Allied Gold (NYSE:AAUC) Sees Strong Trading Volume – Time to Buy?

Allied Gold Corporation (NYSE:AAUC) shares saw strong trading volume on Wednesday . 310,119 shares were traded during mid-day 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.

Analyst Upgrades and Downgrades

AAUC has been the subject of a number of recent analyst reports. Wall Street Zen cut shares of Allied Gold from a “buy” rating to a “hold” rating in a research report on Thursday, August 14th. Zacks Research lowered shares of Allied Gold from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 5th. Stifel Canada upgraded shares of Allied Gold to a “strong-buy” rating in a research note on Thursday, November 6th. Weiss Ratings assumed coverage on Allied Gold in a report on Thursday, October 30th. They issued a “sell (d-)” rating for the company. Finally, Cormark raised shares of Allied Gold to a “moderate buy” rating in a report on Friday, August 8th. One analyst has rated the stock with a Strong Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Allied Gold has an average rating of “Hold”.

Allied Gold Stock Performance

The company’s 50-day moving average price is $17.54. The firm has a market cap of $2.73 billion and a P/E ratio of -61.04.

Allied Gold (NYSE:AAUC) last announced its quarterly earnings data on Wednesday, November 5th. The company reported $0.29 EPS for the quarter, missing the consensus estimate 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 Trading of Allied Gold

Several large investors have recently made changes to their positions in AAUC. Amundi bought a new stake in Allied Gold in the 3rd quarter valued at about $451,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in Allied Gold in the third quarter valued at approximately $936,000. BNP Paribas Financial Markets bought a new stake in shares of Allied Gold during the third quarter valued at approximately $2,812,000. National Bank of Canada FI raised its position in shares of Allied Gold by 17.5% during the third quarter. National Bank of Canada FI now owns 292,505 shares of the company’s stock worth $5,108,000 after purchasing an additional 43,589 shares during the period. Finally, Two Sigma Investments LP lifted its holdings in shares of Allied Gold by 23.9% in the 3rd quarter. Two Sigma Investments LP now owns 400,167 shares of the company’s stock worth $7,007,000 after purchasing an additional 77,134 shares in 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.