Galiano Gold (NYSEAMERICAN:GAU) Sees Large Volume Increase - Here's Why

Key Points

• Galiano Gold experienced a 39% increase in trading volume, with approximately 2.2 million shares changing hands, as the stock price rose from $2.56 to $2.82.
• Analysts have raised Galiano Gold's price target from $2.80 to $3.20 and given the stock an average rating of "Buy."
• Institutional investors have significantly increased their holdings in Galiano Gold, with SBI Securities boosting its stake by 939.4% in the second quarter.

Galiano Gold Inc. (NYSEAMERICAN:GAU - Get Free Report) saw unusually-high trading volume on Wednesday . Approximately 2,200,381 shares traded hands during mid-day trading, an increase of 39% from the previous session's volume of 1,577,683 shares.The stock last traded at $2.82 and had previously closed at $2.56.

Wall Street Analyst Weigh In

Separately, HC Wainwright lifted their price target on Galiano Gold from $2.80 to $3.20 and gave the stock a "buy" rating in a research note 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's stock. According to MarketBeat, Galiano Gold presently has an average rating of "Buy" and an average price target of $3.20.

Galiano Gold Trading Up 11.1%

The firm has a market capitalization of $736.49 million, a price-to-earnings ratio of -94.80 and a beta of 0.65. The company has a fifty day moving average price of $2.12 and a 200-day moving average price of $1.62.

Institutional Investors Weigh In On Galiano Gold

Institutional investors have recently made changes to their positions in the company. SBI Securities Co. Ltd. lifted its holdings 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 valued at $32,000 after buying an additional 22,603 shares during the last quarter. American Century Companies Inc. lifted its holdings in Galiano Gold by 25.9% in 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 during the last quarter. Dynamic Technology Lab Private Ltd lifted its holdings in Galiano Gold by 177.0% in 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 during the last quarter. Sprott Inc. lifted its holdings in Galiano Gold by 55.9% in 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 during the last quarter. Finally, XTX Topco Ltd acquired a new stake in Galiano Gold in the 2nd quarter worth approximately $74,000. 66.82% of the stock is currently owned by institutional investors and hedge funds.

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.

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