PSquared Asset Management AG Purchases Shares of 740,000 Allied Gold Corporation $AAUC

Key Points

• PSquared Asset Management AG opened a new position in Allied Gold, buying 740,000 shares worth about $22.9 million. The stake represents roughly 8.0% of PSquared’s portfolio and about 0.59% of Allied Gold.
• Other institutional investors also adjusted their holdings, including major increases from UBS Group and Vanguard Group, signaling continued interest from large funds.
• Analyst sentiment remains mixed: Canaccord Genuity upgraded the stock to buy, while Zacks and Weiss Ratings remained bearish. Overall, MarketBeat data shows a consensus rating of "Reduce" for Allied Gold.

PSquared Asset Management AG purchased a new position in shares of Allied Gold Corporation (NYSE:AAUC - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 740,000 shares of the company's stock, valued at approximately $22,901,000. Allied Gold comprises approximately 8.0% of PSquared Asset Management AG's investment portfolio, making the stock its 7th largest holding. PSquared Asset Management AG owned about 0.59% of Allied Gold at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. DLD Asset Management LP bought a new position in shares of Allied Gold during the 1st quarter worth approximately $1,897,000. UBS Group AG lifted its position in shares of Allied Gold by 3,921.0% in 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. Vanguard Group Inc. boosted its holdings in Allied Gold by 106.7% during 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 last quarter. International Assets Investment Management LLC bought a new position in Allied Gold in the fourth quarter valued at $429,000. Finally, Helikon Investments Ltd grew its position in Allied Gold by 12.0% in the fourth quarter. Helikon Investments Ltd now owns 16,498,498 shares of the company's stock valued at $377,486,000 after purchasing an additional 1,761,864 shares in the last quarter.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Canaccord Genuity Group raised shares of Allied Gold from a "hold" rating to a "buy" rating in a research report on Monday, June 1st. Zacks Research cut Allied Gold from a "hold" rating to a "strong sell" rating in a report on Monday. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Allied Gold in a research report on Tuesday. One analyst has rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Reduce".

Allied Gold Price Performance

Shares of NYSE:AAUC opened at $21.17 on Friday. The stock has a market capitalization of $2.68 billion and a price-to-earnings ratio of -20.55. Allied Gold Corporation has a 1 year low of $11.40 and a 1 year high of $32.20. The company's 50 day simple moving average is $24.69 and its 200 day simple moving average is $28.46.

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

Want to see what other hedge funds are holding AAUC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Allied Gold Corporation (NYSE:AAUC - Free Report).

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.