Canaccord Genuity Group Upgrades Allied Gold (NYSE:AAUC) to Buy

Allied Gold (NYSE:AAUC) was upgraded by stock analysts at Canaccord Genuity Group from a “hold” rating to a “buy” rating in a note issued to investors on Monday.

Several other brokerages have also recently commented on AAUC. Zacks Research raised Allied Gold from a “strong sell” rating to a “hold” rating in a research note on Monday, May 11th. Weiss Ratings reissued a “sell (d-)” rating on shares of Allied Gold in a research note on Friday, April 24th. Finally, Stifel Nicolaus lowered Allied Gold from a “buy” rating to a “hold” rating in a research note on Tuesday, February 10th. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold”.

Allied Gold Price Performance

NYSE AAUC traded down $0.58 during trading on Monday, hitting $25.59. The company’s stock had a trading volume of 359,564 shares, compared to its average volume of 843,520. The company has a market cap of $3.22 billion and a PE ratio of -24.83. The business’s 50 day simple moving average is $30.09 and its 200-day simple moving average is $27.60. 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 posted its quarterly earnings results on Thursday, May 14th. The company reported $0.39 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.03). Allied Gold had a positive return on equity of 36.56% and a negative net margin of 9.08%.The business had revenue of $394.11 million for the quarter. Analysts expect that Allied Gold will post 5.45 EPS for the current fiscal year.

Hedge Funds Weigh In On Allied Gold

Hedge funds have recently bought and sold shares of the company. State of Wyoming acquired a new position in Allied Gold during the 1st quarter worth about $34,000. Global Retirement Partners LLC purchased a new position in shares of Allied Gold in the 4th quarter valued at approximately $34,000. Tower Research Capital LLC TRC acquired a new stake in shares of Allied Gold in the 2nd quarter valued at approximately $127,000. Virtu Financial LLC purchased a new stake in shares of Allied Gold during the 4th quarter worth $245,000. Finally, Kovack Advisors Inc. purchased a new stake in shares of Allied Gold during the 4th quarter worth $255,000.

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.