Allied Gold (NYSE:AAUC) Reaches New 52-Week High - Should You Buy?

Key Points

• Allied Gold's stock price reached a new 52-week high of $19.18, closing at $18.83 with a trading volume of 125,150 shares.
• Analysts have mixed ratings on the stock, with some upgrading it to a "strong buy" while others downgraded it to a "hold."
• Institutional investors are actively acquiring stakes in Allied Gold, including significant investments from Orion Resource Partners and Bank of America.

Allied Gold Corporation (NYSE:AAUC - Get Free Report)'s stock price reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $19.18 and last traded at $18.83, with a volume of 125150 shares traded. The stock had previously closed at $17.74.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the stock. Wall Street Zen downgraded shares of Allied Gold from a "buy" rating to a "hold" rating in a report on Thursday, August 14th. Cormark upgraded shares of Allied Gold to a "moderate buy" rating in a research report on Friday, August 8th. Finally, Zacks Research upgraded shares of Allied Gold from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, October 7th. One analyst has rated the stock with a Strong Buy rating, According to data from MarketBeat, Allied Gold currently has an average rating of "Strong Buy".

Allied Gold Stock Up 6.1%

The stock has a market capitalization of $2.17 billion and a P/E ratio of -29.41. The firm has a 50 day moving average price of $15.64.

Institutional Investors Weigh In On Allied Gold

Hedge funds and other institutional investors have recently made changes to their positions in the business. Orion Resource Partners LP acquired a new stake in Allied Gold in the 2nd quarter worth about $103,634,000. Bank of America Corp DE purchased a new position in shares of Allied Gold during the 2nd quarter worth about $13,169,000. Finally, Tower Research Capital LLC TRC purchased a new position in shares of Allied Gold during the 2nd quarter worth about $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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