Galiano Gold (NYSEAMERICAN:GAU) Shares Down 9.3% – Here’s Why

Shares of Galiano Gold Inc. (NYSEAMERICAN:GAU) were down 9.3% during mid-day trading on Friday . The stock traded as low as $2.37 and last traded at $2.3850. Approximately 1,073,653 shares traded hands during mid-day trading, a decline of 69% from the average daily volume of 3,448,001 shares. The stock had previously closed at $2.63.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on GAU shares. HC Wainwright boosted their price objective on Galiano Gold from $3.20 to $4.25 and gave the company a “buy” rating in a report on Thursday, February 19th. Scotiabank reissued a “sector perform” rating on shares of Galiano Gold in a report on Monday, January 26th. One research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $4.25.

Galiano Gold Stock Performance

The company has a 50 day moving average of $2.57 and a two-hundred day moving average of $2.61. The stock has a market cap of $620.23 million, a PE ratio of 23.75 and a beta of 0.80.

Institutional Investors Weigh In On Galiano Gold

Several institutional investors have recently bought and sold shares of GAU. Goldman Sachs Group Inc. boosted its holdings in Galiano Gold by 13.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 882,962 shares of the company’s stock worth $1,095,000 after buying an additional 106,685 shares during the last quarter. JPMorgan Chase & Co. acquired a new position in shares of Galiano Gold during the 2nd quarter worth approximately $196,000. American Century Companies Inc. boosted its holdings in shares of Galiano Gold by 25.9% during the 2nd quarter. American Century Companies Inc. now owns 46,431 shares of the company’s stock worth $59,000 after purchasing an additional 9,558 shares during the last quarter. XTX Topco Ltd acquired a new position in shares of Galiano Gold during the 2nd quarter worth approximately $74,000. Finally, Arrowstreet Capital Limited Partnership acquired a new position in shares of Galiano Gold during the 2nd quarter worth approximately $185,000. 66.82% of the stock is currently owned by institutional investors and hedge funds.

Galiano Gold Company Profile

Galiano Gold Incorporated is a Canada-based gold exploration and development company listed on the NYSE American under the symbol GAU. The company’s primary focus is the acquisition, exploration and advancement of gold deposits in the Americas. Galiano Gold pursues a value-driven strategy to build gold resources by identifying high-potential projects, conducting systematic drilling programs and advancing resource definition toward a development decision.

Galiano Gold’s flagship asset is the Oko West and Oko East gold project located in the Essequibo region of Guyana, where multiple oxide and primary gold mineralized zones have been outlined through extensive drilling.