Galiano Gold (NYSEAMERICAN:GAU) Shares Down 9.8% - Should You Sell?

Key Points

• Galiano Gold Inc. shares fell 9.8% in trading, reaching a low of $2.23, with significant volume traded at 932,414 shares, a 35% decline from the average daily volume.
• Analysts have a generally positive outlook, with HC Wainwright raising the price target from $2.80 to $3.20 and a consensus rating of "Buy" for the stock.
• Institutional investors own 66.82% of Galiano Gold, with recent significant increases in stakes from firms like Aegis Financial Corp and Bank of Montreal Can.

Shares of Galiano Gold Inc. (NYSEAMERICAN:GAU - Get Free Report) were down 9.8% during trading on Tuesday . The stock traded as low as $2.23 and last traded at $2.27. Approximately 932,414 shares changed hands during mid-day trading, a decline of 35% from the average daily volume of 1,443,626 shares. The stock had previously closed at $2.52.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright increased their price objective on Galiano Gold from $2.80 to $3.20 and gave the company a "buy" rating in a research note on Thursday, August 14th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $3.20.

Galiano Gold Price Performance

The company has a fifty day moving average of $1.93 and a two-hundred day moving average of $1.54. The stock has a market capitalization of $578.57 million, a P/E ratio of -74.48 and a beta of 0.69.

Institutional Investors Weigh In On Galiano Gold

Institutional investors and hedge funds have recently bought and sold shares of the business. Aegis Financial Corp boosted its stake in Galiano Gold by 162.5% during the 2nd quarter. Aegis Financial Corp now owns 6,505,921 shares of the company's stock valued at $8,250,000 after purchasing an additional 4,027,090 shares during the period. Pale Fire Capital SE bought a new position in shares of Galiano Gold in the first quarter valued at approximately $4,459,000. Bank of Montreal Can boosted its holdings in shares of Galiano Gold by 543.0% in the second quarter. Bank of Montreal Can now owns 1,083,699 shares of the company's stock valued at $1,378,000 after acquiring an additional 915,154 shares in the last quarter. Ruffer LLP raised its holdings in 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 in the last quarter. Finally, Quadrature Capital Ltd acquired a new stake in Galiano Gold in the second quarter worth approximately $568,000. Institutional investors and hedge funds own 66.82% of the company's stock.

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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