Allied Gold (NYSE:AAUC) Stock Rating Lowered by Zacks Research

Allied Gold (NYSE:AAUC) was downgraded by Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued on Tuesday,Zacks.com reports.

A number of other equities research analysts have also weighed in on the stock. Stifel Canada upgraded shares of Allied Gold to a “strong-buy” rating in a report on Thursday, November 6th. Weiss Ratings started coverage on shares of Allied Gold in a research report 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, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold”.

Allied Gold Price Performance

Shares of Allied Gold stock opened at $24.67 on Tuesday. The company has a market cap of $3.08 billion and a price-to-earnings ratio of -68.51. Allied Gold has a 12 month low of $6.88 and a 12 month high of $25.20. The firm’s 50-day moving average price is $20.25.

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

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Orion Resource Partners LP purchased a new stake in Allied Gold during the 2nd quarter valued at $103,634,000. Helikon Investments Ltd increased 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 acquiring an additional 2,944,721 shares during the period. Vanguard Group Inc. raised its stake in shares of Allied Gold by 1,824.7% during the third quarter. Vanguard Group Inc. now owns 1,177,971 shares of the company’s stock valued at $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 shares of Allied Gold during the second quarter worth about $13,169,000. Finally, Millennium Management LLC boosted its holdings in shares of Allied Gold by 243.4% during the third quarter. Millennium Management LLC now owns 651,315 shares of the company’s stock worth $11,383,000 after purchasing an additional 461,628 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.