Allied Gold (NYSE:AAUC) Sets New 1-Year High - Here's Why

Key Points

• Allied Gold shares hit a new 52-week high of $16.02 before closing at $15.93, with a trading volume of 6,035 shares.
• An analyst downgrade from "buy" to "hold" by Wall Street Zen contrasts with upgrades by Zacks Research and Cormark, resulting in a consensus rating of "Hold" for the stock.
• The company has recently seen significant investment from institutional players, including a new position worth approximately $103.6 million from Orion Resource Partners LP.

Allied Gold Corporation (NYSE:AAUC - Get Free Report) shares reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $16.02 and last traded at $15.93, with a volume of 6035 shares trading hands. The stock had previously closed at $15.80.

Analysts Set New Price Targets

Several analysts recently issued reports on AAUC shares. Wall Street Zen cut Allied Gold from a "buy" rating to a "hold" rating in a research report on Thursday, August 14th. Zacks Research upgraded Allied Gold to a "hold" rating in a research note on Thursday, August 14th. Finally, Cormark upgraded Allied Gold to a "moderate buy" rating in a research report on Friday, August 8th. One analyst has rated the stock with a Hold rating, According to MarketBeat.com, the stock currently has a consensus rating of "Hold".

Allied Gold Trading Up 0.8%

The company has a market cap of $1.84 billion and a P/E ratio of -24.89.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of AAUC. Tower Research Capital LLC TRC bought a new position in Allied Gold during the second quarter valued at about $127,000. Orion Resource Partners LP bought a new position in shares of Allied Gold in the second quarter worth approximately $103,634,000. Finally, Bank of America Corp DE bought a new stake in Allied Gold in the second quarter valued at $13,169,000.

About Allied Gold

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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