Allied Gold (NYSE:AAUC) Shares Gap Up – Here’s Why

Allied Gold Corporation (NYSE:AAUC)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $16.54, but opened at $17.12. Allied Gold shares last traded at $16.54, with a volume of 123,924 shares trading hands.

Analysts Set New Price Targets

A number of equities research analysts recently commented on AAUC shares. Weiss Ratings initiated coverage on Allied Gold in a research report on Thursday, October 30th. They issued a “sell (d-)” rating on the stock. Cormark upgraded Allied Gold to a “moderate buy” rating in a research report on Friday, August 8th. Wall Street Zen lowered Allied Gold from a “buy” rating to a “hold” rating in a research report on Thursday, August 14th. Zacks Research cut shares of Allied Gold from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 5th. Finally, Stifel Canada upgraded shares of Allied Gold to a “strong-buy” rating in a research note on Thursday, November 6th. One 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. According to data from MarketBeat.com, the stock currently has an average rating of “Hold”.

Allied Gold Price Performance

The firm has a market capitalization of $1.99 billion and a price-to-earnings ratio of -44.65. The company has a 50 day moving average of $17.02.

Allied Gold (NYSE:AAUC) last posted its quarterly earnings data on Wednesday, November 5th. The company reported $0.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.47 by ($0.18). Allied Gold had a negative net margin of 3.58% and a positive return on equity of 24.32%.

Institutional Investors Weigh In On Allied Gold

Large investors have recently bought and sold shares of the company. Public Employees Retirement System of Ohio raised its holdings in shares of Allied Gold by 11.9% during the third quarter. Public Employees Retirement System of Ohio now owns 20,790 shares of the company’s stock valued at $363,000 after acquiring an additional 2,214 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Allied Gold by 54.3% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,998 shares of the company’s stock worth $280,000 after purchasing an additional 5,627 shares in the last quarter. Cibc World Market Inc. raised its stake in Allied Gold by 54.4% in the 3rd quarter. Cibc World Market Inc. now owns 22,690 shares of the company’s stock valued at $396,000 after purchasing an additional 7,991 shares during the last quarter. Tower Research Capital LLC TRC purchased a new position in Allied Gold in the 2nd quarter valued at $127,000. Finally, Susquehanna International Group LLP purchased a new position in Allied Gold in the 3rd quarter valued at $366,000.

Allied Gold Company Profile

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.