Allied Gold (NYSE:AAUC) Stock Price Down 6.9% – Here’s What Happened

Allied Gold Corporation (NYSE:AAUC) traded down 6.9% during trading on Monday . The stock traded as low as $23.20 and last traded at $23.1990. 127,029 shares traded hands during mid-day trading, a decline of 36% from the average session volume of 198,824 shares. The stock had previously closed at $24.92.

Analyst Ratings Changes

AAUC has been the subject of a number of analyst reports. Weiss Ratings initiated coverage on shares of Allied Gold in a research note on Thursday, October 30th. They issued a “sell (d-)” rating for the company. Zacks Research raised shares of Allied Gold from a “hold” rating to a “strong-buy” rating in a research note on Thursday, December 4th. Finally, Stifel Canada raised shares of Allied Gold to a “strong-buy” rating in a research report on Thursday, November 6th. Two investment analysts have rated the stock with a Strong Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Buy”.

Allied Gold Stock Performance

The company’s 50 day simple moving average is $19.51. The firm has a market cap of $2.89 billion and a P/E ratio of -64.25.

Allied Gold (NYSE:AAUC) last posted its 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 negative net margin of 3.58% and a positive return on equity of 24.32%.

Hedge Funds Weigh In On Allied Gold

Hedge funds and other institutional investors have recently modified their holdings of the stock. Harvest Investment Services LLC bought a new position in shares of Allied Gold in the third quarter valued at about $497,000. Susquehanna International Group LLP bought a new position in shares of Allied Gold in the third quarter worth about $366,000. Public Employees Retirement System of Ohio lifted 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. National Bank of Canada FI lifted its position in shares of Allied Gold by 17.5% during the third quarter. National Bank of Canada FI now owns 292,505 shares of the company’s stock worth $5,108,000 after purchasing an additional 43,589 shares in the last quarter. Finally, Millennium Management LLC grew its stake in shares of Allied Gold by 243.4% during the third quarter. Millennium Management LLC now owns 651,315 shares of the company’s stock valued at $11,383,000 after purchasing an additional 461,628 shares during the last quarter.

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.