5 Undervalued Stocks to Buy According to Wall Street

2. Equinox Gold Corp. (NYSEAMERICAN:EQX)

Average Upside Potential: 121.37%

Equinox Gold Corp. (NYSEAMERICAN:EQX) is one of the undervalued stocks to buy according to the Wall Street. On July 6, Equinox Gold announced the sale of 8,713,000 common shares of Versamet Royalties Corporation in a block trade for gross proceeds of C$130 million. This disposition reduces Equinox Gold’s ownership interest in Versamet from approximately 10.7% to 2.7% on an undiluted basis.

Equinox Gold continues to hold its remaining Versamet shares for investment purposes, though it retains the flexibility to acquire or dispose of securities based on future circumstances. The company noted that it remains subject to certain escrow restrictions regarding its remaining holdings.

The sale triggers the termination of Versamet’s right of first offer to acquire any royalty or stream held by Equinox Gold Corp. (NYSEAMERICAN:EQX). Additionally, the existing investor rights agreement between the two companies is set to terminate after Equinox Gold’s ownership remains below the 10% threshold for 30 days.

Equinox Gold Corp. (NYSEAMERICAN:EQX) is involved in the exploration, operation, acquisition, and development of mineral properties in the Americas. It mainly explores silver and gold deposits. The company was founded in 2007 and is based in Vancouver, Canada.