Allied Gold (NYSE:AAUC) Shares Down 10.8% - Should You Sell?

Key Points

• Allied Gold Corporation's stock price fell by 10.8%, trading as low as $17.01, significantly below its previous close of $19.12.
• A consensus rating for the stock is currently "Strong Buy", with Zacks Research upgrading it from a hold to a strong-buy rating while other analysts adjusted their ratings.
• The company has seen increased institutional investment, with hedge funds acquiring substantial stakes in the 2nd quarter, including a notable $13.2 million investment from Bank of America.

Allied Gold Corporation (NYSE:AAUC - Get Free Report)'s stock price fell 10.8% during trading on Tuesday . The company traded as low as $17.01 and last traded at $17.06. 84,882 shares traded hands during trading, a decline of 14% from the average session volume of 99,034 shares. The stock had previously closed at $19.12.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on AAUC. Zacks Research raised shares of Allied Gold from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, October 7th. Wall Street Zen lowered shares of Allied Gold from a "buy" rating to a "hold" rating in a research report on Thursday, August 14th. Finally, Cormark raised shares of Allied Gold to a "moderate buy" rating in a research report on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, According to data from MarketBeat, the stock presently has a consensus rating of "Strong Buy".

Allied Gold Stock Down 10.4%

The stock has a market capitalization of $1.98 billion and a PE ratio of -26.77. The stock's fifty day moving average price is $16.01.

Institutional Investors Weigh In On Allied Gold

A number of hedge funds have recently made changes to their positions in AAUC. Tower Research Capital LLC TRC acquired a new stake in shares of Allied Gold in the 2nd quarter valued at approximately $127,000. Bank of America Corp DE acquired a new stake in shares of Allied Gold in the 2nd quarter valued at approximately $13,169,000. Finally, Orion Resource Partners LP acquired a new stake in shares of Allied Gold in the 2nd quarter valued at approximately $103,634,000.

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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