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

Allied Gold Corporation (NYSE:AAUC)’s stock price reached a new 52-week high during 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

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

Allied Gold Trading Up 4.6%

The firm has a fifty day simple moving average of $20.59. The company has a market cap of $3.28 billion and a price-to-earnings ratio of -73.02.

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

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in AAUC. Public Employees Retirement System of Ohio raised its position 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 purchasing an additional 2,214 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted 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 worth $280,000 after purchasing an additional 5,627 shares during the period. Cibc World Market Inc. grew its stake in shares of Allied Gold by 54.4% in the third quarter. Cibc World Market Inc. now owns 22,690 shares of the company’s stock valued at $396,000 after buying an additional 7,991 shares in the last quarter. Tower Research Capital LLC TRC acquired a new stake in shares of Allied Gold during the second quarter worth about $127,000. Finally, Susquehanna International Group LLP purchased a new position in Allied Gold in the 3rd quarter valued at approximately $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.