Gold Royalty (NYSE:GROY) Trading Down 5.6% – What’s Next?

Gold Royalty Corp. (NYSE:GROY) shares dropped 5.6% on Friday . The stock traded as low as $3.44 and last traded at $3.4560. Approximately 2,168,516 shares changed hands during trading, an increase of 3% from the average daily volume of 2,097,785 shares. The stock had previously closed at $3.66.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. HC Wainwright lifted their price target on shares of Gold Royalty from $5.75 to $6.25 and gave the company a “buy” rating in a research report on Thursday, August 7th. Zacks Research raised Gold Royalty from a “hold” rating to a “strong-buy” rating in a report on Thursday, October 30th. Raymond James Financial set a $4.50 target price on Gold Royalty and gave the stock an “outperform” rating in a research report on Friday, October 10th. Maxim Group assumed coverage on Gold Royalty in a research report on Thursday, September 11th. They issued a “buy” rating and a $6.00 price target for the company. Finally, Scotiabank lifted their price target on Gold Royalty from $3.30 to $4.00 and gave the stock an “outperform” rating in a research note on Thursday, October 23rd. One research analyst has rated the stock with a Strong Buy rating and six have given a Buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $4.75.

Gold Royalty Stock Down 5.1%

The stock has a market cap of $592.38 million, a price-to-earnings ratio of -26.73 and a beta of 0.99. The firm’s 50-day moving average is $3.67 and its 200 day moving average is $2.90. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.63 and a quick ratio of 1.63.

Institutional Investors Weigh In On Gold Royalty

Several institutional investors and hedge funds have recently added to or reduced their stakes in GROY. Pacifica Partners Inc. purchased a new stake in shares of Gold Royalty in the third quarter worth about $32,000. Geneos Wealth Management Inc. lifted its position in Gold Royalty by 68.0% during the 2nd quarter. Geneos Wealth Management Inc. now owns 16,800 shares of the company’s stock worth $37,000 after acquiring an additional 6,800 shares in the last quarter. PFG Investments LLC purchased a new position in Gold Royalty in the 2nd quarter worth approximately $43,000. Walleye Capital LLC purchased a new position in Gold Royalty in the 2nd quarter worth approximately $44,000. Finally, Raymond James Financial Inc. grew its position in Gold Royalty by 1,190.4% in the third quarter. Raymond James Financial Inc. now owns 12,917 shares of the company’s stock valued at $50,000 after acquiring an additional 11,916 shares in the last quarter. 33.75% of the stock is currently owned by institutional investors and hedge funds.

About Gold Royalty

Gold Royalty Corp., a precious metals-focused royalty company, provides financing solutions to the metals and mining industry. It focuses on acquiring royalties, streams, and similar interests at varying stages of the mine life cycle to build a portfolio offering near, medium, and longer-term returns for its investors.