Galiano Gold (NYSEAMERICAN:GAU) Shares Up 6.3% - Here's Why

Key Points

• Galiano Gold Inc. (NYSEAMERICAN: GAU) experienced a notable trading increase of 6.3%, reaching up to $2.47 before settling at $2.46, with trading volume significantly above average at approximately 5.9 million shares.
• Analysts from HC Wainwright raised Galiano Gold’s price target from $2.80 to $3.20, maintaining a "buy" rating amid overall favorable analyst sentiment.
• Institutional investors hold 66.82% of Galiano Gold, with several firms increasing their stakes, indicating a firm interest from major financial players in the company's stock.

Galiano Gold Inc. (NYSEAMERICAN:GAU - Get Free Report) shares traded up 6.3% on Wednesday . The company traded as high as $2.47 and last traded at $2.46. 5,898,690 shares were traded during mid-day trading, an increase of 343% from the average session volume of 1,333,020 shares. The stock had previously closed at $2.31.

Analyst Ratings Changes

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

Galiano Gold Stock Performance

The company has a 50 day simple moving average of $1.70 and a two-hundred day simple moving average of $1.45. The company has a market cap of $678.24 million, a PE ratio of -87.30 and a beta of 0.69.

Institutional Investors Weigh In On Galiano Gold

Several large investors have recently made changes to their positions in the company. Donald Smith & CO. Inc. grew its stake in shares of Galiano Gold by 1.5% in the 1st quarter. Donald Smith & CO. Inc. now owns 26,092,047 shares of the company's stock valued at $32,354,000 after buying an additional 383,640 shares in the last quarter. Ruffer LLP grew its stake in shares of Galiano Gold by 2.7% in the 1st quarter. Ruffer LLP now owns 18,943,252 shares of the company's stock valued at $23,307,000 after buying an additional 504,990 shares in the last quarter. Aegis Financial Corp grew its stake in shares of Galiano Gold by 162.5% in the 2nd quarter. Aegis Financial Corp now owns 6,505,921 shares of the company's stock valued at $8,250,000 after buying an additional 4,027,090 shares in the last quarter. Pale Fire Capital SE grew its stake in shares of Galiano Gold by 67.2% in the 2nd quarter. Pale Fire Capital SE now owns 6,011,627 shares of the company's stock valued at $7,635,000 after buying an additional 2,415,530 shares in the last quarter. Finally, Bank of America Corp DE grew its stake in shares of Galiano Gold by 11.1% in the 2nd quarter. Bank of America Corp DE now owns 1,336,639 shares of the company's stock valued at $1,698,000 after buying an additional 133,821 shares in the last quarter. Institutional investors 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.