Allied Gold (NYSE:AAUC) Cut to Hold at Canaccord Genuity Group

Canaccord Genuity Group downgraded shares of Allied Gold (NYSE:AAUC) from a strong-buy rating to a hold rating in a research report report published on Monday morning,Zacks.com reports.

Several other equities research analysts also recently commented on AAUC. Zacks Research downgraded Allied Gold from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 6th. Stifel Nicolaus raised Allied Gold to a “strong-buy” rating in a research report on Thursday, November 6th. Finally, Weiss Ratings started coverage on shares of Allied Gold in a research note on Thursday, October 30th. They issued a “sell (d-)” rating on the stock. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Allied Gold currently has a consensus rating of “Hold”.

Allied Gold Price Performance

NYSE:AAUC opened at $31.71 on Monday. The company has a market capitalization of $3.95 billion and a price-to-earnings ratio of -88.07. Allied Gold has a one year low of $8.40 and a one year high of $31.91. The business’s 50-day simple moving average is $23.98.

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

Hedge Funds Weigh In On Allied Gold

Institutional investors and hedge funds have recently made changes to their positions in the business. Bank of America Corp DE bought a new stake in Allied Gold during the second quarter valued at approximately $13,169,000. Orion Resource Partners LP purchased a new position in shares of Allied Gold during the 2nd quarter worth $103,634,000. Tower Research Capital LLC TRC bought a new stake in shares of Allied Gold during the 2nd quarter valued at $127,000. Cibc World Market Inc. increased its stake in shares of Allied Gold by 54.4% in the 3rd quarter. Cibc World Market Inc. now owns 22,690 shares of the company’s stock worth $396,000 after purchasing an additional 7,991 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in Allied Gold by 4.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,867,201 shares of the company’s stock worth $32,695,000 after purchasing an additional 75,931 shares during the period.

About Allied Gold

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.