Galiano Gold (NYSEAMERICAN:GAU) Trading Down 7.5% – Here’s What Happened

Shares of Galiano Gold Inc. (NYSEAMERICAN:GAU) fell 7.5% on Monday . The company traded as low as $2.03 and last traded at $2.0350. 3,264,917 shares were traded during mid-day trading, a decline of 4% from the average daily volume of 3,394,663 shares. The stock had previously closed at $2.20.

Analysts Set New Price Targets

Separately, Freedom Capital upgraded Galiano Gold from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 19th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, Galiano Gold currently has a consensus rating of “Buy” and a consensus price target of $4.25.

Galiano Gold Stock Down 7.6%

The firm’s 50 day simple moving average is $2.32 and its two-hundred day simple moving average is $2.59. The stock has a market capitalization of $461.04 million, a P/E ratio of 17.65 and a beta of 0.78.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Bank of America Corp DE boosted its holdings in Galiano Gold by 465.0% in the third quarter. Bank of America Corp DE now owns 7,551,829 shares of the company’s stock worth $16,539,000 after acquiring an additional 6,215,190 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in shares of Galiano Gold by 3,458.3% during the third quarter. Arrowstreet Capital Limited Partnership now owns 5,166,956 shares of the company’s stock valued at $11,291,000 after acquiring an additional 5,021,749 shares in the last quarter. Millennium Management LLC raised its position in shares of Galiano Gold by 7,622.3% during the third quarter. Millennium Management LLC now owns 3,885,011 shares of the company’s stock worth $8,491,000 after purchasing an additional 3,834,702 shares during the period. Franklin Resources Inc. raised its position in shares of Galiano Gold by 44.5% during the third quarter. Franklin Resources Inc. now owns 10,823,502 shares of the company’s stock worth $23,560,000 after purchasing an additional 3,331,240 shares during the period. Finally, Marshall Wace LLP lifted its holdings in shares of Galiano Gold by 227.1% in the 3rd quarter. Marshall Wace LLP now owns 3,490,788 shares of the company’s stock worth $7,645,000 after purchasing an additional 2,423,689 shares in the last quarter. 66.82% of the stock is owned by institutional investors and hedge funds.

Galiano Gold Company Profile

Galiano Gold Incorporated is a Canada-based gold exploration and development company listed on the NYSE American under the symbol GAU. The company’s primary focus is the acquisition, exploration and advancement of gold deposits in the Americas. Galiano Gold pursues a value-driven strategy to build gold resources by identifying high-potential projects, conducting systematic drilling programs and advancing resource definition toward a development decision.

Galiano Gold’s flagship asset is the Oko West and Oko East gold project located in the Essequibo region of Guyana, where multiple oxide and primary gold mineralized zones have been outlined through extensive drilling.