Allied Gold (NYSE:AAUC) Reaches New 52-Week High - What's Next?

Key Points

• Allied Gold (NYSE:AAUC) reached a new 52-week high of $24.88 and last traded near $24.61 on volume of 172,233 shares (previous close $23.28).
• Analyst coverage is mixed but tilted positive — two firms rate AAUC Strong Buy, one gives a Sell, resulting in a MarketBeat consensus rating of Buy.
• Financials show an earnings miss (Q3 EPS $0.29 vs. $0.47 expected), a negative net margin (-3.58%) despite positive ROE (24.32%), and a market cap of about $3.11 billion.

Allied Gold Corporation (NYSE:AAUC - Get Free Report) reached a new 52-week high on Monday . The stock traded as high as $24.88 and last traded at $24.6120, with a volume of 172233 shares traded. The stock had previously closed at $23.28.

Analysts Set New Price Targets

AAUC has been the topic of several research analyst reports. Weiss Ratings assumed coverage on shares of Allied Gold in a research report on Thursday, October 30th. They issued a "sell (d-)" rating on the stock. 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 upgraded Allied Gold to a "strong-buy" rating in a report on Thursday, November 6th. Two equities research analysts have rated the stock with a Strong Buy rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy".

Allied Gold Price Performance

The business has a 50-day simple moving average of $18.76. The firm has a market capitalization of $3.11 billion and a PE ratio of -69.32.

Allied Gold (NYSE:AAUC - Get Free Report) last posted its earnings results on Wednesday, November 5th. The company reported $0.29 earnings per share (EPS) 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

A number of institutional investors have recently added to or reduced their stakes in AAUC. Tower Research Capital LLC TRC acquired a new stake in shares of Allied Gold during the second quarter valued at about $127,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Allied Gold by 54.3% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,998 shares of the company's stock valued at $280,000 after purchasing an additional 5,627 shares in the last quarter. Public Employees Retirement System of Ohio increased its holdings in Allied Gold by 11.9% during the 3rd 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 during the last quarter. Susquehanna International Group LLP acquired a new position in shares of Allied Gold in the 3rd quarter valued at approximately $366,000. Finally, Cibc World Market Inc. boosted its stake in shares of Allied Gold by 54.4% during the 3rd quarter. Cibc World Market Inc. now owns 22,690 shares of the company's stock valued at $396,000 after buying an additional 7,991 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.

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