Galiano Gold (NYSEAMERICAN:GAU) Stock Breaks Above 50 Day Moving Average on Disappointing Earnings

Galiano Gold Inc. (NYSEAMERICAN:GAU)’s stock price crossed above its 50 day moving average during trading on Thursday following a better than expected earnings announcement. The stock has a 50 day moving average of $2.11 and traded as high as $2.1750. Galiano Gold shares last traded at $2.12, with a volume of 3,164,323 shares.

The company reported $0.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.03). Galiano Gold had a return on equity of 35.34% and a net margin of 12.19%.

Analyst Ratings Changes

A number of research firms have issued reports on GAU. Canaccord Genuity Group upgraded shares of Galiano Gold to a “strong-buy” rating in a research report on Thursday, August 13th. Freedom Broker decreased their target price on shares of Galiano Gold from $3.60 to $3.45 and set a “buy” rating for the company in a research note on Thursday, October 22nd. Finally, Zacks Research upgraded shares of Galiano Gold from a “strong sell” rating to a “hold” rating in a report on Wednesday, August 26th. Two equities research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, Galiano Gold presently has an average rating of “Buy” and a consensus price target of $3.85.

Institutional Investors Weigh In On Galiano Gold

Institutional investors have recently made changes to their positions in the company. Aegis Financial Corp lifted its stake in shares of Galiano Gold by 120.4% in the 2nd quarter. Aegis Financial Corp now owns 14,125,317 shares of the company’s stock valued at $26,387,000 after purchasing an additional 7,715,996 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in Galiano Gold by 10.8% in the first quarter. Arrowstreet Capital Limited Partnership now owns 6,872,117 shares of the company’s stock worth $17,224,000 after purchasing an additional 672,133 shares in the last quarter. Pale Fire Capital SE boosted its holdings in Galiano Gold by 25.9% in the second quarter. Pale Fire Capital SE now owns 5,036,654 shares of the company’s stock worth $9,419,000 after purchasing an additional 1,036,654 shares in the last quarter. Renaissance Technologies LLC boosted its holdings in Galiano Gold by 12.9% in the first quarter. Renaissance Technologies LLC now owns 5,006,653 shares of the company’s stock worth $12,567,000 after purchasing an additional 573,000 shares in the last quarter. Finally, Bank of America Corp DE increased its position in Galiano Gold by 14.9% during the first quarter. Bank of America Corp DE now owns 3,907,638 shares of the company’s stock worth $9,808,000 after buying an additional 507,621 shares during the last quarter. 66.82% of the stock is currently owned by institutional investors and hedge funds.

Galiano Gold Stock Up 1.9%

The stock has a market capitalization of $555.55 million, a price-to-earnings ratio of 8.15 and a beta of 0.87. The company’s 50-day simple moving average is $2.11 and its 200 day simple moving average is $2.33.

About Galiano Gold

Galiano Gold Inc is a Canadian gold producer and exploration company focused on the acquisition, development and operation of gold assets in West Africa. The company’s primary asset is the Asanko Gold Mine in Ghana, which produces gold through open-pit mining and conventional processing operations.

Galiano Gold operates the Asanko Gold Mine through a partnership with the government of Ghana, which holds a minority interest. The mine is located in Ghana’s Ashanti Region, an established gold-producing area, and includes multiple open-pit deposits, processing facilities and additional exploration opportunities intended to support future mineral resource growth.

The company was formerly known as Asanko Gold Inc and adopted the Galiano Gold name in 2020.