Allied Gold (NYSE:AAUC) Reaches New 52-Week High – Here’s Why

Allied Gold Corporation (NYSE:AAUC)’s stock price hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $26.49 and last traded at $26.18, with a volume of 100296 shares. The stock had previously closed at $25.12.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on AAUC shares. Weiss Ratings began coverage on Allied Gold in a report on Thursday, October 30th. They issued a “sell (d-)” rating on the stock. Zacks Research cut shares of Allied Gold from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 6th. Finally, Stifel Canada upgraded Allied Gold to a “strong-buy” rating in a research note on Thursday, November 6th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold”.

Allied Gold Stock Performance

The business’s 50-day moving average price is $21.05. The company has a market cap of $3.40 billion and a P/E ratio of -75.74.

Allied Gold (NYSE:AAUC) last posted its quarterly earnings results 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 positive return on equity of 24.32% and a negative net margin of 3.58%.

Institutional Trading of Allied Gold

Hedge funds and other institutional investors have recently modified their holdings of the business. Tower Research Capital LLC TRC bought a new stake in Allied Gold during the 2nd quarter valued at $127,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Allied Gold by 54.3% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,998 shares of the company’s stock valued at $280,000 after acquiring an additional 5,627 shares during the period. Public Employees Retirement System of Ohio boosted its holdings in Allied Gold by 11.9% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 20,790 shares of the company’s stock valued at $363,000 after purchasing an additional 2,214 shares during the period. Susquehanna International Group LLP purchased a new position in shares of Allied Gold during the 3rd quarter valued at $366,000. Finally, Cibc World Market Inc. grew its position in Allied Gold by 54.4% during the third quarter. Cibc World Market Inc. now owns 22,690 shares of the company’s stock worth $396,000 after buying an additional 7,991 shares in the last quarter.

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.