Allied Gold (NYSE:AAUC) Shares Gap Up – Still a Buy?

Allied Gold Corporation (NYSE:AAUC)’s stock price gapped up before the market opened on Monday . The stock had previously closed at $21.11, but opened at $21.85. Allied Gold shares last traded at $20.7150, with a volume of 277,122 shares.

Analysts Set New Price Targets

AAUC has been the subject of several research reports. Cormark raised shares of Allied Gold to a “moderate buy” rating in a report on Friday, August 8th. Weiss Ratings began coverage on shares of Allied Gold in a research note on Thursday, October 30th. They set a “sell (d-)” rating on the stock. Stifel Canada raised Allied Gold to a “strong-buy” rating in a research note on Thursday, November 6th. 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, Wall Street Zen downgraded Allied Gold from a “buy” rating to a “hold” rating in a report on Thursday, August 14th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued 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 Trading Down 1.7%

The stock has a market cap of $2.57 billion and a PE ratio of -57.75. The stock has a fifty day simple moving average of $17.38.

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 Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Helikon Investments Ltd increased its stake in shares of Allied Gold by 25.0% in the 3rd quarter. Helikon Investments Ltd now owns 14,736,634 shares of the company’s stock valued at $258,038,000 after buying an additional 2,944,721 shares during the period. Orion Resource Partners LP acquired a new position in Allied Gold during the second quarter valued at approximately $103,634,000. JPMorgan Chase & Co. increased its position in shares of Allied Gold by 4.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,867,201 shares of the company’s stock valued at $32,695,000 after buying an additional 75,931 shares in the last quarter. Bank of America Corp DE lifted its holdings in shares of Allied Gold by 31.1% during the 3rd quarter. Bank of America Corp DE now owns 1,277,040 shares of the company’s stock valued at $22,361,000 after purchasing an additional 303,036 shares in the last quarter. Finally, Vanguard Group Inc. boosted its holdings in shares of Allied Gold by 1,824.7% in the third quarter. Vanguard Group Inc. now owns 1,177,971 shares of the company’s stock valued at $20,585,000 after buying an additional 1,116,768 shares during the period.

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.