Equinox Gold Corp. falls as gold prices surge ahead of FOMC meeting
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Oct 04 2024
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Should l Buy EQX?
Source: Yahoo Finance
Equinox Gold Corp. shares dropped 5.02% as the stock crossed below its 5-day SMA, reflecting a challenging market environment for gold mining companies.
The decline in Equinox Gold's stock price comes amid a significant surge in gold prices, which have recently exceeded $5,300 an ounce ahead of the upcoming Federal Open Market Committee (FOMC) meeting. This price movement indicates a strong demand for gold, yet the company's stock is struggling to maintain its value in the face of broader market weakness, particularly as the Nasdaq-100 and S&P 500 indices are down 1.35% and 0.71%, respectively.
This situation suggests that while gold prices are rising, Equinox Gold Corp. is experiencing sector rotation, leading to a decline in its stock price despite the favorable conditions for gold.
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Analyst Views on EQX
Wall Street analysts forecast EQX stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for EQX is 15.89 USD with a low forecast of 13.68 USD and a high forecast of 18.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
7 Analyst Rating
6 Buy
1 Hold
0 Sell
Strong Buy
Current: 13.740
Low
13.68
Averages
15.89
High
18.00
Current: 13.740
Low
13.68
Averages
15.89
High
18.00
About EQX
Equinox Gold Corp. is a Canadian mining company. It is focused on the gold operations in Canada and across the Americas, and a pipeline of development and expansion projects. Its operating mines include Greenstone, Valentine, Mesquite, Nicaragua Ops: Libertad; Nicaragua Ops: Limon. Its growth projects include Castle Mountain Phase 2, and Los Filos Expansion. Greenstone is a multi-million-ounce gold project located in the top-tier mining jurisdiction of Ontario, Canada, approximately 275 km northeast of Thunder Bay in Geraldton, Ontario. Mesquite is an open pit, run-of-mine heap leach gold mine located in Imperial County, California, United States of America, approximately 200 miles south of its Castle Mountain Mine, 16 miles west of the state border with Arizona and 24 miles north of the border with Mexico. Libertad Mine and Mill is located approximately 110 km east of the capital of Managua. The Limon Mine & Mill is located in western Nicaragua.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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