Allied Gold (NYSE:AAUC) Downgraded by Zacks Research to Strong Sell

Key Points

• Zacks Research downgraded Allied Gold from “hold” to “strong sell.” Analyst views remain mixed, and MarketBeat’s overall consensus rating is “hold.”
• Allied Gold shares were down 2.2% and opened at $18.92 on Monday, below their 50-day and 200-day moving averages.
• The company reported quarterly EPS of $0.44, beating analyst estimates of $0.25; analysts forecast full-year EPS of $2.07 on average.

Allied Gold (NYSE:AAUC - Get Free Report) was downgraded by equities research analysts at Zacks Research from a "hold" rating to a "strong sell" rating in a note issued to investors on Monday, Zacks reports.

Other equities research analysts have also issued reports about the company. Canadian Imperial Bank of Commerce restated an "outperform" rating on shares of Allied Gold in a research report on Friday, October 16th. Wall Street Zen lowered Allied Gold from a "buy" rating to a "hold" rating in a research note on Sunday, October 11th. Weiss Ratings reissued a "sell (d-)" rating on shares of Allied Gold in a research note on Monday, October 19th. Stifel Nicolaus upgraded Allied Gold from a "hold" rating to a "strong-buy" rating in a report on Wednesday, July 29th. Finally, National Bank Financial downgraded Allied Gold to a "hold" rating in a research note on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold".

Allied Gold Trading Down 2.2%

Shares of NYSE AAUC opened at $18.92 on Monday. Allied Gold has a 12-month low of $14.60 and a 12-month high of $32.20. The stock has a market cap of $2.64 billion, a PE ratio of -35.04 and a beta of 0.34. The company has a 50-day moving average of $21.36 and a 200 day moving average of $26.01.

Allied Gold (NYSE:AAUC - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The company reported $0.44 EPS for the quarter, beating analysts' consensus estimates of $0.25 by $0.19. Allied Gold had a negative net margin of 4.19% and a positive return on equity of 41.36%. On average, sell-side analysts forecast that Allied Gold will post 2.07 EPS for the current fiscal year.

Institutional Trading of Allied Gold

A number of hedge funds and other institutional investors have recently made changes to their positions in AAUC. Groupe la Francaise increased its position in shares of Allied Gold by 45.3% during the 2nd quarter. Groupe la Francaise now owns 399,126 shares of the company's stock worth $9,491,000 after purchasing an additional 124,443 shares during the last quarter. OMERS ADMINISTRATION Corp acquired a new position in Allied Gold in the first quarter valued at about $38,691,000. Capula Management Ltd acquired a new position in Allied Gold in the first quarter valued at about $31,102,000. DLD Asset Management LP purchased a new position in Allied Gold during the first quarter worth about $1,897,000. Finally, Polar Asset Management Partners Inc. purchased a new position in Allied Gold during the first quarter worth about $1,801,000.

About Allied Gold

Allied Gold Corporation is a Canada-based gold producer and mine developer focused on operations in West Africa. The company explores for, develops and produces gold, with activities spanning open-pit mining, ore processing and the production of gold doré.

Allied Gold's principal assets include the Sadiola gold mine in Mali and the Bonikro and Agbaou gold mines in Côte d'Ivoire. The company also manages exploration and development programs intended to extend mine lives, expand resources and improve production from its regional asset base.

Allied Gold became a publicly traded company in 2023.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.