Wesdome Gold Mines (TSE:WDO) Stock Passes Above 50-Day Moving Average – Time to Sell?

Wesdome Gold Mines Ltd. (TSE:WDO) passed above its 50-day moving average during trading on Wednesday . The stock has a 50-day moving average of C$26.56 and traded as high as C$34.58. Wesdome Gold Mines shares last traded at C$33.69, with a volume of 556,545 shares changing hands.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Stifel Nicolaus raised shares of Wesdome Gold Mines to a “strong-buy” rating in a research report on Monday, June 29th. Canadian Imperial Bank of Commerce raised Wesdome Gold Mines from a “neutral” rating to an “outperformer” rating and raised their price objective for the stock from C$31.00 to C$32.00 in a report on Friday, July 17th. National Bank Financial upgraded Wesdome Gold Mines from a “sector perform” rating to an “outperform” rating and lifted their target price for the stock from C$34.00 to C$37.00 in a research report on Friday, July 3rd. Desjardins boosted their target price on Wesdome Gold Mines from C$32.00 to C$34.00 and gave the company a “buy” rating in a report on Thursday, April 23rd. Finally, Canaccord Genuity Group raised Wesdome Gold Mines from a “hold” rating to a “buy” rating and boosted their target price for the company from C$30.00 to C$31.00 in a report on Monday, June 1st. One analyst has rated the stock with a Strong Buy rating and four have issued a Buy rating to the company’s stock. According to MarketBeat, Wesdome Gold Mines has an average rating of “Buy” and a consensus target price of C$31.57.

Wesdome Gold Mines Price Performance

The company has a quick ratio of 0.37, a current ratio of 6.03 and a debt-to-equity ratio of 0.31. The firm has a market capitalization of C$5.00 billion, a price-to-earnings ratio of 12.57 and a beta of 1.33. The company has a fifty day moving average price of C$26.56 and a two-hundred day moving average price of C$25.89.

Wesdome Gold Mines (TSE:WDO) last announced its earnings results on Tuesday, May 12th. The company reported C$0.79 EPS for the quarter. Wesdome Gold Mines had a net margin of 39.54% and a return on equity of 46.09%. The business had revenue of C$299.79 million for the quarter. On average, equities research analysts expect that Wesdome Gold Mines Ltd. will post 1.293456 EPS for the current fiscal year.

Insider Buying and Selling at Wesdome Gold Mines

In other Wesdome Gold Mines news, insider Philip Chow Yee acquired 6,250 shares of the stock in a transaction on Tuesday, June 30th. The shares were bought at an average cost of C$24.15 per share, with a total value of C$150,937.50. Following the transaction, the insider owned 12,500 shares of the company’s stock, valued at approximately C$301,875. This trade represents a 100.00% increase in their position. Also, insider Rajbir Gill acquired 1,047 shares of the company’s stock in a transaction on Tuesday, June 30th. The stock was acquired at an average price of C$24.02 per share, for a total transaction of C$25,148.94. Following the completion of the purchase, the insider owned 24,669 shares of the company’s stock, valued at C$592,549.38. This trade represents a 4.43% increase in their position. Insiders have sold 17,433 shares of company stock worth $423,454 in the last quarter. 0.17% of the stock is currently owned by company insiders.

About Wesdome Gold Mines

Wesdome is a Canadian-focused gold producer with two high-grade underground assets, Eagle River in Northern Ontario and Kiena in Val-d’Or, Québec. The Company’s primary goal is to responsibly leverage its operating platform and high-quality brownfield and greenfield exploration pipeline to build a value-driven mid-tier gold producer.