Allied Gold (NYSE:AAUC) Announces Quarterly Earnings Results

Allied Gold (NYSE:AAUC) announced its quarterly earnings results on Wednesday. The company reported $0.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.25 by $0.19, Zacks reports. Allied Gold had a positive return on equity of 45.22% and a negative net margin of 4.19%.

Allied Gold Trading Up 5.6%

AAUC traded up $1.17 during midday trading on Friday, hitting $21.84. 736,895 shares of the company were exchanged, compared to its average volume of 807,264. The company’s 50 day simple moving average is $23.10 and its 200 day simple moving average is $28.00. The firm has a market capitalization of $2.76 billion, a price-to-earnings ratio of -40.49 and a beta of -0.22. Allied Gold has a 1-year low of $11.40 and a 1-year high of $32.20.

Institutional Trading of Allied Gold

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Global Retirement Partners LLC purchased a new stake in Allied Gold in the 4th quarter worth approximately $34,000. Tower Research Capital LLC TRC acquired a new stake in shares of Allied Gold during the 2nd quarter valued at about $127,000. Virtu Financial LLC acquired a new position in Allied Gold in the 4th quarter worth about $245,000. Kovack Advisors Inc. acquired a new position in Allied Gold in the 4th quarter worth about $255,000. Finally, Investment Management Corp of Ontario purchased a new position in Allied Gold during the fourth quarter worth approximately $268,000.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on AAUC shares. Zacks Research downgraded shares of Allied Gold from a “hold” rating to a “strong sell” rating in a research report on Monday, July 20th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Allied Gold in a research report on Tuesday, July 21st. National Bank Financial lowered Allied Gold to a “hold” rating in a report on Wednesday, July 29th. Canadian Imperial Bank of Commerce raised Allied Gold to an “outperform” rating in a research report on Thursday, July 30th. Finally, Stifel Nicolaus upgraded Allied Gold from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 29th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold”.

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.