Allied Gold (NYSE:AAUC) Raised to “Buy” at Canaccord Genuity Group

Allied Gold (NYSE:AAUC) was upgraded by Canaccord Genuity Group from a “hold” rating to a “buy” rating in a research report issued on Monday.

A number of other equities research analysts also recently issued reports on AAUC. Weiss Ratings reissued a “sell (d-)” rating on shares of Allied Gold in a research report on Friday, April 24th. Zacks Research raised Allied Gold from a “strong sell” rating to a “hold” rating in a research report on Monday, May 11th. Finally, Stifel Nicolaus downgraded Allied Gold from a “buy” rating to a “hold” rating in a research report on Tuesday, February 10th. One analyst has rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold”.

Allied Gold Stock Performance

AAUC stock traded down $0.58 during midday trading on Monday, hitting $25.59. 359,564 shares of the stock were exchanged, compared to its average volume of 843,520. The stock’s 50-day moving average price is $30.09 and its 200-day moving average price is $27.60. The stock has a market cap of $3.22 billion and a price-to-earnings ratio of -24.83. Allied Gold has a fifty-two week low of $11.40 and a fifty-two week high of $32.20.

Allied Gold (NYSE:AAUC) last issued its quarterly earnings data on Thursday, May 14th. The company reported $0.39 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.42 by ($0.03). The firm had revenue of $394.11 million for the quarter. Allied Gold had a positive return on equity of 36.56% and a negative net margin of 9.08%. Research analysts anticipate that Allied Gold will post 5.45 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Carlson Capital L.P. acquired a new position in shares of Allied Gold during the first quarter worth about $619,000. Groupe la Francaise acquired a new position in shares of Allied Gold during the first quarter worth about $8,512,000. Bank of America Corp DE lifted its stake in shares of Allied Gold by 111.1% during the first quarter. Bank of America Corp DE now owns 2,521,475 shares of the company’s stock worth $78,267,000 after purchasing an additional 1,326,787 shares in the last quarter. Oddo BHF Asset Management Sas acquired a new position in shares of Allied Gold during the first quarter worth about $3,396,000. Finally, Polar Asset Management Partners Inc. acquired a new position in shares of Allied Gold during the first quarter worth about $1,801,000.

About Allied Gold

Allied Gold (NYSE: AAUC) is a publicly listed company that operates in the gold mining sector. The firm’s business centers on identifying, acquiring and advancing gold-bearing properties with the objective of creating and operating economically viable mining assets. Allied Gold’s activities are typical of junior and mid-tier gold companies, encompassing exploration, resource definition, development planning and the eventual production and sale of gold.

Core business activities for Allied Gold include mineral exploration programs to discover and delineate gold resources, feasibility and engineering studies to assess project economics, permitting and mine development work where projects progress to the construction phase, and operational oversight for producing assets.