Pale Fire Capital SE Takes $4.46 Million Position in Galiano Gold Inc. $GAU

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 purchased a new stake in Galiano Gold Inc. (NYSEAMERICAN:GAU - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 3,596,097 shares of the company's stock, valued at approximately $4,459,000. Galiano Gold accounts for about 0.5% of Pale Fire Capital SE's holdings, making the stock its 17th largest position. Pale Fire Capital SE owned 1.40% of Galiano Gold as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also added to or reduced their stakes in the business. Sprott Inc. boosted its holdings in Galiano Gold by 55.9% in the first 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. Two Sigma Advisers LP increased its position in Galiano Gold by 11.4% in the fourth quarter. Two Sigma Advisers LP now owns 155,800 shares of the company's stock worth $192,000 after buying an additional 16,000 shares during the last quarter. Sapient Capital LLC increased its stake in shares of Galiano Gold by 16.0% in the first quarter. Sapient Capital LLC now owns 287,394 shares of the company's stock worth $353,000 after purchasing an additional 39,700 shares in the last quarter. Bank of America Corp DE grew its position in shares of Galiano Gold by 46.9% in the fourth quarter. Bank of America Corp DE now owns 860,516 shares of the company's stock valued at $1,058,000 after purchasing an additional 274,759 shares in the last quarter. Finally, Marshall Wace LLP lifted its holdings 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 purchasing an additional 309,781 shares in the last quarter. Institutional investors and hedge funds own 66.82% of the company's stock.

Galiano Gold Stock Performance

Shares of NYSEAMERICAN GAU traded down $0.01 during midday trading on Wednesday, hitting $2.13. 1,996,004 shares of the stock traded hands, compared to its average volume of 2,338,006. The firm has a 50-day moving average of $1.53 and a two-hundred day moving average of $1.38. The firm has a market capitalization of $550.56 million, a P/E ratio of 11.89 and a beta of 0.57. Galiano Gold Inc. has a one year low of $1.00 and a one year high of $2.16.

Analyst Ratings Changes

Separately, HC Wainwright upped their price objective on Galiano Gold from $2.80 to $3.20 and gave the stock a "buy" rating in a report on Thursday, August 14th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $3.20.

About Galiano Gold

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.