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

by · The Cerbat Gem

Allied Gold Corporation (NYSE:AAUC – Get Free Report)’s share price hit a new 52-week high during trading on Friday . The stock traded as high as $23.48 and last traded at $23.0840, with a volume of 307989 shares changing hands. The stock had previously closed at $22.61.

Analyst Upgrades and Downgrades

A number of analysts have commented on the company. Weiss Ratings began coverage on Allied Gold in a research report on Thursday, October 30th. They set a “sell (d-)” rating for the company. Zacks Research upgraded shares of Allied Gold from a “hold” rating to a “strong-buy” rating in a research note on Thursday, December 4th. Wall Street Zen lowered shares of Allied Gold from a “buy” rating to a “hold” rating in a research note on Thursday, August 14th. Finally, Stifel Canada raised 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 given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy”.

Check Out Our Latest Research Report on Allied Gold

Allied Gold Stock Up 1.5%

The business’s fifty day simple moving average is $18.19. The company has a market capitalization of $2.85 billion and a price-to-earnings ratio of -63.64.

Allied Gold (NYSE:AAUC – Get Free Report) last issued its quarterly earnings results on Wednesday, November 5th. The company reported $0.29 earnings per share for the quarter, missing analysts’ consensus estimates 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

A number of hedge funds have recently modified their holdings of AAUC. Bank of America Corp DE raised its holdings in Allied Gold by 31.1% in the 3rd quarter. Bank of America Corp DE now owns 1,277,040 shares of the company’s stock valued at $22,361,000 after acquiring an additional 303,036 shares during the last quarter. Amundi purchased a new stake in shares of Allied Gold in the third quarter valued at approximately $451,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Allied Gold by 54.3% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,998 shares of the company’s stock valued at $280,000 after purchasing an additional 5,627 shares in the last quarter. Two Sigma Investments LP increased its holdings in shares of Allied Gold by 23.9% in the third quarter. Two Sigma Investments LP now owns 400,167 shares of the company’s stock valued at $7,007,000 after purchasing an additional 77,134 shares during the last quarter. Finally, Quadrature Capital Ltd lifted its position in Allied Gold by 86.5% during the third quarter. Quadrature Capital Ltd now owns 601,497 shares of the company’s stock worth $10,511,000 after buying an additional 279,000 shares in the last quarter.

About Allied Gold

(Get Free Report)

Allied Gold Corporation is a gold producer. It operates a portfolio of producing assets and development projects located principally in Cote d’Ivoire, Mali and Ethiopia. Allied Gold Corporation is based in Canada.

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