Galiano Gold (NYSEAMERICAN:GAU) Shares Climb 14.9% – Still a Buy?

Galiano Gold Inc. (NYSEAMERICAN:GAU)’s share price traded up 14.9% during trading on Friday. The company traded as high as $2.43 and last traded at $2.4350. Approximately 3,992,422 shares were traded during trading, an increase of 26% from the average daily volume of 3,159,854 shares. The stock had previously closed at $2.12.

Wall Street Analysts Forecast Growth

GAU has been the subject of a number of research analyst reports. Canaccord Genuity Group raised Galiano Gold to a “strong-buy” rating in a research note on Thursday, August 13th. Zacks Research raised shares of Galiano Gold from a “strong sell” rating to a “hold” rating in a research report on Wednesday, August 26th. Finally, Freedom Broker decreased their price objective on shares of Galiano Gold from $3.60 to $3.45 and set a “buy” rating for the company in a report on Thursday, October 22nd. Two investment analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, Galiano Gold has a consensus rating of “Buy” and an average target price of $3.85.

Galiano Gold Stock Performance

The firm has a market capitalization of $652.77 million, a P/E ratio of 9.52 and a beta of 0.87. The company has a 50-day simple moving average of $2.11 and a two-hundred day simple moving average of $2.33.

Galiano Gold (NYSEAMERICAN:GAU) last issued its quarterly earnings results on Thursday, November 5th. The company reported $0.09 earnings per share for the quarter, missing the consensus estimate of $0.12 by ($0.03). The firm had revenue of $172.14 million during the quarter, compared to analysts’ expectations of $161.75 million. Galiano Gold had a return on equity of 35.34% and a net margin of 12.19%. As a group, research analysts forecast that Galiano Gold Inc. will post 0.64 earnings per share for the current fiscal year.

Institutional Trading of Galiano Gold

A number of hedge funds have recently modified their holdings of GAU. Two Sigma Securities LLC grew its position in shares of Galiano Gold by 65.4% in the 2nd quarter. Two Sigma Securities LLC now owns 24,862 shares of the company’s stock worth $46,000 after buying an additional 9,828 shares during the period. Net Worth Advisory Group lifted its holdings in shares of Galiano Gold by 11.3% during the third quarter. Net Worth Advisory Group now owns 106,845 shares of the company’s stock valued at $208,000 after purchasing an additional 10,861 shares during the last quarter. Venture Visionary Partners LLC purchased a new stake in shares of Galiano Gold in the 3rd quarter worth approximately $46,000. Healthcare of Ontario Pension Plan Trust Fund bought a new position in Galiano Gold during the 1st quarter valued at approximately $139,000. Finally, U S Global Investors Inc. bought a new stake in Galiano Gold in the third quarter worth $136,000. Institutional investors own 66.82% of the company’s stock.

About Galiano Gold

Galiano Gold Inc is a Canadian gold producer and exploration company focused on the acquisition, development and operation of gold assets in West Africa. The company’s primary asset is the Asanko Gold Mine in Ghana, which produces gold through open-pit mining and conventional processing operations.

Galiano Gold operates the Asanko Gold Mine through a partnership with the government of Ghana, which holds a minority interest. The mine is located in Ghana’s Ashanti Region, an established gold-producing area, and includes multiple open-pit deposits, processing facilities and additional exploration opportunities intended to support future mineral resource growth.

The company was formerly known as Asanko Gold Inc and adopted the Galiano Gold name in 2020.