Absolute Gestao de Investimentos Ltda. Invests $51.35 Million in Allied Gold Corporation $AAUC

Key Points

• Absolute Gestao de Investimentos Ltda. disclosed a new stake in Allied Gold Corporation worth about $51.35 million, making AAUC its 6th largest holding and about 5.9% of its portfolio.
• Several other institutions also boosted or initiated positions in Allied Gold, including UBS Group and Vanguard, signaling continued institutional interest in the stock.
• Allied Gold recently reported Q1 earnings of $0.39 per share, missing estimates, and analysts currently hold a cautious view overall with an average rating of "Reduce".

Absolute Gestao de Investimentos Ltda. bought a new stake in shares of Allied Gold Corporation (NYSE:AAUC - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 1,659,991 shares of the company's stock, valued at approximately $51,353,000. Allied Gold comprises about 5.9% of Absolute Gestao de Investimentos Ltda.'s investment portfolio, making the stock its 6th largest holding. Absolute Gestao de Investimentos Ltda. owned about 1.32% of Allied Gold as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. DLD Asset Management LP bought a new position in shares of Allied Gold in the first quarter valued at approximately $1,897,000. Capula Management Ltd bought a new stake in Allied Gold during the first quarter worth approximately $31,102,000. UBS Group AG raised its holdings in Allied Gold by 3,921.0% during the fourth quarter. UBS Group AG now owns 4,042,883 shares of the company's stock worth $92,501,000 after purchasing an additional 3,942,340 shares in the last quarter. PSquared Asset Management AG acquired a new stake in Allied Gold in the first quarter worth approximately $22,901,000. Finally, Vanguard Group Inc. lifted its position in Allied Gold by 106.7% in the fourth quarter. Vanguard Group Inc. now owns 2,435,409 shares of the company's stock worth $55,805,000 after purchasing an additional 1,257,438 shares during the period.

Allied Gold Price Performance

NYSE AAUC opened at $20.82 on Friday. The company's fifty day moving average is $24.54 and its two-hundred day moving average is $28.40. Allied Gold Corporation has a 52-week low of $11.40 and a 52-week high of $32.20. The firm has a market capitalization of $2.63 billion and a price-to-earnings ratio of -20.21.

Allied Gold (NYSE:AAUC - Get Free Report) last released its quarterly earnings data on Thursday, May 14th. The company reported $0.39 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.42 by ($0.03). The firm had revenue of $394.11 million for the quarter. Allied Gold had a negative net margin of 9.08% and a positive return on equity of 36.56%. As a group, sell-side analysts expect that Allied Gold Corporation will post 4.52 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the company. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Allied Gold in a research report on Tuesday. Zacks Research cut Allied Gold from a "hold" rating to a "strong sell" rating in a research note on Monday, July 20th. Finally, Canaccord Genuity Group upgraded Allied Gold from a "hold" rating to a "buy" rating in a report on Monday, June 1st. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of "Reduce".

About Allied Gold

Allied Gold NYSE: AAUC is a publicly listed company that operates in the gold mining sector. The firm's business centers on identifying, acquiring and advancing gold-bearing properties with the objective of creating and operating economically viable mining assets. Allied Gold's activities are typical of junior and mid-tier gold companies, encompassing exploration, resource definition, development planning and the eventual production and sale of gold.

Core business activities for Allied Gold include mineral exploration programs to discover and delineate gold resources, feasibility and engineering studies to assess project economics, permitting and mine development work where projects progress to the construction phase, and operational oversight for producing assets.

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