Equinox Gold (NYSEAMERICAN:EQX) Trading Up 3.4% – Should You Buy?

Shares of Equinox Gold Corp. (NYSEAMERICAN:EQX) were up 3.4% during trading on Tuesday . The company traded as high as $7.07 and last traded at $7.00. Approximately 1,032,710 shares were traded during mid-day trading, a decline of 78% from the average daily volume of 4,615,100 shares. The stock had previously closed at $6.77.

Analyst Ratings Changes

A number of research analysts recently commented on EQX shares. TD Cowen initiated coverage on Equinox Gold in a research note on Tuesday, February 4th. They issued a “hold” rating and a $35.00 target price for the company. National Bank Financial upgraded shares of Equinox Gold to a “strong-buy” rating in a research note on Friday. Finally, TD Securities upgraded shares of Equinox Gold to a “hold” rating in a research report on Tuesday, February 4th.

Equinox Gold Stock Up 3.5 %

The company has a market capitalization of $3.19 billion, a P/E ratio of 12.98 and a beta of 1.33. The company’s fifty day simple moving average is $6.37. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.85 and a quick ratio of 0.33.

Hedge Funds Weigh In On Equinox Gold

A number of institutional investors and hedge funds have recently bought and sold shares of EQX. The Manufacturers Life Insurance Company raised its stake in shares of Equinox Gold by 212.9% in the third quarter. The Manufacturers Life Insurance Company now owns 932,050 shares of the company’s stock worth $5,681,000 after acquiring an additional 634,210 shares during the last quarter. Quantbot Technologies LP acquired a new stake in shares of Equinox Gold in the third quarter valued at approximately $684,000. Northwest & Ethical Investments L.P. raised its position in Equinox Gold by 20.4% in the 3rd quarter. Northwest & Ethical Investments L.P. now owns 24,750 shares of the company’s stock worth $151,000 after purchasing an additional 4,198 shares during the last quarter. Maple Rock Capital Partners Inc. lifted its holdings in Equinox Gold by 34.4% during the 3rd quarter. Maple Rock Capital Partners Inc. now owns 9,169,400 shares of the company’s stock worth $55,842,000 after buying an additional 2,349,000 shares in the last quarter. Finally, Quadrature Capital Ltd bought a new position in Equinox Gold in the 3rd quarter valued at $1,343,000. 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.