Wesdome Gold Mines (OTCMKTS:WDOFF) Shares Pass Above 200-Day Moving Average – Here’s Why

Wesdome Gold Mines Ltd. (OTCMKTS:WDOFF) shares crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $19.37 and traded as high as $25.51. Wesdome Gold Mines shares last traded at $23.89, with a volume of 179,799 shares changing hands.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on WDOFF. Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of Wesdome Gold Mines in a research note on Friday, August 21st. National Bank Financial upgraded shares of Wesdome Gold Mines from an “outperform” rating to an “outperform” rating in a research note on Thursday, July 2nd. Royal Bank Of Canada reaffirmed a “sector perform” rating on shares of Wesdome Gold Mines in a report on Thursday, July 23rd. Finally, BMO Capital Markets downgraded shares of Wesdome Gold Mines from an “outperform” rating to a “market perform” rating in a research note on Tuesday, August 18th. Two research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy”.

Wesdome Gold Mines Stock Up 2.1%

The firm has a 50 day moving average price of $20.61 and a 200-day moving average price of $19.40.

About Wesdome Gold Mines

Wesdome Gold Mines Ltd. is a publicly traded Canadian gold producer and explorer focused on its flagship Eagle River Complex in Ontario and the high‐grade Kiena gold complex in Quebec. The Eagle River Complex, situated near Wawa, Ontario, comprises an underground mine, the Mishi open‐pit deposit and a 3,200‐tonne‐per‐day milling facility that produces gold‐rich concentrates. In Val‐d’Or, Quebec, the Kiena property features an established decline and infrastructure supporting ongoing underground exploration at the Deep A Zone and evaluation of adjoining zones for potential resource expansion.

Since commencing production in 2008, Eagle River has delivered steady gold output through conventional milling and flotation circuits, while exploration programs at Kiena have continued to intersect high‐grade gold mineralization.