Allied Gold (NYSE:AAUC) Reaches New 1-Year High – What’s Next?

Shares of Allied Gold Corporation (NYSE:AAUC) reached a new 52-week high during trading on Tuesday . The company traded as high as $25.20 and last traded at $25.1250, with a volume of 486591 shares traded. The stock had previously closed at $23.71.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Stifel Canada raised shares of Allied Gold to a “strong-buy” rating in a research note on Thursday, November 6th. Weiss Ratings initiated coverage on shares of Allied Gold in a report on Thursday, October 30th. They set a “sell (d-)” rating for the company. Finally, Zacks Research raised shares of Allied Gold from a “hold” rating to a “strong-buy” rating in a research note on Thursday, December 4th. Two equities research analysts have rated the stock with a Strong Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Allied Gold presently has a consensus rating of “Buy”.

Allied Gold Stock Performance

The company has a fifty day moving average of $19.94. The stock has a market cap of $3.13 billion and a price-to-earnings ratio of -69.79.

Allied Gold (NYSE:AAUC) last released its quarterly earnings data on Wednesday, November 5th. The company reported $0.29 EPS for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.18). Allied Gold had a negative net margin of 3.58% and a positive return on equity of 24.32%.

Institutional Trading of Allied Gold

A number of hedge funds and other institutional investors have recently modified their holdings of AAUC. Bank of America Corp DE purchased a new stake in shares of Allied Gold in the 2nd quarter valued at approximately $13,169,000. Harvest Investment Services LLC acquired a new stake in Allied Gold in the 3rd quarter valued at approximately $497,000. Amundi acquired a new stake in Allied Gold in the 3rd quarter valued at approximately $451,000. Susquehanna International Group LLP purchased a new stake in Allied Gold in the third quarter valued at approximately $366,000. Finally, Public Employees Retirement System of Ohio lifted its stake in Allied Gold by 11.9% during the third quarter. Public Employees Retirement System of Ohio now owns 20,790 shares of the company’s stock worth $363,000 after purchasing an additional 2,214 shares in the last quarter.

Allied Gold Company 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.