Allied Gold (NYSE:AAUC) Upgraded to Hold at Zacks Research

Zacks Research upgraded shares of Allied Gold (NYSE:AAUC) from a strong sell rating to a hold rating in a report issued on Tuesday,Zacks.com reports.

Several other analysts have also commented on AAUC. Weiss Ratings restated a “sell (d-)” rating on shares of Allied Gold in a report on Tuesday, July 21st. Stifel Nicolaus upgraded Allied Gold from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 29th. National Bank Financial lowered Allied Gold to a “hold” rating in a research report on Wednesday, July 29th. Canaccord Genuity Group upgraded shares of Allied Gold from a “hold” rating to a “buy” rating in a report on Monday, June 1st. Finally, Canadian Imperial Bank of Commerce raised shares of Allied Gold to an “outperform” rating in a research report on Thursday, July 30th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Allied Gold has an average rating of “Moderate Buy”.

Allied Gold Stock Up 10.9%

Shares of AAUC stock opened at $23.27 on Tuesday. The firm has a market capitalization of $3.24 billion, a price-to-earnings ratio of -43.10 and a beta of -0.22. The stock has a fifty day moving average of $22.49 and a 200 day moving average of $27.49. Allied Gold has a 52 week low of $13.00 and a 52 week high of $32.20.

Allied Gold (NYSE:AAUC) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $0.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.25 by $0.19. Allied Gold had a negative net margin of 4.19% and a positive return on equity of 41.36%. Equities research analysts anticipate that Allied Gold will post 3.03 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of AAUC. Public Employees Retirement System of Ohio purchased a new stake in shares of Allied Gold during the 2nd quarter valued at about $668,000. Carlson Capital L.P. purchased a new stake in shares of Allied Gold in the first quarter valued at $619,000. Groupe la Francaise bought a new stake in shares of Allied Gold in the 1st quarter worth about $8,512,000. Bank of America Corp DE boosted its stake in shares of Allied Gold by 111.1% during the 1st quarter. Bank of America Corp DE now owns 2,521,475 shares of the company’s stock worth $78,267,000 after purchasing an additional 1,326,787 shares during the period. Finally, Oddo BHF Asset Management Sas bought a new position in Allied Gold during the 1st quarter valued at about $3,396,000.

About Allied Gold

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.