Galiano Gold (NYSEAMERICAN:GAU) Stock Falls 2.9% – Here’s What Happened

Galiano Gold Inc. (NYSEAMERICAN:GAU)’s stock price fell 2.9% during trading on Thursday. The company traded as low as $1.98 and last traded at $2.00. 1,916,433 shares traded hands during mid-day trading, a decline of 24% from the average session volume of 2,515,408 shares. The stock had previously closed at $2.06.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Zacks Research raised Galiano Gold from a “strong sell” rating to a “hold” rating in a report on Wednesday, August 26th. Canaccord Genuity Group raised Galiano Gold to a “strong-buy” rating in a report on Thursday, August 13th. Two analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $4.25.

Galiano Gold Price Performance

The company has a market capitalization of $538.75 million, a P/E ratio of 7.92 and a beta of 0.92. The firm’s 50-day moving average is $2.08 and its 200-day moving average is $2.22.

Galiano Gold (NYSEAMERICAN:GAU) last released its quarterly earnings results on Thursday, August 6th. The company reported $0.09 earnings per share for the quarter, missing the consensus estimate of $0.10 by ($0.01). Galiano Gold had a return on equity of 35.34% and a net margin of 12.19%.The business had revenue of $183.75 million during the quarter, compared to the consensus estimate of $151.85 million. As a group, analysts forecast that Galiano Gold Inc. will post 0.57 EPS for the current fiscal year.

Hedge Funds Weigh In On Galiano Gold

Institutional investors and hedge funds have recently bought and sold shares of the stock. Caitong International Asset Management Co. Ltd purchased a new stake in Galiano Gold in the fourth quarter worth about $55,000. Two Sigma Securities LLC lifted its position in shares of Galiano Gold by 65.4% during the 2nd quarter. Two Sigma Securities LLC now owns 24,862 shares of the company’s stock valued at $46,000 after buying an additional 9,828 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of Galiano Gold during the 1st quarter valued at about $139,000. Dimensional Fund Advisors LP grew its stake in shares of Galiano Gold by 109.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 191,664 shares of the company’s stock valued at $481,000 after acquiring an additional 100,202 shares during the period. Finally, Engineers Gate Manager LP grew its stake in shares of Galiano Gold by 63.3% during the 2nd quarter. Engineers Gate Manager LP now owns 260,028 shares of the company’s stock valued at $486,000 after acquiring an additional 100,778 shares during the period. 66.82% of the stock is currently owned by hedge funds and other institutional investors.

Galiano Gold Company Profile

Galiano Gold Inc is a Canadian gold exploration, development and mining company focused on West Africa. The company’s flagship asset is the Asanko Gold Mine, located in Ghana’s Ashanti Region, where it explores for, develops and produces gold.

The Asanko Gold Mine was developed through a joint venture involving the former Asanko Gold and PMI Gold, with commercial production beginning in 2016. Galiano Gold assumed its current name in 2020 as part of a broader corporate rebranding. The company has subsequently focused on operating and expanding the mine, as well as pursuing exploration opportunities within its Ghanaian land package.

Galiano Gold’s activities include mine operations, mineral exploration, resource evaluation, project development and related processing activities.