Allied Gold Corporation $AAUC Shares Sold by Absolute Gestao de Investimentos Ltda.

Key Points

• Absolute Gestao de Investimentos cut its Allied Gold stake by 68.7% in the second quarter, selling 1.14 million shares and retaining 518,968 shares worth approximately $12.3 million.
• Analyst sentiment has generally improved, with several firms upgrading Allied Gold; the stock holds a consensus “Moderate Buy” rating, despite one sell rating.
• Allied Gold reported quarterly EPS of $0.44, exceeding the $0.25 analyst consensus by $0.19. Shares opened at $23.59, compared with a 52-week range of $14.40 to $32.20.

Absolute Gestao de Investimentos Ltda. reduced its position in Allied Gold Corporation (NYSE:AAUC - Free Report) by 68.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 518,968 shares of the company's stock after selling 1,141,023 shares during the quarter. Allied Gold comprises approximately 1.2% of Absolute Gestao de Investimentos Ltda.'s investment portfolio, making the stock its 14th biggest holding. Absolute Gestao de Investimentos Ltda. owned about 0.37% of Allied Gold worth $12,320,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Global Retirement Partners LLC purchased a new stake in Allied Gold in the fourth quarter valued at about $34,000. State of Wyoming acquired a new stake in Allied Gold in the 1st quarter worth approximately $34,000. Tower Research Capital LLC TRC purchased a new stake in Allied Gold during the 2nd quarter worth approximately $127,000. Virtu Financial LLC purchased a new stake in Allied Gold during the 4th quarter worth approximately $245,000. Finally, Kovack Advisors Inc. acquired a new position in Allied Gold during the 4th quarter valued at approximately $255,000.

Analyst Upgrades and Downgrades

AAUC has been the topic of a number of research analyst reports. Stifel Nicolaus raised shares of Allied Gold from a "hold" rating to a "strong-buy" rating in a report on Wednesday, July 29th. Canadian Imperial Bank of Commerce upgraded Allied Gold to an "outperform" rating in a research note on Thursday, July 30th. Zacks Research raised Allied Gold from a "strong sell" rating to a "hold" rating in a report on Tuesday, August 18th. Weiss Ratings restated a "sell (d-)" rating on shares of Allied Gold in a research note on Tuesday, July 21st. Finally, Canaccord Genuity Group raised 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 Strong Buy rating, two have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Allied Gold has a consensus rating of "Moderate Buy".

Allied Gold Price Performance

NYSE AAUC opened at $23.59 on Monday. The company has a fifty day moving average of $22.15 and a 200 day moving average of $26.82. The company has a market capitalization of $3.29 billion, a PE ratio of -43.69 and a beta of -0.05. Allied Gold Corporation has a 1 year low of $14.40 and a 1 year high of $32.20.

Allied Gold (NYSE:AAUC - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The company reported $0.44 earnings per share for the quarter, beating analysts' consensus estimates of $0.25 by $0.19. Allied Gold had a positive return on equity of 41.36% and a negative net margin of 4.19%. Research analysts expect that Allied Gold Corporation will post 3.03 earnings per share for the current year.

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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