Galiano Gold (NYSEAMERICAN:GAU) Hits New 12-Month High - Here's Why

Key Points

• Galiano Gold Inc. reached a new 12-month high of $2.58 during trading on Monday, up from a previous close of $2.54, with over 147,000 shares traded.
• HC Wainwright has upgraded Galiano Gold's price target to $3.20 and issued a "buy" rating, contributing to an overall consensus of "buy" among analysts.
• Institutional investors significantly increased their stakes in Galiano Gold, with SBI Securities raising its position by 939.4% in the second quarter, reflecting growing confidence in the stock.

Galiano Gold Inc. (NYSEAMERICAN:GAU - Get Free Report) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $2.58 and last traded at $2.57, with a volume of 147749 shares changing hands. The stock had previously closed at $2.54.

Analysts Set New Price Targets

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

Galiano Gold Trading Up 1.8%

The stock has a market cap of $669.18 million, a P/E ratio of -86.14 and a beta of 0.69. The company has a 50 day simple moving average of $1.67 and a 200 day simple moving average of $1.44.

Institutional Investors Weigh In On Galiano Gold

A number of institutional investors and hedge funds have recently made changes to their positions in GAU. SBI Securities Co. Ltd. raised its stake in shares of Galiano Gold by 939.4% during the 2nd quarter. SBI Securities Co. Ltd. now owns 25,009 shares of the company's stock worth $32,000 after purchasing an additional 22,603 shares in the last quarter. Dynamic Technology Lab Private Ltd raised its stake in shares of Galiano Gold by 177.0% during the 2nd quarter. Dynamic Technology Lab Private Ltd now owns 46,466 shares of the company's stock worth $59,000 after purchasing an additional 29,690 shares in the last quarter. American Century Companies Inc. raised its stake in shares of Galiano Gold by 25.9% during the 2nd quarter. American Century Companies Inc. now owns 46,431 shares of the company's stock worth $59,000 after purchasing an additional 9,558 shares in the last quarter. Sprott Inc. raised its stake in shares of 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 purchasing an additional 17,700 shares in the last quarter. Finally, XTX Topco Ltd bought a new stake in shares of Galiano Gold during the 2nd quarter worth approximately $74,000. Institutional investors own 66.82% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.