Allied Gold (NYSE:AAUC) Hits New 12-Month High - What's Next?

Key Points

• Allied Gold Corporation's shares have reached a new **52-week high** at $19.00, closing recently at $18.55 with a market capitalization of **$2.15 billion**.
• Wall Street analysts have mixed ratings for the stock, with Cormark upgrading it to a **"moderate buy"**, while Wall Street Zen downgraded it to a **"hold."**
• Institutional investors are showing interest, with Orion Resource Partners LP investing approximately **$103.6 million** in the second quarter.

Shares of Allied Gold Corporation (NYSE:AAUC - Get Free Report) hit a new 52-week high on Wednesday . The stock traded as high as $19.00 and last traded at $18.55, with a volume of 40962 shares. The stock had previously closed at $18.35.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on AAUC shares. Cormark raised Allied Gold to a "moderate buy" rating in a report on Friday, August 8th. Zacks Research upgraded Allied Gold to a "hold" rating in a research note on Thursday, August 14th. Finally, Wall Street Zen downgraded Allied Gold from a "buy" rating to a "hold" rating in a research note on Thursday, August 14th. One equities research analyst has rated the stock with a Hold rating, According to data from MarketBeat, the stock presently has an average rating of "Hold".

Allied Gold Stock Up 1.5%

The stock has a market capitalization of $2.15 billion and a P/E ratio of -29.23.

Hedge Funds Weigh In On Allied Gold

Hedge funds and other institutional investors have recently modified their holdings of the stock. Orion Resource Partners LP bought a new position in shares of Allied Gold during the 2nd quarter worth approximately $103,634,000. Bank of America Corp DE bought a new position in shares of Allied Gold during the 2nd quarter worth approximately $13,169,000. Finally, Tower Research Capital LLC TRC bought a new position in shares of Allied Gold during the 2nd quarter worth approximately $127,000.

Allied Gold Company Profile

Allied Gold Corporation is a gold producer. It operates a portfolio of producing assets and development projects located principally in Cote d'Ivoire, Mali and Ethiopia. Allied Gold Corporation is based in Canada.

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