3,596,097 Shares in Galiano Gold Inc. $GAU Bought by Pale Fire Capital SE

Key Points

• Pale Fire Capital SE has acquired a new stake in Galiano Gold Inc., purchasing approximately 3.6 million shares valued at about $4.46 million, making Galiano Gold its 17th largest holding.
• Galiano Gold has seen interest from other institutional investors as well, with Donald Smith & Co. Inc. and Ruffer LLP increasing their stakes by 1.5% and 2.7%, respectively, in the first quarter.
• Analysts have upgraded Galiano Gold's target price to $3.20, with a majority consensus rating of "Buy" from equity research analysts.

Pale Fire Capital SE bought a new position in shares of Galiano Gold Inc. (NYSEAMERICAN:GAU - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 3,596,097 shares of the company's stock, valued at approximately $4,459,000. Galiano Gold makes up approximately 0.5% of Pale Fire Capital SE's portfolio, making the stock its 17th largest position. Pale Fire Capital SE owned about 1.40% of Galiano Gold at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Bank of America Corp DE lifted its stake in Galiano Gold by 46.9% during the 4th quarter. Bank of America Corp DE now owns 860,516 shares of the company's stock worth $1,058,000 after acquiring an additional 274,759 shares in the last quarter. Two Sigma Advisers LP lifted its stake in Galiano Gold by 11.4% during the 4th quarter. Two Sigma Advisers LP now owns 155,800 shares of the company's stock worth $192,000 after acquiring an additional 16,000 shares in the last quarter. Marshall Wace LLP lifted its stake in Galiano Gold by 20.6% during the 4th quarter. Marshall Wace LLP now owns 1,815,814 shares of the company's stock worth $2,233,000 after acquiring an additional 309,781 shares in the last quarter. Donald Smith & CO. Inc. lifted its stake in Galiano Gold by 1.5% during the 1st quarter. Donald Smith & CO. Inc. now owns 26,092,047 shares of the company's stock worth $32,354,000 after acquiring an additional 383,640 shares in the last quarter. Finally, Sprott Inc. lifted its stake in Galiano Gold by 55.9% during the 1st quarter. Sprott Inc. now owns 49,362 shares of the company's stock worth $61,000 after acquiring an additional 17,700 shares in the last quarter. Institutional investors and hedge funds own 66.82% of the company's stock.

Galiano Gold Trading Up 2.1%

Shares of GAU traded up $0.05 during mid-day trading on Friday, hitting $2.17. The company's stock had a trading volume of 2,787,125 shares, compared to its average volume of 1,252,257. The firm has a 50-day simple moving average of $1.55 and a 200 day simple moving average of $1.38. The firm has a market capitalization of $559.61 million, a P/E ratio of -72.14 and a beta of 0.57. Galiano Gold Inc. has a 1-year low of $1.00 and a 1-year high of $2.19.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright increased their price target on Galiano Gold from $2.80 to $3.20 and gave the company a "buy" rating in a research report on Thursday, August 14th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, Galiano Gold presently has a consensus rating of "Buy" and a consensus target price of $3.20.

Galiano Gold Company Profile

Galiano Gold Inc engages in the exploration and evaluation of gold properties in Canada. Its flagship asset is the Asanko Gold Mine that covers an area of approximately 21,000 hectares located in Ghana, West Africa. The company was formerly known as Asanko Gold Inc and changed its name to Galiano Gold Inc in May 2020.