Allied Gold (NYSE:AAUC) Sees Large Volume Increase – Time to Buy?

Allied Gold Corporation (NYSE:AAUC) saw unusually-strong trading volume on Wednesday . Approximately 275,662 shares traded hands during trading, an increase of 123% from the previous session’s volume of 123,559 shares.The stock last traded at $16.93 and had previously closed at $16.50.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on AAUC shares. Wall Street Zen downgraded Allied Gold from a “buy” rating to a “hold” rating in a research note on Thursday, August 14th. Stifel Canada raised shares of Allied Gold to a “strong-buy” rating in a report on Thursday, November 6th. Zacks Research lowered Allied Gold from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 5th. Weiss Ratings initiated coverage on Allied Gold in a research report on Thursday, October 30th. They set a “sell (d-)” rating on the stock. Finally, Cormark raised Allied Gold to a “moderate buy” rating in a research note on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Allied Gold has an average rating of “Hold”.

Allied Gold Stock Performance

The business has a fifty day moving average price of $16.82. The company has a market capitalization of $2.07 billion and a PE ratio of -46.68.

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

Institutional Investors Weigh In On Allied Gold

Several hedge funds have recently modified their holdings of AAUC. Helikon Investments Ltd raised its position in shares of Allied Gold by 25.0% in the third quarter. Helikon Investments Ltd now owns 14,736,634 shares of the company’s stock valued at $258,038,000 after buying an additional 2,944,721 shares during the last quarter. Orion Resource Partners LP acquired a new stake in Allied Gold during the second quarter worth approximately $103,634,000. Vanguard Group Inc. boosted its position in Allied Gold by 1,824.7% during the third quarter. Vanguard Group Inc. now owns 1,177,971 shares of the company’s stock worth $20,585,000 after acquiring an additional 1,116,768 shares during the last quarter. Bank of America Corp DE purchased a new stake in Allied Gold in the 2nd quarter worth approximately $13,169,000. Finally, Tower Research Capital LLC TRC acquired a new position in Allied Gold in the 2nd quarter valued at $127,000.

Allied Gold Company Profile

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.