Canaccord Genuity Group Reaffirms “Hold” Rating for Gold Royalty (NYSE:GROY)

Gold Royalty (NYSE:GROY)‘s stock had its “hold” rating restated by equities researchers at Canaccord Genuity Group in a research note issued on Thursday,Benzinga reports. They presently have a $5.00 target price on the stock, up from their prior target price of $4.50. Canaccord Genuity Group’s price objective suggests a potential upside of 1.42% from the company’s previous close.

Several other brokerages also recently commented on GROY. Zacks Research upgraded shares of Gold Royalty from a “hold” rating to a “strong-buy” rating in a report on Monday, January 12th. Raymond James Financial set a $4.50 price objective on Gold Royalty and gave the stock an “outperform” rating in a research note on Friday, October 10th. National Bankshares restated an “outperform” rating and set a $5.50 target price on shares of Gold Royalty in a research note on Wednesday, December 10th. BMO Capital Markets reaffirmed an “outperform” rating and issued a $4.75 price target on shares of Gold Royalty in a research report on Tuesday, December 9th. Finally, HC Wainwright increased their price target on shares of Gold Royalty from $6.25 to $7.00 and gave the company a “buy” rating in a report on Thursday, January 15th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $5.39.

Gold Royalty Stock Performance

GROY opened at $4.93 on Thursday. The stock has a 50-day moving average of $4.19 and a 200-day moving average of $3.61. Gold Royalty has a 52-week low of $1.20 and a 52-week high of $5.45. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.63 and a current ratio of 1.63. The company has a market cap of $973.63 million, a PE ratio of -37.92 and a beta of 0.98.

Hedge Funds Weigh In On Gold Royalty

Hedge funds and other institutional investors have recently modified their holdings of the stock. Amundi acquired a new position in Gold Royalty during the first quarter worth $695,000. Goldman Sachs Group Inc. increased its position in shares of Gold Royalty by 140.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 99,504 shares of the company’s stock worth $143,000 after purchasing an additional 58,172 shares in the last quarter. PFG Investments LLC bought a new position in Gold Royalty during the 2nd quarter valued at about $43,000. JPMorgan Chase & Co. boosted its position in Gold Royalty by 1,918.6% in the second quarter. JPMorgan Chase & Co. now owns 1,042,141 shares of the company’s stock valued at $2,303,000 after buying an additional 990,515 shares in the last quarter. Finally, XTX Topco Ltd boosted its position in Gold Royalty by 496.9% in the second quarter. XTX Topco Ltd now owns 377,394 shares of the company’s stock valued at $834,000 after buying an additional 314,170 shares in the last quarter. Institutional investors own 33.75% of the company’s stock.

Gold Royalty Company Profile

Gold Royalty Corp (NYSE: GROY) is a precious metals-focused royalty and streaming company with a dedicated emphasis on gold. Through the acquisition and management of royalty, stream, and similar interests, the company gains exposure to a diversified portfolio of producing mines, advanced-stage development projects, and exploration assets. By taking a passive owner role, Gold Royalty receives a share of production or revenue from its partner operators without bearing the full costs and risks of mine development.

The company’s business model centers on securing cash flows from producing assets while simultaneously pursuing growth via royalties on projects at earlier stages.