Allied Gold (NYSE:AAUC) Downgraded by Zacks Research to “Strong Sell”

Allied Gold (NYSE:AAUC) was downgraded by equities researchers at Zacks Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

Several other research analysts also recently weighed in on the stock. Canaccord Genuity Group raised shares of Allied Gold from a “hold” rating to a “buy” rating in a research note on Monday, June 1st. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Allied Gold in a research note on Friday, April 24th. One research analyst has rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Reduce”.

Allied Gold Stock Performance

Allied Gold stock opened at $21.06 on Monday. Allied Gold has a fifty-two week low of $11.40 and a fifty-two week high of $32.20. The company has a market capitalization of $2.66 billion and a price-to-earnings ratio of -20.44. The stock has a fifty day moving average of $25.01 and a two-hundred day moving average of $28.48.

Allied Gold (NYSE:AAUC) last issued its quarterly earnings data on Thursday, May 14th. The company reported $0.39 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.42 by ($0.03). The company had revenue of $394.11 million during the quarter. Allied Gold had a negative net margin of 9.08% and a positive return on equity of 36.56%. On average, analysts forecast that Allied Gold will post 4.52 EPS for the current fiscal year.

Hedge Funds Weigh In On Allied Gold

Institutional investors have recently added to or reduced their stakes in the business. State of Wyoming purchased a new position in Allied Gold during the first quarter worth about $34,000. Global Retirement Partners LLC purchased a new stake in Allied Gold in the 4th quarter valued at about $34,000. Tower Research Capital LLC TRC acquired a new position in shares of Allied Gold during the 2nd quarter valued at about $127,000. Virtu Financial LLC acquired a new position in shares of Allied Gold during the 4th quarter valued at about $245,000. Finally, Kovack Advisors Inc. purchased a new position in shares of Allied Gold during the 4th quarter worth about $255,000.

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.