Weiss Asset Management LP Takes Position in Allied Gold Corporation $AAUC

Weiss Asset Management LP bought a new position in Allied Gold Corporation (NYSE:AAUC) during the first quarter, Holdings Channel reports. The fund bought 592,425 shares of the company’s stock, valued at approximately $18,389,000.

Other institutional investors also recently modified their holdings of the company. State of Wyoming purchased a new position in Allied Gold during the 1st quarter valued at about $34,000. Global Retirement Partners LLC purchased a new stake in Allied Gold in the fourth quarter worth about $34,000. Tower Research Capital LLC TRC purchased a new stake in Allied Gold in the second quarter worth about $127,000. Virtu Financial LLC bought a new position in shares of Allied Gold during the fourth quarter valued at approximately $245,000. Finally, Kovack Advisors Inc. bought a new position in shares of Allied Gold during the fourth quarter valued at approximately $255,000.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on AAUC. Zacks Research lowered shares of Allied Gold from a “hold” rating to a “strong sell” rating in a report on Monday, July 20th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Allied Gold in a research note on Tuesday. Finally, Canaccord Genuity Group raised Allied Gold from a “hold” rating to a “buy” rating in a report on Monday, June 1st. One analyst has rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, Allied Gold currently has an average rating of “Reduce”.

Allied Gold Stock Performance

Shares of AAUC stock opened at $20.82 on Friday. The company has a market capitalization of $2.63 billion and a price-to-earnings ratio of -20.21. Allied Gold Corporation has a one year low of $11.40 and a one year high of $32.20. The company’s 50-day moving average is $24.54 and its 200 day moving average is $28.40.

Allied Gold (NYSE:AAUC) last issued its earnings results 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 during the quarter. Allied Gold had a positive return on equity of 36.56% and a negative net margin of 9.08%. As a group, research analysts predict that Allied Gold Corporation will post 4.52 earnings per share for the current fiscal year.

Allied Gold Profile

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.