Galiano Gold (NYSEAMERICAN:GAU) Shares Up 6.2% - Still a Buy?

Key Points

• Galiano Gold shares rose 6.2% in mid-day trading, reaching $1.9650 after closing at $1.85 the prior day. Trading volume was well below average, with 562,042 shares changing hands versus a 3.37 million daily average.
• Analyst sentiment improved after Freedom Capital upgraded the stock from “hold” to “strong-buy.” MarketBeat data shows an average rating of “Buy” and an average target price of $4.25.
• Institutional ownership is high, with hedge funds and other investors holding 66.82% of the stock. Recent filings showed firms like Bank of America and Renaissance Technologies increasing their positions.

Galiano Gold Inc. (NYSEAMERICAN:GAU - Get Free Report) rose 6.2% during mid-day trading on Wednesday . The company traded as high as $1.9650 and last traded at $1.9650. 562,042 shares changed hands during mid-day trading, a decline of 83% from the average daily volume of 3,366,669 shares. The stock had previously closed at $1.85.

Analyst Upgrades and Downgrades

Separately, Freedom Capital upgraded Galiano Gold from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, May 19th. One research 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, the stock has an average rating of "Buy" and an average target price of $4.25.

Galiano Gold Price Performance

The company has a market capitalization of $518.72 million, a PE ratio of 19.95 and a beta of 0.84. The stock's 50 day simple moving average is $2.07 and its 200-day simple moving average is $2.50.

Institutional Investors Weigh In On Galiano Gold

Hedge funds have recently added to or reduced their stakes in the business. Bank of America Corp DE boosted its position in Galiano Gold by 14.9% in the 1st quarter. Bank of America Corp DE now owns 3,907,638 shares of the company's stock valued at $9,808,000 after buying an additional 507,621 shares during the period. Lazard Asset Management LLC acquired a new position in shares of Galiano Gold in the first quarter worth $1,931,000. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in shares of Galiano Gold during the first quarter worth $139,000. Renaissance Technologies LLC increased its position in shares of Galiano Gold by 12.9% during the first quarter. Renaissance Technologies LLC now owns 5,006,653 shares of the company's stock worth $12,567,000 after acquiring an additional 573,000 shares during the period. Finally, Public Employees Retirement System of Ohio raised its stake in shares of Galiano Gold by 107.8% in the first quarter. Public Employees Retirement System of Ohio now owns 431,034 shares of the company's stock valued at $1,075,000 after acquiring an additional 223,604 shares in the last quarter. 66.82% of the stock is currently owned by institutional investors and hedge funds.

Galiano Gold Company Profile

Galiano Gold Incorporated is a Canada-based gold exploration and development company listed on the NYSE American under the symbol GAU. The company's primary focus is the acquisition, exploration and advancement of gold deposits in the Americas. Galiano Gold pursues a value-driven strategy to build gold resources by identifying high-potential projects, conducting systematic drilling programs and advancing resource definition toward a development decision.

Galiano Gold's flagship asset is the Oko West and Oko East gold project located in the Essequibo region of Guyana, where multiple oxide and primary gold mineralized zones have been outlined through extensive drilling.

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