Galiano Gold (NYSEAMERICAN:GAU) Shares Down 10.9% - Time to Sell?

Key Points

• Galiano Gold's shares fell by 10.9% to close at $2.64, with trading volume down 28% compared to the average session.
• HC Wainwright upgraded Galiano Gold's price target to $3.20, maintaining a "buy" rating for the stock, which has an average rating of "Buy" across multiple analysts.
• Hedge funds own 66.82% of Galiano Gold’s shares, with significant purchases made by firms like Goldman Sachs and Sprott Inc. in recent quarters.

Shares of Galiano Gold Inc. (NYSEAMERICAN:GAU - Get Free Report) traded down 10.9% during trading on Tuesday . The company traded as low as $2.66 and last traded at $2.64. 1,213,256 shares traded hands during trading, a decline of 28% from the average session volume of 1,694,124 shares. The stock had previously closed at $2.96.

Wall Street Analyst Weigh In

Separately, HC Wainwright upped their price objective on Galiano Gold from $2.80 to $3.20 and gave the stock a "buy" rating in a report on Thursday, August 14th. One investment 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 stock. Based on data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $3.20.

Galiano Gold Trading Down 11.7%

The business's 50-day simple moving average is $2.38 and its two-hundred day simple moving average is $1.73. The company has a market capitalization of $676.95 million, a PE ratio of -87.14 and a beta of 0.65.

Hedge Funds Weigh In On Galiano Gold

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GAU. Goldman Sachs Group Inc. lifted its position in shares of Galiano Gold by 13.7% during the first quarter. Goldman Sachs Group Inc. now owns 882,962 shares of the company's stock worth $1,095,000 after purchasing an additional 106,685 shares during the last quarter. Pale Fire Capital SE bought a new position in shares of Galiano Gold during the first quarter worth about $4,459,000. Donald Smith & CO. Inc. lifted its position in shares of Galiano Gold by 1.5% during the first quarter. Donald Smith & CO. Inc. now owns 26,092,047 shares of the company's stock worth $32,354,000 after purchasing an additional 383,640 shares during the last quarter. Sprott Inc. lifted its position in shares of Galiano Gold by 55.9% during the first 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, Ruffer LLP lifted its position in shares of Galiano Gold by 2.7% during the first quarter. Ruffer LLP now owns 18,943,252 shares of the company's stock worth $23,307,000 after purchasing an additional 504,990 shares during the last quarter. 66.82% of the stock is owned by hedge funds and other institutional investors.

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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