322.1%, now owning 7,499,601 shares worth approximately $43.27 million after acquiring an additional 5,722,871 shares. Meanwhile, PKO Investment Management Joint Stock Co. expanded its holdings by 50.6%, bringing its total to 281,387 shares valued at $1.62 million.
Eschler Asset Management LLP purchased a new position in Equinox Gold, estimated at $968,000, while Invenomic Capital Management LP raised its stake by 8.2% to own 1,320,532 shares worth about $9.09 million. Credit Industriel ET Commercial also acquired a new position valued at approximately $149,000. Collectively, institutional investors and hedge funds now own 38.85% of Equinox Gold’s stock.
Analyst Ratings and Market Performance
Analysts have recently updated their ratings for Equinox Gold. Scotiabank upgraded the stock from a “hold” to an “outperform” rating on November 6. Zacks Research also raised its rating from “strong sell” to “hold.” Cormark upgraded shares from “hold” to “moderate buy” on August 15, and TD Securities reaffirmed a “buy” rating on September 5. Additionally, CIBC World Markets increased its rating from “hold” to “strong-buy” on October 9.
Currently, two analysts have assigned a “Strong Buy” rating, five have a “Buy” rating, and three recommend holding the stock. According to data from MarketBeat.com, Equinox Gold holds a consensus rating of “Moderate Buy” with an average price target of $26.00.
As of the latest trading session, shares of EQX opened at $12.75. The company has displayed various financial metrics: a quick ratio of 0.62, a current ratio of 1.07, and a debt-to-equity ratio of 0.27. Over the past year, Equinox Gold has experienced a low of $4.95 and a high of $13.53. Its market capitalization currently stands at $10.01 billion, with a price-to-earnings (P/E) ratio of 255.05 and a beta of 1.11.
Recent Earnings Results
Equinox Gold announced its earnings results on November 5. The company reported earnings per share (EPS) of $0.19, surpassing analysts’ expectations of $0.13 by $0.06. The firm achieved revenue of $819.01 million for the quarter, exceeding the projected $607.81 million. Compared to the same quarter last year, Equinox Gold’s revenue increased by 91.2%.
For the current fiscal year, sell-side analysts predict that Equinox Gold Corp. will report earnings of $0.85 per share.
Equinox Gold Corp. is engaged in the exploration, acquisition, development, and operation of mineral properties across the Americas, focusing on gold and silver deposits. The company holds interests in various properties situated in California, Mexico, Brazil, and Ontario, Canada.
