Weiss Asset Management LP Purchases New Position in Allied Gold Corporation $AAUC

Key Points

• Weiss Asset Management LP opened a new position in Allied Gold during the first quarter, buying 592,425 shares worth about $18.4 million. The stake represented roughly 0.47% of the company.
• Allied Gold reported Q1 earnings of $0.39 per share, missing analyst expectations of $0.42 per share, on revenue of $394.11 million. The company also posted a positive return on equity but a negative net margin.
• Wall Street sentiment appears cautious: Weiss Ratings maintained a sell rating, Zacks cut the stock to strong sell, and Canaccord Genuity upgraded it to buy. Overall, the stock has an average analyst rating of “Reduce.”

Weiss Asset Management LP purchased a new stake in shares of Allied Gold Corporation (NYSE:AAUC - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 592,425 shares of the company's stock, valued at approximately $18,389,000. Weiss Asset Management LP owned about 0.47% of Allied Gold at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the business. State of Wyoming purchased a new stake in Allied Gold in the 1st quarter worth approximately $34,000. Global Retirement Partners LLC purchased a new position in shares of Allied Gold during the fourth quarter valued at approximately $34,000. Tower Research Capital LLC TRC bought a new position in shares of Allied Gold during the second quarter valued at approximately $127,000. Virtu Financial LLC bought a new position in shares of Allied Gold during the fourth quarter valued at approximately $245,000. Finally, Kovack Advisors Inc. purchased a new stake in Allied Gold in the fourth quarter worth $255,000.

Allied Gold Stock Performance

Allied Gold stock opened at $20.82 on Friday. Allied Gold Corporation has a fifty-two week low of $11.40 and a fifty-two week high of $32.20. The stock's 50 day simple moving average is $24.54 and its two-hundred day simple moving average is $28.40. The stock has a market cap of $2.63 billion and a price-to-earnings ratio of -20.21.

Allied Gold (NYSE:AAUC - Get Free Report) last announced its 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 firm had revenue of $394.11 million during the quarter. Allied Gold had a positive return on equity of 36.56% and a negative net margin of 9.08%. On average, analysts predict that Allied Gold Corporation will post 4.52 earnings per share for the current year.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. Zacks Research cut shares of Allied Gold from a "hold" rating to a "strong sell" rating in a report on Monday, July 20th. Weiss Ratings restated a "sell (d-)" rating on shares of Allied Gold in a report on Tuesday. Finally, Canaccord Genuity Group raised shares of Allied Gold from a "hold" rating to a "buy" rating in a research report on Monday, June 1st. One analyst has rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Reduce".

Allied Gold Company Profile

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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