Allied Gold (NYSE:AAUC) Stock Rating Lowered by Zacks Research

Allied Gold (NYSE:AAUC) was downgraded by investment analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued to investors on Monday, Zacks reports.

Several other equities research analysts have also commented on AAUC. Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of Allied Gold in a report on Friday, October 16th. Stifel Nicolaus upgraded shares of Allied Gold from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 29th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Allied Gold in a research note on Monday, October 19th. National Bank Financial lowered shares of Allied Gold to a “hold” rating in a report on Wednesday, July 29th. Finally, Wall Street Zen downgraded shares of Allied Gold from a “buy” rating to a “hold” rating in a research note on Sunday, October 11th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Allied Gold has an average rating of “Hold”.

Allied Gold Trading Down 2.2%

Shares of Allied Gold stock opened at $18.92 on Monday. The stock’s fifty day moving average price is $21.36 and its 200-day moving average price is $26.01. The firm has a market cap of $2.64 billion, a P/E ratio of -35.04 and a beta of 0.34. Allied Gold has a 12 month low of $14.60 and a 12 month high of $32.20.

Allied Gold (NYSE:AAUC) last released its quarterly earnings data on Wednesday, August 5th. The company reported $0.44 earnings per share for the quarter, topping analysts’ consensus estimates of $0.25 by $0.19. Allied Gold had a negative net margin of 4.19% and a positive return on equity of 41.36%. Analysts forecast that Allied Gold will post 2.07 earnings per share for the current year.

Hedge Funds Weigh In On Allied Gold

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Bank of America Corp DE grew its holdings in shares of Allied Gold by 111.1% during the first quarter. Bank of America Corp DE now owns 2,521,475 shares of the company’s stock valued at $78,267,000 after buying an additional 1,326,787 shares during the last quarter. Absolute Gestao de Investimentos Ltda. acquired a new position in shares of Allied Gold in the 1st quarter valued at $51,353,000. OMERS ADMINISTRATION Corp acquired a new position in shares of Allied Gold in the 1st quarter valued at $38,691,000. Capula Management Ltd purchased a new position in Allied Gold in the 1st quarter worth $31,102,000. Finally, PSquared Asset Management AG purchased a new position in Allied Gold in the 1st quarter worth $22,901,000.

Allied Gold Company Profile

Allied Gold Corporation is a Canada-based gold producer and mine developer focused on operations in West Africa. The company explores for, develops and produces gold, with activities spanning open-pit mining, ore processing and the production of gold doré.

Allied Gold’s principal assets include the Sadiola gold mine in Mali and the Bonikro and Agbaou gold mines in Côte d’Ivoire. The company also manages exploration and development programs intended to extend mine lives, expand resources and improve production from its regional asset base.

Allied Gold became a publicly traded company in 2023.