Wall Street Zen Upgrades Allied Gold (NYSE:AAUC) to Buy

Allied Gold (NYSE:AAUC) was upgraded by equities research analysts at Wall Street Zen to a “buy” rating in a research note issued on Saturday, Wall Street Zen reports.

Other equities research analysts have also issued research reports about the stock. National Bank Financial lowered shares of Allied Gold to a “hold” rating in a report on Wednesday, July 29th. Stifel Nicolaus raised shares of Allied Gold from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 29th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Allied Gold in a report on Tuesday, July 21st. Canadian Imperial Bank of Commerce raised shares of Allied Gold to an “outperform” rating in a research note on Thursday, July 30th. Finally, Zacks Research raised shares of Allied Gold from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 18th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy”.

Allied Gold Price Performance

Shares of Allied Gold stock opened at $20.08 on Friday. The stock has a market cap of $2.80 billion, a P/E ratio of -37.19 and a beta of 0.15. The stock’s 50 day simple moving average is $21.91 and its 200-day simple moving average is $25.49. Allied Gold has a 1-year low of $14.60 and a 1-year high of $32.20.

Allied Gold (NYSE:AAUC) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $0.44 EPS for the quarter, topping analysts’ consensus estimates of $0.25 by $0.19. Allied Gold had a positive return on equity of 41.36% and a negative net margin of 4.19%. As a group, research analysts expect that Allied Gold will post 2.73 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Absolute Gestao de Investimentos Ltda. acquired a new position in shares of Allied Gold in the 1st quarter worth approximately $51,353,000. L1 Capital Pty Ltd acquired a new stake in Allied Gold in the 4th quarter valued at approximately $33,826,000. Bank of America Corp DE increased its holdings in Allied Gold by 111.1% in the 1st quarter. Bank of America Corp DE now owns 2,521,475 shares of the company’s stock valued at $78,267,000 after purchasing an additional 1,326,787 shares during the last quarter. OMERS ADMINISTRATION Corp acquired a new position in Allied Gold during the first quarter worth $38,691,000. Finally, Capula Management Ltd purchased a new position in shares of Allied Gold during the first quarter worth $31,102,000.

About Allied Gold

Allied Gold Corporation is a gold producer focused on the acquisition, exploration, development and operation of gold assets in Africa. The company’s portfolio includes producing and development-stage properties, with activities centered on expanding production and extending mine lives.

Allied Gold’s principal operating assets include the Bonikro and Agbaou mines in Côte d’Ivoire and the Sadiola Gold Mine in Mali. Through these operations, the company produces gold and conducts exploration and development work intended to identify additional resources and support future growth.

The company serves the international gold market and is publicly listed on the New York Stock Exchange under the symbol AAUC.