Allied Gold (NYSE:AAUC) Shares Gap Down - Here's Why

Key Points

• Allied Gold shares gapped down from a closing price of $20.49 to an opening price of $19.80 before trading at $19.23.
• Zacks Research upgraded Allied Gold to a "strong-buy" rating, contributing to an average rating of "Strong Buy" among analysts.
• Institutional investors made significant investments in Allied Gold, with Orion Resource Partners LP acquiring a stake valued at approximately $103.63 million in Q2.

Allied Gold Corporation (NYSE:AAUC - Get Free Report) shares gapped down before the market opened on Thursday . The stock had previously closed at $20.49, but opened at $19.80. Allied Gold shares last traded at $19.23, with a volume of 150,990 shares changing hands.

Analyst Ratings Changes

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

Allied Gold Stock Performance

The company's 50 day simple moving average is $15.82. The company has a market capitalization of $2.26 billion and a P/E ratio of -30.90.

Institutional Trading of Allied Gold

A number of large investors have recently made changes to their positions in the company. Tower Research Capital LLC TRC bought a new position in Allied Gold during the 2nd quarter worth about $127,000. Orion Resource Partners LP acquired a new stake in Allied Gold in the 2nd quarter valued at about $103,634,000. Finally, Bank of America Corp DE acquired a new stake in Allied Gold in the 2nd quarter valued at about $13,169,000.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.