Should I Buy EQX? EQX 2026 Analysis - Intellectia AI™

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Should You Buy Equinox Gold Corp (EQX) Today? Analysis, Price Targets, and 2026 Outlook.

Conclusion

Buy

Latest Price

14.560

1 Day change

5.97%

52 Week Range

17.400

Analysis Updated At

2026/02/04

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Buy now: sentiment and catalysts are strongly positive (new discovery + multiple target raises/upgrades), and price is sitting near a clear support zone.
Expect a catalyst window into earnings (2026-02-18 after hours); options positioning is heavily skewed bullish.
Main drawback is momentum: MACD is still bearish, so the trade thesis is catalyst/sentiment-led rather than trend-led.

Technical Analysis

Price context: Post-market 15.31, trading below the pivot (15.648) and closer to support S1 (14.288) than resistance R1 (17.008).
Momentum: MACD histogram is negative (-0.142) and expanding bearishly, indicating downside momentum hasn’t fully reset yet.
RSI: RSI(6) ~46.8 (neutral), not overbought—room to move either way.
Moving averages: Converging MAs suggest consolidation; a break back above pivot (15.648) would improve the near-term technical tone.
Key levels to watch: Support 14.288 then 13.448; resistance 17.008 then 17.848.

Options Data

Bullish

Open Interest Put-Call Ratio

Bullish

Option Volume Put-Call Ratio

Sentiment: Put/call ratios are extremely low (OI 0.16; volume 0.03) → options market is positioned overwhelmingly bullish.
Activity: Today’s volume (10,459) is elevated vs 30-day average (~87%), showing active participation.
Volatility: IV30 ~72.12 with IV percentile ~93.23 → expectations for a sizable move are high (likely tied to upcoming earnings/catalysts).

Technical Summary

dotted line Image

Sell

4

Buy

6

Positive Catalysts

- (Event) Upcoming QDEC 2025 earnings on 2026-02-18 after hours could re-rate the stock if results/forward commentary confirm the inflection story.

Neutral/Negative Catalysts

- Technical momentum is not yet supportive (bearish MACD expansion), increasing the chance of near-term chop/pullbacks.
- Hedge funds are net sellers, with selling up 211.13% over the last quarter (institutional flow headwind).
- Stock-pattern bias provided: modest negative tilt over the next month (-1.64% expectation), implying near-term upside may rely on catalysts rather than pattern/trend.
- Elevated implied volatility implies the market is already pricing a big move; reaction risk around earnings is high.

Financial Performance

Latest reported quarter: 2025/Q3.
Revenue: 819.01M (+91.19% YoY), showing strong top-line acceleration.
Net income: 85.575M (+28142.57% YoY), a sharp profitability swing (base-effect aided but directionally very strong).
EPS: 0.11 (reported as flat YoY in the dataset).
Gross margin: 34.2 (+44.49% YoY), indicating meaningful margin expansion alongside growth.

Growth

Profitability

Efficiency

Analyst Ratings and Price Target Trends

Recent trend: clear bullish reversal/acceleration—multiple target hikes (C$25–C$26 range) and a major upgrade on 2026-02-03 to Outperformer with a C$31 target.
Key changes:
- 2026-02-03 CIBC upgraded to Outperformer (from Neutral) and lifted target to C$31.
- 2026-01-23 to 2026-01-27: Canaccord/BMO/Scotiabank/Stifel all raised targets and reiterated Buy/Outperform.
Wall Street pros: resource expansion catalyst (Valentine), improving free cash flow/ramp-up narrative, and broadening analyst conviction.
Wall Street cons: execution/ramp-up must keep delivering; with momentum not fully confirmed technically, near-term price can remain headline/catalyst-driven.

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