Equinox Gold (NYSEAMERICAN:EQX) Shares Surge 7.2% - Is It Time to Buy?

Equinox Gold Corp. (NYSEAMERICAN:EQX) experienced a significant rise of 7.2% in its stock price during trading on Monday. The stock reached an intraday high of $6.46 before closing at $6.51. A total of 4,951,311 shares changed hands, which is a 28% decrease from the average trading volume of 6,902,599 shares. Previously, the stock had closed at $6.07.

Equinox Gold's Stock Performance Overview

The company currently holds a ratio of 0.85 for current assets relative to liabilities, and 0.33 in its quick ratio. Its debt-to-equity ratio is 0.37. Equinox Gold boasts a market capitalization of $2.99 billion and has a price-to-earnings (P/E) ratio of 13.41, with a beta value of 1.33, indicating its volatility compared to the market.

On November 6, Equinox Gold reported its quarterly earnings, revealing earnings per share (EPS) of $0.09, which fell short of the consensus estimate of $0.10 by $0.01. The company reported a net margin of 19.83% and a return on equity of 0.69%. Revenue for the quarter was reported at $428.40 million, slightly below the consensus of $437.84 million, but up 50.5% compared to the same quarter last year. Analysts project that Equinox Gold will report an EPS of 0.36 for the current year.

Recent Activity Among Institutional Investors

Recently, various hedge funds and institutional investors have been active in buying and selling shares of Equinox Gold. CIBC Asset Management Inc increased its ownership by 3.3% in the fourth quarter, acquiring an additional 17,017 shares for a total of 537,896 shares valued at approximately $2.7 million. Sanctuary Advisors LLC and Choreo LLC also bought new positions worth approximately $462,000 and $63,000, respectively. Additionally, Helikon Investments Ltd made a significant purchase of about $8.56 million, while Southland Equity Partners LLC invested around $245,000. Institutional investors collectively own about 38.85% of Equinox Gold's outstanding shares.

About Equinox Gold

Equinox Gold Corp. is engaged in the exploration, acquisition, development, and operation of mineral properties primarily in the Americas. The company focuses on discovering gold and silver deposits, holding interests in multiple properties located in the United States, Mexico, Brazil, and Canada.

Is Equinox Gold a Smart Investment?

Before considering an investment in Equinox Gold, it is essential to gather insights from respected Wall Street analysts. Although the stock currently holds a "Hold" rating, analysts have identified five other stocks that they believe may offer better investment opportunities at this time. It is important for potential investors to evaluate these suggestions before making investment decisions.

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Equinox, Gold, Stocks