Allied Gold (NYSE:AAUC) Reaches New 1-Year High – Here’s Why

Allied Gold Corporation (NYSE:AAUC) hit a new 52-week high on Monday . The stock traded as high as $24.88 and last traded at $24.6120, with a volume of 172233 shares traded. The stock had previously closed at $23.28.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on AAUC. Weiss Ratings started coverage on shares of Allied Gold in a research report on Thursday, October 30th. They set a “sell (d-)” rating for the company. Zacks Research upgraded shares of Allied Gold from a “hold” rating to a “strong-buy” rating in a research note on Thursday, December 4th. Finally, Stifel Canada upgraded Allied Gold to a “strong-buy” rating in a research report on Thursday, November 6th. Two research analysts have rated the stock with a Strong Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy”.

Allied Gold Stock Performance

The stock has a market capitalization of $3.07 billion and a P/E ratio of -68.33. The firm has a 50 day simple moving average of $19.00.

Allied Gold (NYSE:AAUC) last announced its quarterly earnings results on Wednesday, November 5th. The company reported $0.29 EPS for the quarter, missing the consensus estimate 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 Inflows and Outflows

Several hedge funds have recently modified their holdings of AAUC. Public Employees Retirement System of Ohio lifted its holdings in Allied Gold by 11.9% in the third quarter. Public Employees Retirement System of Ohio now owns 20,790 shares of the company’s stock valued at $363,000 after buying an additional 2,214 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Allied Gold by 54.3% during the 3rd 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 last quarter. Cibc World Market Inc. lifted its stake in shares of Allied Gold by 54.4% in the 3rd quarter. Cibc World Market Inc. now owns 22,690 shares of the company’s stock valued at $396,000 after purchasing an additional 7,991 shares during the period. Tower Research Capital LLC TRC acquired a new position in shares of Allied Gold in the 2nd quarter valued at $127,000. Finally, Susquehanna International Group LLP acquired a new stake in shares of Allied Gold during the third quarter worth $366,000.

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.