Galiano Gold (NYSEAMERICAN:GAU) Shares Down 0.7% - What's Next?

Key Points

• Galiano Gold Inc. shares fell 0.7% to $2.80, with trading volume decreasing by 41% compared to the average.
• HC Wainwright raised their price target for Galiano Gold from $2.80 to $3.20, maintaining a "buy" rating.
• 66.82% of Galiano Gold's stock is owned by institutional investors, indicating significant interest from hedge funds and financial institutions.

Shares of Galiano Gold Inc. (NYSEAMERICAN:GAU - Get Free Report) dropped 0.7% during trading on Tuesday . The stock traded as low as $2.76 and last traded at $2.80. Approximately 2,116,992 shares changed hands during trading, a decline of 41% from the average daily volume of 3,569,436 shares. The stock had previously closed at $2.82.

Analyst Upgrades and Downgrades

Separately, HC Wainwright upped their price target on shares of Galiano Gold from $2.80 to $3.20 and gave the company 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 assigned a Hold rating to the stock. According to data from MarketBeat.com, Galiano Gold currently has a consensus rating of "Buy" and an average price target of $3.20.

Galiano Gold Trading Down 0.7%

The company has a 50 day simple moving average of $2.26 and a 200 day simple moving average of $1.67. The stock has a market cap of $724.84 million, a P/E ratio of -93.30 and a beta of 0.65.

Institutional Investors Weigh In On Galiano Gold

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Oxford Asset Management LLP bought a new stake in Galiano Gold during the 2nd quarter worth about $199,000. Bank of America Corp DE raised its holdings in Galiano Gold by 11.1% during the second quarter. Bank of America Corp DE now owns 1,336,639 shares of the company's stock worth $1,698,000 after acquiring an additional 133,821 shares in the last quarter. Jane Street Group LLC bought a new stake in Galiano Gold during the second quarter worth about $142,000. Pale Fire Capital SE boosted its position in Galiano Gold by 67.2% during the second quarter. Pale Fire Capital SE now owns 6,011,627 shares of the company's stock valued at $7,635,000 after purchasing an additional 2,415,530 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership bought a new position in Galiano Gold in the second quarter valued at approximately $185,000. 66.82% of the stock is currently owned by institutional investors and hedge funds.

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.

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