Allied Gold (NYSE:AAUC) Sees Strong Trading Volume - Should You Buy?

Key Points

• Allied Gold Corporation's shares experienced a significant increase in trading volume, with 263,377 shares traded, which is up 182% from the previous session.
• Zacks Research upgraded Allied Gold's rating from "hold" to a "strong-buy." However, Wall Street Zen downgraded it from "buy" to "hold," resulting in a consensus rating of "Strong Buy."
• The company has a market capitalization of $2.06 billion and is engaged in gold production primarily in Cote d'Ivoire, Mali, and Ethiopia.

Allied Gold Corporation (NYSE:AAUC - Get Free Report) shares saw unusually-strong trading volume on Friday . Approximately 263,377 shares traded hands during trading, an increase of 182% from the previous session's volume of 93,428 shares.The stock last traded at $18.00 and had previously closed at $19.30.

Wall Street Analysts Forecast Growth

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

Allied Gold Trading Down 7.4%

The firm's 50 day moving average price is $15.90. The firm has a market capitalization of $2.06 billion and a P/E ratio of -27.91.

Institutional Investors Weigh In On Allied Gold

Several large investors have recently added to or reduced their stakes in AAUC. Orion Resource Partners LP purchased a new stake in shares of Allied Gold in the second quarter worth approximately $103,634,000. Bank of America Corp DE purchased a new stake in Allied Gold during the second quarter valued at about $13,169,000. Finally, Tower Research Capital LLC TRC purchased a new position in shares of Allied Gold in the second 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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