Van ECK Associates Corp Cuts Stock Position in Allied Gold Corporation $AAUC

Van ECK Associates Corp cut its holdings in shares of Allied Gold Corporation (NYSE:AAUC) by 36.6% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,870,304 shares of the company’s stock after selling 1,654,682 shares during the quarter. Van ECK Associates Corp owned approximately 2.31% of Allied Gold worth $50,152,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the business. Cibc World Market Inc. grew its position in Allied Gold by 54.4% during the third 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 during the period. Tower Research Capital LLC TRC bought a new position in shares of Allied Gold during the 2nd quarter valued at approximately $127,000. Swiss National Bank increased its stake in shares of Allied Gold by 16.4% during the 3rd quarter. Swiss National Bank now owns 159,166 shares of the company’s stock worth $2,783,000 after purchasing an additional 22,400 shares during the last quarter. TD Asset Management Inc raised its holdings in shares of Allied Gold by 15.6% in the 3rd quarter. TD Asset Management Inc now owns 215,111 shares of the company’s stock worth $3,760,000 after purchasing an additional 29,096 shares during the period. Finally, JPMorgan Chase & Co. lifted its stake in Allied Gold by 4.2% in the third quarter. JPMorgan Chase & Co. now owns 1,867,201 shares of the company’s stock valued at $32,695,000 after purchasing an additional 75,931 shares during the last quarter.

Allied Gold Price Performance

Shares of AAUC stock opened at $31.63 on Wednesday. The stock has a market capitalization of $3.96 billion and a price-to-earnings ratio of -87.84. The company’s fifty day simple moving average is $29.63 and its two-hundred day simple moving average is $22.18. Allied Gold Corporation has a 1 year low of $8.67 and a 1 year high of $32.08.

Wall Street Analyst Weigh In

Several brokerages have issued reports on AAUC. Canaccord Genuity Group lowered Allied Gold from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 26th. Zacks Research lowered Allied Gold from a “strong-buy” rating to a “hold” rating in a report on Monday. Stifel Nicolaus cut Allied Gold from a “buy” rating to a “hold” rating in a research note on Tuesday, February 10th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Allied Gold in a report on Tuesday, January 27th. Three analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Allied Gold has an average rating of “Reduce”.

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.