Galiano Gold (NYSEAMERICAN:GAU) Shares Down 9.3% – Here’s Why

Galiano Gold Inc. (NYSEAMERICAN:GAU) dropped 9.3% on Friday . The stock traded as low as $2.37 and last traded at $2.3850. Approximately 1,073,653 shares traded hands during trading, a decline of 69% from the average daily volume of 3,448,001 shares. The stock had previously closed at $2.63.

Analysts Set New Price Targets

GAU has been the topic of several analyst reports. HC Wainwright boosted their price objective on Galiano Gold from $3.20 to $4.25 and gave the stock a “buy” rating in a research note on Thursday, February 19th. Scotiabank reaffirmed a “sector perform” rating on shares of Galiano Gold in a research note on Monday, January 26th. One equities research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $4.25.

Galiano Gold Price Performance

The stock has a market cap of $620.23 million, a PE ratio of 23.75 and a beta of 0.80. The business has a fifty day moving average of $2.57 and a 200-day moving average of $2.61.

Institutional Trading of Galiano Gold

A number of hedge funds have recently bought and sold shares of the stock. Sprott Inc. lifted its holdings in Galiano Gold by 13.7% during the third quarter. Sprott Inc. now owns 59,862 shares of the company’s stock worth $131,000 after buying an additional 7,200 shares during the period. American Century Companies Inc. lifted its holdings in Galiano Gold by 25.9% during the second quarter. American Century Companies Inc. now owns 46,431 shares of the company’s stock worth $59,000 after buying an additional 9,558 shares during the period. Raymond James Financial Inc. purchased a new stake in Galiano Gold during the third quarter worth $28,000. Mariner LLC purchased a new stake in shares of Galiano Gold during the fourth quarter valued at about $38,000. Finally, JPMorgan Chase & Co. lifted its position in shares of Galiano Gold by 10.4% during the third quarter. JPMorgan Chase & Co. now owns 169,962 shares of the company’s stock valued at $372,000 after buying an additional 16,006 shares during the last quarter. Hedge funds and other institutional investors own 66.82% of the company’s stock.

Galiano Gold Company Profile

Galiano Gold Incorporated is a Canada-based gold exploration and development company listed on the NYSE American under the symbol GAU. The company’s primary focus is the acquisition, exploration and advancement of gold deposits in the Americas. Galiano Gold pursues a value-driven strategy to build gold resources by identifying high-potential projects, conducting systematic drilling programs and advancing resource definition toward a development decision.

Galiano Gold’s flagship asset is the Oko West and Oko East gold project located in the Essequibo region of Guyana, where multiple oxide and primary gold mineralized zones have been outlined through extensive drilling.