Allied Gold (NYSE:AAUC) Sees Large Volume Increase – Here’s Why

Allied Gold Corporation (NYSE:AAUC) shares saw unusually-high trading volume on Wednesday . Approximately 310,119 shares changed hands during trading, an increase of 103% from the previous session’s volume of 152,615 shares.The stock last traded at $22.1220 and had previously closed at $20.99.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. Cormark upgraded shares of Allied Gold to a “moderate buy” rating in a report on Friday, August 8th. Weiss Ratings started coverage on shares of Allied Gold in a research report on Thursday, October 30th. They issued a “sell (d-)” rating for the company. Stifel Canada raised Allied Gold to a “strong-buy” rating in a research note on Thursday, November 6th. Wall Street Zen cut Allied Gold from a “buy” rating to a “hold” rating in a research note on Thursday, August 14th. Finally, Zacks Research downgraded Allied Gold from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 5th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold”.

Allied Gold Stock Up 0.2%

The company has a market cap of $2.73 billion and a price-to-earnings ratio of -61.06. The company has a fifty day simple moving average of $17.75.

Allied Gold (NYSE:AAUC) last announced 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 Investors Weigh In On Allied Gold

Institutional investors have recently bought and sold shares of the company. Orion Resource Partners LP bought a new position in shares of Allied Gold during the 2nd quarter worth approximately $103,634,000. Helikon Investments Ltd boosted its holdings in Allied Gold by 25.0% during the third quarter. Helikon Investments Ltd now owns 14,736,634 shares of the company’s stock worth $258,038,000 after purchasing an additional 2,944,721 shares during the last quarter. Vanguard Group Inc. grew its position in Allied Gold by 1,824.7% in the third quarter. Vanguard Group Inc. now owns 1,177,971 shares of the company’s stock valued at $20,585,000 after purchasing an additional 1,116,768 shares in the last quarter. Bank of America Corp DE bought a new position in Allied Gold in the second quarter valued at $13,169,000. Finally, Millennium Management LLC increased its stake in Allied Gold by 243.4% in the 3rd quarter. Millennium Management LLC now owns 651,315 shares of the company’s stock valued at $11,383,000 after buying an additional 461,628 shares during the last quarter.

About Allied Gold

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.