Wesdome Gold Mines (TSE:WDO) Stock Dropped to “Hold” by Canaccord Genuity Group

Wesdome Gold Mines (TSE:WDO) was downgraded by investment analysts at Canaccord Genuity Group from a “buy” rating to a “hold” rating in a report released on Friday, BayStreet reports. They presently have a C$33.00 target price on the stock, up from their previous target price of C$30.00. Canaccord Genuity Group‘s price objective would suggest a potential upside of 17.10% from the stock’s previous close.

A number of other brokerages have also recently commented on WDO. BMO Capital Markets cut Wesdome Gold Mines from an “outperform” rating to a “hold” rating and raised their price target for the stock from C$30.00 to C$34.00 in a research report on Wednesday, August 19th. Desjardins dropped their price target on Wesdome Gold Mines from C$42.00 to C$41.00 and set a “buy” rating for the company in a research note on Thursday. National Bank Financial upped their price objective on shares of Wesdome Gold Mines from C$34.50 to C$40.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 19th. Stifel Nicolaus downgraded shares of Wesdome Gold Mines from a “buy” rating to a “hold” rating and set a C$34.00 price objective on the stock. in a research note on Monday. Finally, Canadian Imperial Bank of Commerce increased their price objective on shares of Wesdome Gold Mines from C$32.00 to C$35.00 in a research note on Friday, August 21st. Three equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, Wesdome Gold Mines presently has an average rating of “Moderate Buy” and an average price target of C$34.50.

Wesdome Gold Mines Price Performance

Wesdome Gold Mines stock traded down C$0.69 during mid-day trading on Friday, reaching C$28.18. 402,427 shares of the company were exchanged, compared to its average volume of 758,162. The company has a fifty day simple moving average of C$33.80 and a 200-day simple moving average of C$29.38. Wesdome Gold Mines has a 12 month low of C$19.48 and a 12 month high of C$37.22. The company has a debt-to-equity ratio of 0.73, a current ratio of 6.90 and a quick ratio of 0.37. The firm has a market cap of C$4.05 billion, a PE ratio of 10.17 and a beta of 1.32.

Wesdome Gold Mines (TSE:WDO) last announced its quarterly earnings data on Thursday, August 13th. The company reported C$0.65 earnings per share for the quarter. The firm had revenue of C$266.76 million during the quarter. Wesdome Gold Mines had a return on equity of 43.77% and a net margin of 38.46%. As a group, equities research analysts expect that Wesdome Gold Mines will post 1.29 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Anthea Ingrid Bath sold 66,961 shares of the firm’s stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of C$31.15, for a total value of C$2,085,835.15. Following the sale, the director directly owned 130,128 shares of the company’s stock, valued at C$4,053,487.20. This trade represents a 33.98% decrease in their ownership of the stock. 0.17% of the stock is owned by 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.