Allied Gold (NYSE:AAUC) Sets New 12-Month High – Still a Buy?

Shares of Allied Gold Corporation (NYSE:AAUC) reached a new 52-week high on Monday . The company traded as high as $31.55 and last traded at $31.5620, with a volume of 1079414 shares changing hands. The stock had previously closed at $30.40.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on AAUC shares. Zacks Research downgraded Allied Gold from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 6th. Stifel Nicolaus raised shares of Allied Gold to a “strong-buy” rating in a report on Thursday, November 6th. Finally, Weiss Ratings started coverage on shares of Allied Gold in a report on Thursday, October 30th. They set a “sell (d-)” rating for the company. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold”.

Allied Gold Stock Performance

The stock has a market cap of $3.94 billion and a P/E ratio of -87.80. The business has a 50 day moving average of $23.07.

Allied Gold (NYSE:AAUC) last posted its quarterly earnings results on Wednesday, November 5th. The company reported $0.29 earnings per share 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%.

Hedge Funds Weigh In On Allied Gold

Several large investors have recently made changes to their positions in AAUC. Public Employees Retirement System of Ohio grew its position 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 worth $363,000 after purchasing an additional 2,214 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Allied Gold by 54.3% in the 3rd 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 during the period. Cibc World Market Inc. grew its holdings in Allied Gold by 54.4% during the 3rd quarter. Cibc World Market Inc. now owns 22,690 shares of the company’s stock valued at $396,000 after buying an additional 7,991 shares in the last quarter. Tower Research Capital LLC TRC bought a new stake in shares of Allied Gold during the second quarter valued at approximately $127,000. Finally, Susquehanna International Group LLP bought a new stake in shares of Allied Gold during the third quarter valued at approximately $366,000.

Allied Gold Company Profile

Allied Gold (NYSE: AAUC) is a publicly listed company that operates in the gold mining sector. The firm’s business centers on identifying, acquiring and advancing gold-bearing properties with the objective of creating and operating economically viable mining assets. Allied Gold’s activities are typical of junior and mid-tier gold companies, encompassing exploration, resource definition, development planning and the eventual production and sale of gold.

Core business activities for Allied Gold include mineral exploration programs to discover and delineate gold resources, feasibility and engineering studies to assess project economics, permitting and mine development work where projects progress to the construction phase, and operational oversight for producing assets.