SummitTX Capital L.P. Buys New Shares in Allied Gold Corporation $AAUC

SummitTX Capital L.P. bought a new position in shares of Allied Gold Corporation (NYSE:AAUC) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 65,100 shares of the company’s stock, valued at approximately $2,021,000. SummitTX Capital L.P. owned about 0.05% of Allied Gold at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Orion Resource Partners LP bought a new position in shares of Allied Gold in the 2nd quarter valued at about $103,634,000. UBS Group AG raised its holdings in shares of Allied Gold by 3,921.0% in the 4th quarter. UBS Group AG now owns 4,042,883 shares of the company’s stock valued at $92,501,000 after purchasing an additional 3,942,340 shares during the period. Helikon Investments Ltd raised its holdings in shares of Allied Gold by 12.0% in the 4th quarter. Helikon Investments Ltd now owns 16,498,498 shares of the company’s stock valued at $377,486,000 after purchasing an additional 1,761,864 shares during the period. Absolute Gestao de Investimentos Ltda. acquired a new stake in Allied Gold in the 1st quarter valued at about $51,353,000. Finally, L1 Capital Pty Ltd acquired a new stake in Allied Gold in the 4th quarter valued at about $33,826,000.

Allied Gold Stock Performance

NYSE AAUC opened at $20.87 on Wednesday. The firm has a 50-day moving average of $24.27 and a 200-day moving average of $28.38. The stock has a market cap of $2.64 billion and a PE ratio of -20.26. Allied Gold Corporation has a 52-week low of $11.40 and a 52-week high of $32.20.

Allied Gold (NYSE:AAUC) last announced its earnings results on Thursday, May 14th. The company reported $0.39 EPS for the quarter, missing the consensus estimate of $0.42 by ($0.03). Allied Gold had a positive return on equity of 36.56% and a negative net margin of 9.08%.The company had revenue of $394.11 million for the quarter. As a group, analysts predict that Allied Gold Corporation will post 4.52 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. Zacks Research downgraded Allied Gold from a “hold” rating to a “strong sell” rating in a research report on Monday, July 20th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Allied Gold in a research report on Tuesday, July 21st. Finally, Canaccord Genuity Group upgraded Allied Gold from a “hold” rating to a “buy” rating in a research note on Monday, June 1st. One equities research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, Allied Gold presently has a consensus rating of “Reduce”.

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.