Allied Gold (NYSE:AAUC) Sees Strong Trading Volume – Here’s What Happened

Shares of Allied Gold Corporation (NYSE:AAUC) saw an uptick in trading volume on Wednesday . 310,119 shares traded hands 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.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. Cormark raised shares of Allied Gold to a “moderate buy” rating in a research report on Friday, August 8th. Stifel Canada upgraded Allied Gold to a “strong-buy” rating in a research note on Thursday, November 6th. Wall Street Zen lowered Allied Gold from a “buy” rating to a “hold” rating in a report on Thursday, August 14th. Weiss Ratings assumed coverage on Allied Gold in a report on Thursday, October 30th. They issued a “sell (d-)” rating on the stock. Finally, Zacks Research cut Allied Gold from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, November 5th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold”.

Allied Gold Trading Up 4.7%

The stock has a market capitalization of $2.73 billion and a PE ratio of -61.04. The business’s 50 day moving average price is $17.54.

Allied Gold (NYSE:AAUC) last announced its earnings results on Wednesday, November 5th. The company reported $0.29 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 Investors Weigh In On Allied Gold

Several hedge funds have recently modified their holdings of AAUC. Harvest Investment Services LLC purchased a new stake in Allied Gold in the third quarter valued at approximately $497,000. Susquehanna International Group LLP acquired a new position in shares of Allied Gold in the 3rd quarter valued at $366,000. Public Employees Retirement System of Ohio grew its stake in shares of Allied Gold by 11.9% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 20,790 shares of the company’s stock valued at $363,000 after buying an additional 2,214 shares during the period. National Bank of Canada FI grew its stake in shares of Allied Gold by 17.5% during the 3rd quarter. National Bank of Canada FI now owns 292,505 shares of the company’s stock valued at $5,108,000 after buying an additional 43,589 shares during the period. Finally, Millennium Management LLC increased its holdings in shares of Allied Gold by 243.4% during the 3rd quarter. Millennium Management LLC now owns 651,315 shares of the company’s stock worth $11,383,000 after buying an additional 461,628 shares during 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.