Allied Gold (NYSE:AAUC) Stock Price Down 6.9% – Here’s Why

Allied Gold Corporation (NYSE:AAUC) dropped 6.9% during trading on Monday . The stock traded as low as $23.20 and last traded at $23.1990. Approximately 127,029 shares changed hands during mid-day trading, a decline of 36% from the average daily volume of 198,824 shares. The stock had previously closed at $24.92.

Analysts Set New Price Targets

AAUC has been the topic of several research analyst reports. Zacks Research upgraded shares of Allied Gold from a “hold” rating to a “strong-buy” rating in a research note on Thursday, December 4th. Weiss Ratings began coverage on shares of Allied Gold in a report on Thursday, October 30th. They issued a “sell (d-)” rating for the company. Finally, Stifel Canada upgraded shares of Allied Gold to a “strong-buy” rating in a report on Thursday, November 6th. Two 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 stock presently has a consensus rating of “Buy”.

Allied Gold Stock Down 7.1%

The stock has a market cap of $2.89 billion and a price-to-earnings ratio of -64.32. The firm’s 50 day simple moving average is $19.32.

Allied Gold (NYSE:AAUC) last announced its quarterly earnings results on Wednesday, November 5th. The company reported $0.29 earnings per share (EPS) for the quarter, missing the consensus estimate 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 Investors Weigh In On Allied Gold

Several large investors have recently modified their holdings of AAUC. Orion Resource Partners LP bought a new position in shares of Allied Gold during the 2nd quarter worth approximately $103,634,000. Helikon Investments Ltd lifted its holdings in shares of Allied Gold by 25.0% during the third quarter. Helikon Investments Ltd now owns 14,736,634 shares of the company’s stock valued at $258,038,000 after acquiring an additional 2,944,721 shares during the period. Vanguard Group Inc. boosted its stake in shares of Allied Gold by 1,824.7% in the 3rd quarter. Vanguard Group Inc. now owns 1,177,971 shares of the company’s stock valued at $20,585,000 after purchasing an additional 1,116,768 shares in the last quarter. Bank of America Corp DE bought a new stake in shares of Allied Gold in the 2nd quarter worth about $13,169,000. Finally, Millennium Management LLC grew its holdings in shares of Allied Gold by 243.4% in the 3rd quarter. Millennium Management LLC now owns 651,315 shares of the company’s stock worth $11,383,000 after purchasing an additional 461,628 shares during 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.