Galiano Gold (NYSEAMERICAN:GAU) Shares Gap Down - Here's What Happened

Key Points

• Galiano Gold's stock gapped down from $2.56 to $2.42, recently trading at $2.38 with a volume of over 2.4 million shares.
• Wall Street analysts have raised the price target for Galiano Gold from $2.80 to $3.20, with an average rating of "Buy."
• Institutional investors have increased their stakes significantly, with some hedge funds like SBI Securities boosting their holdings by over 900% in recent quarters.

Shares of Galiano Gold Inc. (NYSEAMERICAN:GAU - Get Free Report) gapped down prior to trading on Wednesday . The stock had previously closed at $2.56, but opened at $2.42. Galiano Gold shares last traded at $2.38, with a volume of 2,409,199 shares traded.

Analysts Set New Price Targets

Separately, HC Wainwright lifted their target price on shares of Galiano Gold from $2.80 to $3.20 and gave the stock a "buy" rating in a research note on Thursday, August 14th. One equities research 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 stock. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $3.20.

Galiano Gold Stock Up 0.8%

The stock's 50-day simple moving average is $1.79 and its 200 day simple moving average is $1.48. The company has a market cap of $660.12 million, a price-to-earnings ratio of -84.97 and a beta of 0.69.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. SBI Securities Co. Ltd. increased its stake in Galiano Gold by 939.4% during the second 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 during the period. American Century Companies Inc. increased its stake in Galiano Gold by 25.9% during the second 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 period. Dynamic Technology Lab Private Ltd increased its stake in Galiano Gold by 177.0% during the second 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 period. Sprott Inc. increased its stake in 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 period. Finally, XTX Topco Ltd purchased a new stake in Galiano Gold during the second quarter worth about $74,000. 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.